Developer PMG has tabbed Deepak Chopra to bring "healthy living" to their 300 Biscayne downtown residential project. Sales plan to launch sales for 300 Biscayne sometime in 2017-2018. PMG has kept the details of the project largely under wraps. In January 2015 it was reported that PMG had closed a $27 million loan for 300 Biscayne Boulevard, which will be used for planning and development of the luxury residential project. PMG paid $80 million for the 88,800 SF site in November 2014. Chopra worked with PMG to finish 7 units in their Muse development in Sunny Isles with a health focus on air, water and light.
Miami Preconstruction Condo Investors Take Hits as Sales Slow
Inventory is on the way up and sales look to be slowing as the end of the cycle nears leaving some preconstruction condo investors taking losses on their investments. In a report by StatFunding, they state that the inventory of unsold developer units is increasing while sales have slowed over the past 3 months. 10,000 new units are still under construction and stand to be delivered. In Icon Bay alone, StatFunding found that investors have lost between 8% and 28% and there are 68 of 299 units for sale. Prices in the overall Miami condo market in the same timeframe have pulled back slightly, but remain remarkably stable amid rising Miami and Florida populations and low foreclosure rates.
Featured Listing: 4395 Pine Tree Drive
4395 Pine Tree Drive, developed by Todd Michael Glaser with Jarrett and Sean Posner, has hit the market for a cool $22.95 million. The modern mansion, designed by Domo Design, was completed in 2015 and is 9,583 SF spread over 3 buildings comprised of 8 bedrooms and 9 bathrooms. The home also features a 1,600 SF pool, spa, fitness center, wine cellar, tropical gardens, koi ponds, wood decks, 100 feet of water frontage, media room, Ceston smart-home technology and a "motor court" with space for 15 cars. One of the top features of this property is a chef's kitchen with Elmwood cabinetry, Calacatta Gold marble countertops, walnut butcher block and black marble island. The home is currently listed for $22.95 million with The Jills of Coldwell Banker Real Estate.
Featured Listing: Marquis Residences PH6301
Park West is an area on the rise, and one of the last places in Miami where you can lock up prime real estate for somewhat reasonable pricing. Penthouse 6301 in Park West's Marquis Residences is perched high in the sky, offering unmatched views of Biscayne Bay, the Atlantic Ocean, Port Miami and Downtown Miami. This massive duplex includes 3,831 SF of living area spread over 3 bedrooms and 3 full-bathrooms with one half-bath. It features a wine cellar, chef's kitchen, exotic wood, marble and stone finishes throughout, exotic wood and marble flooring, private elevator entry and smart home technology. The unit expands to 5,331 SF with the outdoor space included, which includes a rooftop plunge pool, summer kitchen and private skydeck. Currently listed for $3,945,000 with Daniel Romanach of One Sotheby's International Realty.
American Dream Project Approved in Northwest Miami-Dade
The $3 billion proposed American Dream project to be located in Northwest Miami-Dade has been approved by county commissioners. The project will include 1.5 million SF of entertainment and amusement as well as another 1.5 million SF of retail. The amusement and entertainment section will include a ski slope, indoor water park, indoor roller coaster and a submarine ride. The state will now review the proposal and the commission will have a final vote on the project in April. The projected completion and opening would be 2022. The proposal is under fire from commercial developers such as Simon Property Group, General Growth Properties and Tubman Centers, who have created an opposition called the South Florida Taxpayers Alliance.
Featured Listing: Apogee Unit 801 Listed for $8.99 Million
Unit 801 at Apogee is back on the market at $8.99 million, down from the $13 million the owners were originally asking in 2015. The unit is 4,154 SF covering 3 bedrooms, 3 full bathrooms, 1 half-bath with stunning views of Biscayne Bay, The Atlantic Ocean and Fisher Island throughout. The unit also features an 11-foot wraparound balcony with outdoor kitchen and over 2,200 SF of outdoor space. Currently listed for $8.99 million with Irving Padron and Luis Gonell of Engel & Voelkers Real Estate.
The Related Urban Development Group Proposes Low-Income Housing in Brickell
The Related Group's, Related Urban Development Group is working on a project to bring low-income housing to Brickell. The proposed Gallery at West Brickell will be located at 201 SW 10th Street, which is county owned land. The project will include affordable housing, workforce housing and a school, which the Miami-Dade School Board approved. The Related Urban Development Group also proposed another similar project in Omni.
Featured Listing: 125 Ocean Drive #U-0301
Ocean House has a new listing that is sure to make you drool. Located at 125 Ocean Drive, Unit #U-0301 features 4 bedrooms, 4 full bathrooms and 1 half-bath over 4,344 SF. The unit also features custom Artefacto design, private elevator entry, chef's kitchen with Wolf, SubZero and Miele appliances, 2 parking spaces, wine bar and a luxurious master suite with Poliform custom closets and finely finished bathrooms. Ocean House is a high-end, boutique condo building with only 28 units, white glove concierge service, oceanfront pool and beach with full service staff, gym, spa, salon, snooker, wine room with humidor and library. Walking distance to the famous South-of-Fifth neighborhood including Prime 112, Prime Fish, Prime Italian, Joe's Stone Crab, Il Mulino, etc. Currently listed with Dora Puig of Luxe Living Realty for $12.5 Million.
The Related Group Planning The Gallery at Omni on 1st Avenue
The Related Group is in the planning stages for a new development at 1598 NE 1st Avenue, across the street from the under-construction Canvas tower condo. In 2015, a project called Museum Club Miami was planned and approved on the the site, but plans later hit a stall. The project that Related Group is planning may be known as The Gallery at Omni. Related Group has registered several companies that include the Gallery at Omni name and a representative listed Miami officials requesting a Zoning Verification Letter for the property.
CASA Boutique Hotel Opens on Washington Avenue, Miami Beach
The CASA Boutique Hotel recently opened at Miami Beach's 1334 Washington Avenue under the direction of developers Blue Road, led by Jorge Savloff and Marcelo Tenenbaum. Casa Boutique Hotel will feature 32 upgraded rooms at the site that housed the original, historic, Waldorf Building which was built in 1925. Blue Road kept the original exterior, Spanish style of the building while completely renovating the interior. Il Baretto, a new Italian restaurant which will offer tapas, fire-oven pizza and homemade pasta, is slated to open in March. Blue Road aims to offer affordable luxury to Miami Beach tourists that blends history and charm with modern luxury and technology.
