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.
Miami Developers & Agents Look to China to Spur Sales
Top Chinese real estate agents tour Miami's hottest new developments. Photo via MiamiHerald.com
As the Miami real estate market looks for a more diversified group of buyers, agents and developers are focusing on China as a new revenue stream where investment has historically been weak. Factors effecting this are Miami's new emergence on the world stage as a world class city to invest in, but also due to proximity and the fact that there are no direct flights between Miami and China. The Miami Herald reported in August that 20 of the top Chinese real estate brokers came to Miami to tour some of the top new projects. They are attracted by the affordability of the properties and value compared to other U.S. markets.
Only 2% of the home sales to international buyers in South Florida last year were to Chinese buyers. Despite this, during that same period Chinese investors spent $27.3 billion across other U.S. markets. Chinese investment has played a major roll in the continuously changing landscapes of New York and San Francisco real estate. China City Construction Co., a Chinese government owned developer, has purchased over $110 million of land in Brickell and Miami Beach. Additionally, Cathay Pacific Airways Ltd. is looking into a larger plane for long-haul flights between Hong Kong and Miami. Officials at Miami International Airport said that the flight could become a reality in the next 2 years.
Coconut Grove 5 Bedroom in The Moorings Listed for $4,999,999
Coconut Grove is alive again these days. This classic Coconut Grove pad is located within The Moorings, a prestigious private gated waterfront community in Coconut Grove with a bay front park and marina. 3835 N Moorings Court is a 5 bedroom 4 bathroom classic with 3 half baths over 6,313 SF of living area. It features an outdoor entertainment area with summer kitchen and pool, separate guest cottage, library, 3 fire places, sitting rooms and smart house technology. It is currently listed for $4,999,999 with Al Arostegui of One Sotheby's International Realty. Photos by One Sotheby's International Realty.
The Historic Dade-Commonwealth Building to Become Hotel
Spain's OD Hotels will open their first Miami location with 169 rooms in the historic Dade-Commonwealth Building in Downtown Miami. The building is located at 139 N.E. 1st Street and was originally built in 1925. Under supervision of Architect Richard Heisenbottle, the building will have 10 floors added to the existing 7-story structure during the hotel conversion. This restoration will actually return the structure to its original size before it was damage by a hurricane in 1926. Dream Downtown Miami, LLC., a joint venture between a sister fund of the Paris-based Beekman REIM and Immocorp Capital, will lead the redevelopment effort. The parties originally purchased the property for $9.2 million in November 2015 and they planned to leave the property as-is for 2 years as they begin to develop the project. The hotel will be in close proximity to Downtown's Flager Street redesign efforts, Paramount World Center Miami and Brickell City Centre.