There is drama at the Melo Group's Flagler On The River construction project, located at 40 SW North River Drive and the former location of East Coast Fisheries. Now in Phase II of the development, officials with the Miami River Commission have expressed complaints over the lack of a 14-foot-wide riverwalk that was part of the approval of the project. Inspections showed that current construction accounts to a 12 ft riverwalk, down from 14 ft, and a 5 ft unobstructed circulation zone, down from 8 ft. The Melo Group has fought back, claiming that work on the riverwalk has not begun as they are waiting on Tenant Improvement plans from the future tenants which may alter the final design of the riverwalk. They say that upon completion the project will comply completely with their approvals. The future tenants of the riverwalk, double decker restaurant commercial portion of the greater Flagler On The River development will be SUSHISAMBA and Duck & Waffle. City officials have considered either halting construction of not issuing a final certificate of occupancy.
Lil Wayne Cuts Price of La Gorce Home Again to $12 Million
Lil Wayne, Dwayne Michael Carter Jr., has cut the price of his La Gorce mansion yet again, this time down to $12 million. The home has now been listed for 530 days and has incurred multiple "swatting" incidents, when a prankster files a false a crime report with the police and they swarm the home. Carter had originally listed the home for $18 million after purchasing it for $11.6 million in 2006.
94 La Gorce Cir. was built in 2004 and is a 15,000 SF contemporary with 9 bedrooms and 10 bathrooms. It is furnished with exotic woods, glass and marble for a luxurious feel with sky terraces for views throughout. The property also features a 3 bedroom guest house, 2-story master suite accessible by a glass elevator and over 120 ft of water front. It is currently listed by Ty Forkner of One Sotheby's International Realty.
Photo via Knight Frank
Miami Home Prices Rising During Q2 2016
Miami home prices are up 4.3% on a rolling 12-month bases as reported by Knight Frank Research Prime Global Cities Index. While Q1 2016 saw a cooling in home prices in Miami, they are rising at a steady clip in Q2 2016. New York is down -.5% while Los Angeles is up 3.1% during that same time period. Miami finished 2015 as the 6th highest priced city in the world in terms of Price Per Square Foot in Prime Real Estate at $1,000 per SF.
The Related Group Proposes Wynwood 29 Micro-Condos
The Related Group may scaling back on some projects, but it is cruising full steam ahead on others. They have teamed up with Metro 1 Development to propose Wynwood 29, a unique, first-of-its-kind project that offers micro-sized condo units in the heart of Wynwood. The project will be designed by Arquitectonica and will be 182 residential condo units that will range from 416 SF to 892 SF. The project will also features 19,726 SF of retail space, 26,600 SF of office space and 283 parking spaces. So far the only "micro" developments proposed in Miami are rental apartment units and hotel units. The Wynwood Design Review Committee will review the proposal in late September.
Tour the Bal Harbour Mansion Listed for $36 Million
Designed by award-winning architect Chad Oppenheim and located in one of the most exclusive, private and secure communities in Miami Beach, 252 Bal Bay Dr. is a true contemporary masterpiece. It features 8 bedrooms and 9 bathrooms over 20,198 SF. It also blends indoor/ outdoor living featuring museum style interior design and artwork throughout, urban tropical courtyards, a large outdoor entertainment area featuring an infinity pool and private dock. Boat access is a major feature of this property as it is merely 300 yards from Baker's Haulover Inlet. The property was developed by Oren & Shlomy Alexander, who purchased the property in 2012 for $5.55 million. Listing and photos via The Alexander Team at Douglas Elliman Real Estate.
Spark Breaks Ground in Edgewater
Spider has broken ground on their Edgewater condo development Spark after sales reached 40% sold. The project will consist of 56-units over 27-stories and units will come delivered fully furnished. Units range in size from 955 SF to 1,800 SF and two 3-story penthouse units will be a 3,895 SF. All units will have floor to ceiling windows and have large balconies. Spark will be designed by architect Behar & Font. Prices started in the $500,000's. Spider paid $3.55 million for the land in 2015 before announcing the project. Spider is headed by Andres Goldenberg and Alejandro Eskenazi and also offers accounting, legal, and brokerage services. Spark is located at 522 NE 34th St., with easy access to Miami Beach and I-95 via 195 and walking distance to Design District and Midtown.
The Fairchild Coconut Grove
Yet another luxury condo building is coming to Coconut Grove. From developers Oscar Rodriguez and Ricardo Vadia ROVR Development comes The Fairchild Coconut Grove, a waterfront, 26 unit mid-rise boutique condo project. The Fairchild Coconut Grove will be located on the 1-acre parcel at 3581 East Glencoe St., which was the site of the former Bay Colony Condominiums. The building will be designed by local architect Max Strang in collaboration with interior designer Rafael de Cárdenas. Pre-sales are underway via One Sotheby's International Realty.
The Fairchild Coconut Grove will have a boutique and "private" feel. Residences range from 2 to 4 bedroom layouts and 1,700 SF to over 4,200 SF. Prices start at around $1.4 million and range up to $4.5 million, at about $820 SF. The building itself will be split into two sections, one section rising 5 stories and the other just rises just 3 stories. The building is expected to break ground in early 2017 with delivery expected in spring 2018. Amenities include a spa, two rooftop decks, a pool and a bay front deck with private boat slips available for purchase. The grounds and building are furnished with lush landscaping to match the buildings natural stone and wood design.
UPDATE 2/27/17: The Fairchild Coconut Grove Releases Rooftop Movie Theater Rendering
Located on the five-story, boutique building’s sunset deck, the outdoor cinema features a luxurious outdoor living room with plush seating surrounded by the lushly landscaped serenity garden perfect for entertaining or enjoying a private viewing of your favorite film.
Tour Another N Bay Road Contemporary Currently Listed for $29 Million
N Bay Road is alive and well these days and 5446 N Bay Road is no exception. This architectural masterpiece by Todd Michael Glaser and the Poser Group combines the finest attention to detail with a world-class, waterfront, Miami Beach location. The contemporary is 8 bedrooms, 8 full bathrooms and 2 half-baths over 13,500 SF of living area. It features Smart House Technology, a chef's kitchen, elevator, rooftop terrace, gym, 70 ft pool, 3 koi ponds and retractable doors that open up to create a vibrant living space that brings the views of Miami right into the home. It is currently listed by Brett Harris of Douglas Elliman for $29 million. Photos by Douglas Elliman.
Shortage Reported in Miami Construction Worker Supply
Miami contractors are having a hard time finding available construction workers to hire for their projects. There are currently over 7,499 residential units under construction in Downtown Miami and Miami new construction was up 18% from July 2015 to July 2016. 14,700 units are under construction in South Florida with over 30,000 in the planning and pre-sales phase. The shortage in the supply of workers has led to an rise in pay as contractors scramble to attract new workers. The state of Florida added over 26,400 construction jobs, up 6% over last year the 2nd rank in the U.S., behind only California. Groundbreakings in Miami were up 83% over 2015 to about $576 million.
Tour Miami Beach's 4555 Pine Tree Drive Listed for $34 Million
It's no secret that Miami Beach has some of the coolest contemporary waterfront homes in the world. Located at 4555 Pine Tree Drive in one of the most exclusive neighborhoods in Miami Beach, this contemporary is in a class of its own. Built in 2015, the home was developed by Barry Brodsky, and built by his company, Brodson Construction. The design and architecture is by South African firm SAOTA with the interior design by Nils Sanderson, who was formally with Herzog & de Meuron. The home features 6 bedrooms, 7 full bathrooms and 2 half baths over 16,000 SF. It also has a resort style pool with waterslide, Raymond Jungles landscaping throughout and waterfront access with a private dock. It is currently listed by Douglas Elliman for $34 million.
