Downtown Miami in the News: Named Global Up-and-Coming Neighborhood; New 73-Story Proposed Mixed-Use Project; and Elysee Secures $16.5 M Construction Loan
Knight Frank Names Downtown Miami Global Up-and-Coming Neighborhood
Experts from Knight Frank carefully and strategically identified the 5 neighborhoods across global cities that are the top up-and-coming neighborhoods on the rise to buy a home, and of course, Downtown Miami made the list. Downtown Miami was only one of two neighborhoods in the United States to make this list, along with Buda, which is a booming neighborhood in Austin, Texas. The other neighborhoods on the rise across the globe were St. Leonards in Sydney, Australia; Harumi in Chuo Ward, Tokyo; and Sarria-Sant Gervasi in Barcelona, Spain.
Why Downtown Miami?
Greater Downtown Miami, which includes Brickell, Midtown and Edgewater, has completely transformed over the past few years, becoming a thriving live, work and play neighborhood. This cosmopolitan city which used to literally shut down at 6 pm on weekdays has prospered into a booming area where people want to live, work and play, and the massive amount of residential development, completion of urban centers such as Brickell City Centre and the nearly completed Miami Worldcenter has significantly impacted the rise of Downtown Miami. Further, the continued infrastructure of public transportation has also contributed to the success of this area of the Magic City.
Knight Frank Residential is the world’s largest privately-owned global property agency and consultancy firm. Exclusively and strategically partnered with Douglas Elliman Real Estate in the United States, Knight Frank reaches over 488 offices in 59 countries across 6 continents.
New 73-Story Proposed Mixed-Use Project in Downtown Miami
Dubbed “The Sterling,” a sleek, tulip-inspired 73-story mixed use project has recently been proposed by Turkish developer, Okan Group, for 555 N. Miami Avenue in Downtown Miami, just west of the American Airlines Arena and south of the highly-anticipated Miami World Center.
Designed by Behar Font, the proposed mixed-use project is planned to include 362 residential units, 300 hotel rooms, 55,400 square feet of office space, 3,030 square feet of retail space and 9,820 square feet of restaurant space.
Miami’s Urban Development Review Board is scheduled to review the plans for The Sterling on October 6th, according to The Next Miami.
Elysee Secures $16.5 M Construction Loan
Elysee, a 57-story luxury pre-construction condo tower planned to rise along Biscayne Bay at 700 NE 23rd Street in the Edgewater neighborhood of Greater Downtown Miami, has secured a $16.5 Million construction loan from Mosaic Real Estate Credit, according to Curbed.
Securing this construction loan allows the developers of Elysee, Two Roads Development, to move along with the initial phase of construction for the waterfront development. Installing pilings, excavation work and pouring the foundation will start soon, so that Elysee can be on its ways for a slated completion of 2019.
Click HERE to learn more about Elysee.
If you are interested in buying or selling luxury properties in Miami, or simply want to learn more about the luxury real estate market in Miami, please contact Michael Light, Broker Associate and Founder and Owner of the Miami Luxury Homes Group at Douglas Elliman Real Estate.
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