FEATURED LISTING: Allison Island 7 Bedroom Lists for $9.325 Million

A waterfront, midcentury modern seven bedroom home on the exclusive Allison Island neighborhood of Miami Beach has listed for $9.325 million. The home is 7,358 SF with seven bedrooms and eight bathrooms and was originally built in the 1950's before being renovated in 2008.  The home features a 1200-gallon koi pond, courtyard, gas fireplace, 300-bottle wine cellar, two master suites, wet bar, marble floors throughout, and landscaped backyard with a pool along with 80 feet of waterfront with a private dock. The property last sold in 1999 for $905,000. The home is located at 6444 Allison Rd, Miami Beach with Hector Vazquez of Coldwell Banker Real Estate. Photos by Coldwell Banker Real Estate. 

Legion, A Multi-Phase Special Area Plan, Proposed for Miami's Upper Eastside

Legion, a multi-phase Special Area Plan, has been proposed for Miami's Upper Eastside. Global City Development has submitted their proposal to the UDRB as they seek to obtain a Special Area Permit due to the 9-acre minimum requirement under Miami 21 zoning code in order to combine their land with the city owned Legion Park. Stantec is the proposed architect on record and a letter from Global City Development's legal team explained the two phase project proposal:

"Phase 1 of the Project incorporates the redevelopment of the 3.58 acre property, including the main structure and surrounding areas, that have been used by the American Legion to provide support services to U.S. veterans. Specifically, Phase 1 proposed the development of a 5-story building consisting of approximately 237 residential units and 435 parking spaces, along with the creation of a significant civic space type. As part of Phase 1, the existing American Legion use will remain at the property and will include new facilities that will allow the American Legion to continue to perform these important Civic functions.

Phase 2 of the Project seeks to redevelop the vacant land and existing apartment building that were originally constructed between 1940 and 1976 to the west of Phase 1 with a new mixed—use building consisting of three residential towers ranging between 115 feet to 176 feet in height with 476 residential units, 30,300 SF of ground floor commercial, uses, covered plazas and other civic-space types. The Project will also ultimately integrate the abutting Legion Park and the proposed ground floor plazas, restaurants and retail uses through the creation of a new Thoroughfare (NE 65th Street) and the optimization of the NE 7th Avenue and NE 64th Street Thoroughfares to activate the pedestrian environment, promote walkability and connectivity to the Waterfront, and improve vehicular circulation throughout the area. The inclusion of the abutting Legion Park will also permit the Applicant to further enhance the public open spaces and green areas for the residents of the neighborhood."

Median Rent Prices in Miami By Neighborhood Fall 2016

Rents in Miami continue to hold stable according to Zumper's fall 2016 rental housing report. The report reflects median rents for 1-bedroom units across 60 Miami neighborhoods. Data shows that median rents are down a bit in Edgewater, Brickell and West Avenue on Miami Beach. Essex Village and Flagler have the fastest growing rents and are both up 11% since Q2 2016. Fisher Island has the highest median rent for a 1-bedroom unit at $5,100 per month. With such a glut of new inventory hitting the market it is imperative for investors to stay current on rental prices across various neighbors over the next several quarters.   

3 Most Expensive Neighborhoods:

1. Fisher Island - $5,100

2. Park West - $2,500

3. Village of Key Biscayne - $2,350

3 Cheapest Neighborhoods:

1. Brownsville - $660

2. Pinewood Park - $880

3. Liberty City/ West Little River/ Gladeview - $900

FEATURED LISTING: Triplex Penthouse #PH1602 in the Miami Beach EDITION Lists for $25.999 Million

#PH1602, The three-level penthouse from atop the Miami Beach EDITION has listed with The Jills for $25.999 Million. The unit was previously listed for $27 million. The 5,246 SF unit features 4 bedrooms, 6 bathrooms and a huge rooftop terrace with views of the Atlantic Ocean, Biscayne Bay, Miami Beach, Sunny Isles, Downtown Miami and Brickell. #PH1602 was was designed by architect John Pawson. The residence features 20-foot floor-to-ceiling windows, teak woods floors, custom staircase, interiors by Steven G., Bulthaup gourmet kitchen and a huge rooftop terrace complete with a summer kitchen, outdoor entertainment area and a 36' private rooftop pool. The Miami Beach EDITION is located at 2901 Collins Ave. Listing and photos by The Jills with Coldwell Banker Real Estate.

Faena Hotel Penthouse Unit 1401 to Hit Market at $14 Million

The fully furnished, two-story penthouse on top of Faena Hotel Miami Beach is slated to hit the market shortly for $50 million. Unit 1401 is one of twelve private residences at the Faena Hotel Miami Beach. The unit is 9,979 SF with an additional 4,435 SF of outdoor space with private terraces and a rooftop deck. It features 6 bedrooms, 5 bathrooms and 4 half-baths. The pricing breaks down to around $5,010 SF. The unit was designed by film producer Baz Luhrmann and designer Catherine Martin to match the art-deco old-world ambiance, luxury and style of the Faena Hotel and district which opened in December 2015 on the site of the former Saxony Hotel. Alan Faena had announced last month that they were shelving the future Faena Versailles residential condominium project in order to better assess the market in favor of a potential hotel at the same location. Listing and photos by Douglas Elliman. 

Casa Grove coming to Coconut Grove Metrorail Station

Casa Grove, a Class A multi-family project is coming to Coconut Grove and will be located just a short distance from the Coconut Grove Metrorail Station. Casa Grove will be a 12-story structure featuring 116 residential units and will be designed by Itec Design. The project will help kick-off the Underline, the new landscaped recreational public space under the metro rail. Public space from Casa Grove will feed into the Underline, providing a seamless connection to the new initiative. It will also offer residents immediate access to the Metrorail and is immediately adjacent to the Coconut Grove Metrorail Station. Casa Grove will be located at 2900 S.W. 28th Lane and will be developed in a joint venture by MEC Development Associates, B Developments and Abington Properties. 

Bay House Proposed in South Beach

Bay House has been proposed in South Beach by TBD Group of Miami. The project is located at 1435 Bay Road and Flamingo Way will be eight residential units. DNA Design and Architecture will be the architect on record. TBD Group of Miami is a division of Arquitectonica Venezuela. They will be maximizing the 13,582 buildable allowance of the lot and applied for several variance including a driveway and setback waivers. The Miami Beach Design Review Board will review November 1. The project will be walking distance to Alton Road, Washington Ave. and Lincoln Road. 

Lighthouse Project dubbed Aston Martin Tower

300 Biscayne Boulevard Way's 66-story lighthouse project in Downtown has been dubbed Aston Martin Tower, bringing yet another high-end car brand to Miami real estate. The project is located at the mouth of the Miami river and will feature 390 units which will start at $2 million, equating to prices which will exceed $1,000 SF. Sales will begin in November with a sales center opening in March 2017. The developers plan to break ground by the summer of 2017 and delivery in 2021. The lot was sold for $125 million to the Coto family of Argentina and G and G Business Development, with Aston Martin Tower as the first of several planned projects. The lot sale was record setting for one acre in Miami. 

Eleven on Lenox Coming to South Beach

Eleven on Lenox from Shoma Group will feature a collection of 11 "ocean-inspired beach homes" which match the "spirit of the coastal retreat, infused with the luxury, style and sophistication of a private home in one of the most desirable neighborhoods." The project will be located at Lenox Ave. and 15th Street. Townhomes will start at $2.9 million and range from 4,403 SF to 4,669 SF. The project is designed by Zyscovich Architects and interior design by Charles Allem. Residences will be three floors and future Gaggenau appliances, smart lighting system, Poliform kitchens, four parking spaces, private elevators, rooftop terrace, summer kitchen and a pool. Eleven on Lenox is walking distance from both Lincoln Road and the beach and will emerge residents in the heart of South Beach.

Kirlin Group Brings 4th Lawsuit Against Design Team at the Patricia & Philip Frost Museum of Science

More drama at the construction site of the future Patricia & Philip Frost Museum of Science in Downtown's Museum Park. Kirlin Florida, a subsidiary of Kirlin Group, has joined Suffolk Construction and other contractors having filed suit in Miami-Dade County Circuit County. The suit alleges that design errors by architects and engineers forced the construction companies to backtrack on their work, making progress difficult and running costs. The design team also did not meet deadlines revising construction plans which then delayed the contractors from meeting their deadlines. Kirlin’s suit names Rodriguez and Architects Chartered, Fraga Engineers, Grimshaw Architects and DDA Engineers. The suit does not name the museum, which is a nonprofit and is located on county-owned land. There are three other currently active suits against the museum’s design team including from Suffolk, Baker Concrete Construction and Formrite Construction. The press team for the museum is holding to a December 2016 completion with an early 2017 opening date.