4 Miami Condo Towers Get The “OK” Posted on June 3, 2014June 3, 2014 by Michael Light Renderings of Melody, Brickell TEN, 1010 Brickell and One Paraiso On May 21, 2014, Miami’s Urban Development Review Board gave conditional approval to 4 major Miami condo projects in the Downtown Miami and Brickell areas. The 4 projects include the Melo Groups’ Melody, Brickell Ten, 1010 Brickell and One Paraiso, which is part of the Related Group’s Paraiso Bay project. Melo Groups’ Melody condos will be located at 245 NE 14th Street in Downtown Miami right behind the Adrienne Arsht Center for Performing Arts. Melody, the mixed use development project, will consist of 497 residential condo units, 8,500 square feet of ground-floor retail space, 746 parking spaces and outdoor restaurants. Melo Group has been awaiting approval of Melody since the board deferred the plan last month because of its thick-set size. According to Miami Today, the board members were not keen on approving the mixed-use development. The developer continued to request waivers for the dimensions of the tower, including an additional 9 feet on each side “for a nicer edge and treatment” and to have enough room to build two-bedroom units. It looked as if the plans were not going to be approved since the board members did not agree with an increase in permissible width. However, the parties finally compromised, and the board conditionally approved the Melody tower so long as the tower is taller and more slender than originally planned and the developer aesthetically improves the entry wall on NE 14th Street. Brickell Ten, designed by the well-known Adriana Hoyos, is another project gaining conditional approval by the board. Brickell Ten condos will be located at 1010 SW Second Avenue, just a few blocks from the long-anticipated Brickell City Centre and two blocks from Mary Brickell Village. This 22-story, mixed-use development project will consist of 155 affordable residential condo units, 13,900 square feet of ground-floor retail and restaurant space, indoor/outdoor entertainment, social club, a 1,600 square-foot swimming pool with stunning views of the city, an outdoor bar, lush gardens and valet parking. 1010 Brickell is another Brickell condo development recently approved by the city. 1010 Brickell condos will be located at 1010 Brickell Avenue. 1010 Brickell is a 47-story proposed mixed-use development that will consist of 387 residential Brickell condo units, ground-level retail space and a parking garage. 1010 Brickell will be known for its unprecedented amenities for each and every member of the family. The Club at 1010, which will utilize 2 stories of 1010 Brickell, will be dedicated to modern sports and indoor/outdoor recreational spaces, including a game room. According to Miami Today, architect Charles Seiger has made it clear that this project is geared toward bringing young families into the chic, up-and-coming urban Brickell area. One Paraiso is a Related Group project planned for 3131 NE Seventh Ave which was also approved by the board. The 53-story tower, designed by Arquitectonica, is one of the condo towers within the Paraiso Bay project which will consist of 276 residential condo units. The Paraiso Bay project, in the Edgewater neighborhood, will feature a ½ acre park on 31st Street, which will expand Miami’s public Baywalk along Biscayne Bay. The park will offer a children’s playground, exercise/recreational area and a dog park. If you, or someone you know, are looking to buy or sell real estate in Miami or simply have a question about today’s Miami luxury home market, please contact Michael Light of Miami Luxury Homes. You can reach Michael directly at his office at 305-350-9842, on his cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com.
Edgewater: Miami’s Newest Chic Neighborhood Posted on November 10, 2013 by Michael Light The Edgewater District, a once-blighted bayfront neighborhood, is quickly becoming a chic residential destination, attracting developers and residents alike. The revival of Edgewater has been driven in large part to its proximity to the Design District and Midtown, however the big draw, of course, is the bayfront. Unofficially, the district is bounded by Northeast 17th Street to the south, stretching north to the Julia Tuttle Causeway at 36th Street and from Biscayne Bay west to the railroad tracks west of Biscayne Boulevard. Miami’s permissive zoning has allowed for the development of high-density mixed-use projects, leading to rapid gentrification of the area once inhabited exclusively by the homeless. Biscayne Boulevard, a major thoroughfare, runs through the center of the district, offering dining, shopping and other amenities, such as the Publix supermarket that recently opened in the area. Additionally, Margaret Pace Park offers bayfront outdoor amenities. During the last two condo booms, Brickell and Downtown Miami have been nearly built out. Edgewater, however, still has developable land for projects that can offer bayfront views. As a result, developers have been purchasing parcels for the construction of residential towers, causing land prices to soar. The Miami-based Related Group (“Related”) recently purchased 4.5 acres of bayfront property at Northeast 31st Street for $29 million, which previously sold in 2012 for $11.5 million. Additionally, Related has broken ground on Icon Bay, a luxury residential tower located at 428 Northeast 28th Street. Pre-sales of units, which were offered beginning in September 2012, have nearly sold out thanks in part to a large demand from foreign buyers willing to put down fifty percent (50%) or more of the price for pre-construction units. AXA Developers and Strategic Properties Group recently purchased a 2-acre site at 545 Northeast 32nd Street for nearly $20 million with plans to build a condominium tower. The property was previously intended for a project called ICE, which was scuttled as a result of the market downturn. This is just one of a few properties given new life due to the sudden increase of development within Edgewater. In addition, Mckafka Development Group (“Mckafka”) foreclosed on a mortgage they held on 623 Northeast 27th Street. They acquired the note for this property nearly two years ago for $2.1 million. Mckafka developed plans to build a 90-unit building called The Crimson on this property, for which they are currently taking reservations. The Melo Group (“Melo”), a family-run development firm, has been on the leading edge of the development of the Edgewater neighborhood. Melo has been buying land in Edgewater since 2001, and has already developed 10 rental and condo projects totaling 1,700 units, with land holdings sufficient for 2,800. Skyview, Melo’s most recent completed project is a 32-story, 258-unit apartment building located at 425 Northeast 22nd Street. Also, Melo is close to breaking ground on Bay House, a 36-story condominium tower with 164 units, located at 600 Northeast 27th Street on a 1-acre site purchased last year for $5.5 million. Melo also just obtained $22 million in financing for 26 Plaza Tower, a 12-story condominium project, located at 162 Northeast 25th Street, which broke ground last month. With prices averaging between $450 – $550 per square foot in Downtown Miami and Brickell, buyers are finding it difficult to find a “deal”. Projects such as Bay House, The Crimson, Biscayne Beach, Paraiso Bay and Icon Bay are providing buyers the opportunity to buy brand-new construction starting under $400 per square foot WITH spectacular views of Biscayne Bay. Seeing where Edgewater is heading, securing a condo in one of these new towers now is like being able to “see ahead of the curve” with regards to future value. If you, or someone you know, are interested in purchasing a condo in Edgewater, please contact me. I appreciate the opportunity to earn your business. Here are some additional photos of new condo towers in Edgewater: Biscayne Beach Residences Bay House Condos The Crimson Residences Paraiso Bay Residences Icon Bay Condos