Construction Update: One Thousand Museum Passes Halfway Point, On Track for 2018 Completion

One Thousand Museum by Zaha Hadid Architects, has passed the halfway point for the 62-story building which is on track for delivery in 2018. The building will be Zaha Hadid's first residential skyscraper in the western hemisphere and is being developed by Louis Birdman, Gregg Covin, Kevin Venger and the Regalia Group with Plaza Construction as the general contractor. The tower will be among the tallest residential buildings in Miami and required a deep foundation that drilled to a record of over 170'. One Thousand Museum's design features an exoskeleton design which acts as the buildings structural support. This allows the developer to remove columns from the units, creating expansive glass views of Biscayne Bay. 

One Thousand Museum is over 50% sold and required over a $450 million buildout. The tower will feature only 83 units ranging from $5.5 million to over $20 million and 4,600 SF to over 10,000 SF. Amenities will include Miami's only private rooftop helipad, state-of-the-art fitness center, spa, two pools, indoor aquatic center, and a sky lounge.

Check-out our coverage of One Thousand Museum closing on their $225 million construction loan in December. 

YOTEL Hotel & Apartments Submits New Proposal to Miami's Planning Department

YOTEL Hotel & Apartments submitted a new proposal that removes the parking garage to Miami’s Planning Department. Due to the locations proximity to the Metromover, the zoning does not require parking for residential units. The proposal includes offsite parking for the hotel units as well as a scaled back plan for the tower that adjusts the project rom 45-stories to 29-stories which would house 188 apartment units and 225 hotel rooms. The previous 45-story proposal had 180 apartment units and 262 hotel rooms with a 10 story garage that had 144 spaces. YOTEL Hotel & Apartments is being developed in a joint venture between Aria Development Group with the Kuwaiti firm Agarat. The building is being designed by Stantec and will be reviewed by Miami's Urban Development Review Board next week. The YOTEL brand offers affordable hotels with micro-hotel style accommodations with locations in New York City, London Heathrow, London Gatwick, Amsterdam Schiphol, and Paris amongst others. 

Jungle Island Sold For $60 million, $15 million in cash, To ESJ Capital Partners, Plans to Add Zip Lines & Water Park

Jungle Island has sold to ESJ Capital Partners for $60 million. In the deal, $15 million will be cash and the rest of the $45 million will include the assumption of the the current mortgage on the property. The deal transfers the existing lease on the city owned Watson Island to ESJ Capital Partners. The new owners plan to add over 7 zip lines and a water park for the summer to the 18-acre attraction on Watson Island, right off of the MacArthur Causeway. The renovations will come over three-phases over 2 years with the plan to increase the number of visitors and revenue. A 260-room hotel has also been proposed but requires a voter referendum from the City of Miami. Other upgrades to the facilities will include a private beach club, updated dining and food facilities as well as banquet facilities. Jungle Island will still be managed by John Dunlap and Iconic Attractions Group. 

“This is a once-in-a-lifetime opportunity to capitalize on the heritage of Parrot Jungle, then Jungle Island, and create a truly unique experience within an urban setting,” said Gabriel Amiel, Chairman and co-Founder of ESJ Capital Partners.

PARAMOUNT Miami Worldcenter Releases Renderings of Guest Suites

PARAMOUNT Miami Worldcenter has released renderings of their guest suite collection. There are 30 suites in all and they are for exclusive use by PARAMOUNT Miami Worldcenter owners. Suites range from studio, one-bedroom and two-bedroom layouts with sizes ranging from 530 SF to 1,200 SF. The accommodations can be used for visiting friends and relatives and helps enhance residents standard of living when guests come to town. PARAMOUNT Miami Worldcenter is now over 60% sold with over $300 million in sales. The 513 luxury-condo residential tower is expected to be delivered Q1 2019. PARAMOUNT Miami Worldcenter is being developed by Dan Kodsi with Art Falcone and Nitin Motwani. PARAMOUNT Miami Worldcenter is the luxury residential condo tower that is part of the larger Miami Worldcenter initiative that includes a high-street retail concept with shopping, dining, entertainment, office space, a Marriott Marquis Miami Worldcenter Hotel & Expo Center, apartment rentals, amongst others.  

Check-out our PROFILE Exclusive Interview with Dan Kodsi, the developer of PARAMOUNT Miami Worldcenter. 

Genting & Resorts World Submit Proposal to Redevelop Omni Transit Terminal with Hotel

New details are emerging of the Genting and Resorts World proposal to redevelop the Omni transit terminal and add a new hotel to the property. The redevelopment will feature a 300-room hotel designed by Arquitectonica, with 162,000 SF of hotel and 229,800 SF of residential condominiums. Resorts World will add a Grand Public Plaza to the property. The project will integrate the historic, currently under-renovation Boulevard Shops, the redevelopment of the Omni Mall as Resorts World and Crystal Cruises' headquarters, as well as the future mixed-use project on the former Miami Herald lot which will feature 2 residential towers, a hotel tower, retail, food and dining, entertainment and an 800-foot baywalk. 

Kar Properties' One River Point Launches $3.5 Million Sales Gallery

Over 600 of Miami’s real estate industry leaders enjoyed a curated experience on the Miami River on Wednesday, March 15 in celebration of the debut of One River Point’s new $3.5 million sales gallery. New York developer Shahab Karmely and his brand Kar Properties's One River Point sales gallery premiere showcased One River Point’s commitment to bringing ultra-luxury living to the Miami riverfront. One River Point will be designed by internationally acclaimed architect Rafael Viñoly and its stunning sales gallery reflects Karmely’s desire to introduce world-class architecture, international design, and luxe resort-like amenities to urban waterfront living in the heart of Miami. The 5,000 square foot sales gallery features exquisite displays of the kitchen, library, and master-suite bathroom, complete with walk-in shower and free-floating tub, all thoughtfully laid out in an unparalleled, art gallery-like setting. Guests received a preview of the exceptional finishes such as honed stone flooring and onyx accent walls that have been selected for the designer finished residences. Designer quality craftsmanship and meticulous attention to the finest detail are evident throughout featuring finishes and appliances by B&B Italia, Gaggenau, Arclinea and Flos, as well as a full presentation of the material palettes, state of the art technology, and an integrative site plan within the riverfront park. 

One River Point will feature approximately 380 bespoke residences, ceiling heights of 10 to 12 feet, expansive open layouts with floor-to-ceiling sliding glass walls, honed stone flooring, full slab onyx accent walls, designated art walls with task lighting, state of the art technology, as well as biometric security with face recognition. Additionally, the project will include 12-foot deep glass enclosed outdoor living terraces with sweeping vistas of the Miami River, Biscayne Bay and the city skyline. Residences at One River Point will range from approximately 1,000 to 12,000 square feet. One River Point will also include sky lofts and sky villas as well as state of the art technology plus biometric security, including face recognition. Set within One River Point’s piece de résistance, a three-story, floating sky bridge will connect the two towers on the top floors where the 50,000 SF Sky Club will be located.

“The compelling success of the initial sales process is a true testament to One River Point’s role in redefining luxury living in Miami’s urban core. We have a lot of excited guests here and reason to celebrate,” said Shahab Karmely, CEO of Kar Properties. KAR has made a significant entry into the Miami market with acquisitions and investments in excess of $200 million in established and emerging neighborhoods.

Among the many unique features in One River Point’s distinct sales gallery is the advanced audio-visual interactive platform, allowing buyers to experience in dazzling 3-D reality the designs of the extraordinary residences. The idea is for the buyer to go through a fully curated, progressive journey of the One River Point story, incorporating elements drawn from museum and gallery exhibits. Utilizing oculus rift virtual reality systems, interactive models, and floor plans as well as physical displays of materials, palettes, bathrooms, kitchens, and furniture, all combined to fully immerse the buyer in an experience unlike any other. The sales gallery for One River Point is located at 90 SW 3rd Street, just steps from the Brickell financial district and Brickell City Centre.

Art Dealer Gary Nader Still Set on Bringing Museum & Condos to 520 Biscayne

The drama at 520 Biscayne continues as art dealer Gary Nader told The Next Miami that he will be pressing forward in his quest to develop he waterfront, Downtown property into a mixed-use cultural center with a museum and condos. The development would include The Latin American Art Museum, which would house close to 1,000 pieces by Latin American artists including Roberto Matta, Rufino Tamayo and Fernando Botero. 520 Biscayne would also include a five-star hotel and two residential towers with 300-units each. The residences would be designed for art collectors, with strategically placed walls and windows to showcase art in addition to 12-foot ceilings and will range from $2 million to $25 million. Last year his unsolicited bid via his firm Nader + Museu, LLP. was passed over in favor of a bid by Related Group by the Miami-Dade College Board of Trustees, who owns the land. In October 2016, the MDC Board of Trustees officially rejected all bids to develop the property, leading to Related Group to file a formal protest with a settlement, which the Board of Trustees also rejected. In January 2017, it was announced that Related Group had officially withdrew their protest. Related Group's withdrawal has given Nader the opportunity to continue pursuing the rights to develop the property. 

Miami Downtown Development Authority Study Concludes It Will Be "Unprecedented" to Find a Downtown Condo for Under $750,000 in 2025

A study by the Miami Downtown Development Authority concluded that it will be "unprecedented" to be able to find a condo in Downtown Miami for under $750,000 in 2025. The study found that the market reached an equilibrium in 2016, with new construction and supply matching an increasing demand for Downtown Miami. Although the Miami condo market has seen a softening and has entered into being in a state of being a "buyer's market," prices have remained somewhat stable and can even hint at trailing up in certain areas. That said, the resale market regressed 7%, seeing a drop after five years of gains above 10%. In Downtown, 2,202 condos were delivered in 2016, another 3,456 condos in 2017, 2,846 in 2018 and 1,960 in 2019.

Developers at Skyrise Request Approval to Build Skyway, Rotating Viewing Pod Attraction

Skyrise, the entertainment mecca to be built in Downtown's Bayfront, has filed to add Skyway to the approved, proposed structure. Skyway would be skyrise's signature attraction, a 20-pod rotating, "modern ferris-wheel," experienced through viewing capsules. There would be 2 revolutions per hour and the pods would rise to a maximum, approved height of 1,049 ft. Plans for Skyway were designed by Arquitectonica and are currently under review.

Patricia & Phillip Frost Museum of Science to Finally Open May 8

The years of waiting and watching are beginning to come to end at Miami's Museum Park as the Patricia and Phillip Frost Museum of Science has finally announced an opening date of May 8. The museum will be the second museum delivered following the Pérez Art Museum Miami (PAMM) which has been received by the public as a major hit and help complete the cultural and art initiatives in Miami's Arts and Entertainment district which also includes the Adrienne Arsht Center for the Performing Arts and YoungArts.

The Frost Museum of Science has been a 5 year project, began construction in 2012 and has overcome many obstacles and roadblocks along the way including a $350 million price tag. Phillip and Patricia Frost had to help cover the rest of the cost of the construction after fundraising efforts failed to raise the necessary funds, missing the expected 2016 completion date. The Frost Museum of Science was designed by Grimshaw Architects, sits on 4 acres and features 4 different buildings in one, divided based on their field of study. There will be a planetarium, aquarium and feature 2 exhibit wings spread over 250,000 SF. The planetarium is 1-of-8 in the world featuring 8K resolution in 3D along with seating for 250 people. The museum claims on its website that it will take guests on a "journey from the ocean to the Everglades, from the human cell to outer space, investigating life as we know it." The building is working toward LEED Gold certification as part of their initiative to create a better planet. Tickets for the May 8 opening day are available on the museum's website.