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Two and Three Story Garden Style buildings.
Residents will enjoy amenities that include an 8,000 square foot two-story community center that holds a steam room, cyber café, club room, conference room, and a fitness center where residents will enjoy an exclusive yoga room, free weight area, and circular spinning room. The outdoor pool pavilion will allow residents to entertain in a resort-style pool, poolside cabanas, outdoor grilling areas overlooking expansive landscaping, a private Zen garden, and a spa.
Estimated for completion February 2016.
Architect – MSA Architects. Interior Designer – V*Starr Interiors.
South Florida Business Journal by Brian Bandell.
An affiliate of the Related Group scored a $61.43 million mortgage for its recently completed apartment project in the Fontainebleau area of Miami-Dade County.
Regions Bank provided the loan to RD Fontainebleau, a Related Group affiliate that finished building Doral View apartments at 913 N.W. 97th Ave. It started construction in 2012.
Related Group VP and COO Matt Allen said the new loan replaces the construction financing with long-term financing with support from Fannie Mae.
Doral View has 360 apartments spread between 14 three-story buildings. Allen said they are 95 percent leased. That breaks down into 168 one-bedroom apartments, 144 two-bedroom apartments and 48 three-bedroom apartments. Amenities will include two pool areas, a gym, a spa, and a conference and club room.
Kaufman Lynn Construction is the general contractor on the project.
Related Group sold the second phase of Doral View to a point venture between it and Rockpoint Group.
South Florida Business Journal by Nina Lincoff.
South Florida’s condo market revival started in 2009 after bank-held inventory started rising in price.
Cash buyers’ strong demand for condo units made it a no-brainer for developers to build condominium projects again, said Carlos Ross, president of the Condominium Development Division for The Related Group, a company that has redefined skylines across South Florida.
Ensuring that those projects are quality builds has been a priority for the Related Group, said Rosso, Rosso the keynote speaker at the Business Journal’s 2014 Real Estate Market Review.
“That means we have 80 percent pre-sales with big deposits, and then we start construction,” he said. “We are in a very interesting time. We are in the fifth year of this boom, and the real question moving forward is: What is going to happen to the next tier of developers?”
As construction and land prices rise, those are two key indicators for developers to consider, Rosso said.
“We are launching, right now, the last three jobs with condos in the $500,000 range: Brickell Heights, Hyde Midtown and Paraiso Bay. Those are the jobs where we found sites that fit those price points,” he said. “The next projects are going to be in an area where we can command higher prices, because that will be the only way we can make the margins work.”
Much has changed in the South Florida real estate landscape, as few people could have predicted the surge in urban retail, including Brickell City Centre, which will provide a shopping center experience for its residents, Rosso said.
But with swift growth comes some challenges, such as parking, education, affordable housing and quality public spaces, he added.
“[Related] is doing affordable housing. We are doing three towers of affordable housing,” Rosso said.
Foreign investments will continue to be key to Miami’s transformation, he said. “In a sense, Miami is not different from a New York, a London, a Paris. Big cities in the world where foreign investors are suddenly seeing us as safe havens for their investments – they are seeing Miami as that, as well.”
But you can’t discount U.S. buyers, as many of the first to snap up spaces at the SLS Lux were from the U.S., Rosso added.
“People who come from urban areas understand that view is not the most important thing; that location, that walking distance to restaurants and to a shopping center is something that is going to be incredibly valuable in the long run,” he said. “A couple of years ago, no one would have imagined that they would have lived in a condo, come down to the street level, have dinner and walk back, without taking a car.”
Stephan Gietl, principal of Mckafka Development in Miami, wasn’t looking for the city’s next hot neighborhood when he purchased just over a half-acre near the edge of Biscayne Bay — 8 miles or so across the Intracoastal Waterway from Miami Beach — in early 2012. At the time, he and his business partner, Fernando Levy Hara, simply figured that they were getting a good deal in a blighted district known as Edgewater.
The two men planned on putting up a modest residential rental building with units that would go for $350 to $450 per month.
Then, in the spring of that year, something unexpected happened. Jorge Pérez, the largest and most successful developer of luxury condominiums in Miami, announced plans for his Related Group to develop 2.15 acres of Edgewater’s bayfront property into luxury condominiums. Related’s 40-story, 300-unit Icon Bay landed just north of the Mckafka site.
Almost overnight, Edgewater — a 1½-mile-long and four-block-wide piece of land sandwiched by the Venetian Causeway and Biscayne Boulevard, bordering the happening neighborhoods of Wynwood and the Design District — became a development hot spot. Construction drove away packs of vagrants and Edgewater suddenly seemed blessed.
At the Crimson, residents will enjoy luxe amenities such as penthouse hot tubs and an indoor/outdoor theater.
“When we saw Related in there, we realized that the neighborhood is better than we thought,” says Gietl, who decided to revise his original idea to build a rental. “We went for a condo, naming it The Crimson.” All but 16 of the Crimson’s 90 units — from 850 to 1,250 square feet — have sold, for upwards of $650 per square foot. Meanwhile, at 460 NE 28th St., Icon Bay, with a completion set for sometime next year, is sold out — with prices as high as $800 per square foot.
Gietl’s space-age-inspired Crimson, at 601 NE 27th St., should also be finished next year and will offer goodies such as private hot tubs on penthouse terraces and an indoor/outdoor theater for residents. Such amenities are more common in posher Miami districts such as South of Fifth (SoFi). But unlike the more slowly evolving SoFi — to which it is often compared — Edgewater is being transformed all at once, with a total of nine luxury buildings in development or under construction. When completed by 2017, the buildings will offer more than 3,300 condo units.
Like much of the rest of South Florida, Edgewater is luring an international clientele — particularly Latins — who demand amenity-rich developments. Tennis courts, swanky club rooms and interior design by Thom Filicia, for example, add allure to Biscayne Beach Residences, at 711 NE 29th St., which is being put up by Eastview Development and GTIS.
The 51-story project, with 399 units ranging from 1,000 to 3,100 square feet, is going for $620 per square foot; 80 percent of the building, which is scheduled for completion in 2016, is sold. It will also include a branch of NYC’s Tutto Il Giorno.
Nearby, on Biscayne Blvd., an ultra-modern, anvil-shaped office building is in the proposal stages. It will feature an open-to-the-public museum with just two permanent displays of enormous works by James Turrell and Richard Serra.
With brand-new buildings, innovative comforts (like a “dive-in” theater at ION that allows movie-viewing while floating in the pool), easy access to watersports and a 50 percent or so discount from South Beach, Edgewater sales have been brisk. “What took 10 years at South of Fifth is taking five years at Edgewater,” says broker Alicia Cervera, managing partner of Cervera Real Estate.
Anyone who’s surprised by the neighborhood’s rapid ascent shouldn’t be. “Edgewater is the biggest no-brainer in all of real estate development,” Perez insists, sitting in his art-filled office in Brickell, less than a mile away from where he is putting up four more area towers in Edgewater — Paraiso Bay Towers 1 and 2, Paraiso Bayview and One Paraiso. The combined projects will offer 1,397 units selling for $450 to $1,200 per square foot on a block of land between NE 30th and 31st Streets.
Besides Edgewater’s proximity to the Design District and Wynwood, Perez says, “you have Biscayne Bay. It’s beautiful compared to the Atlantic Ocean. At night, the ocean is dark. But from the bay, you see all the lights of Miami.” No wonder, then, that Icon is entirely sold out while the three Paraiso towers, opening between 2017 and 2018, are en route to filling up fast (sales have yet to commence at Paraiso Bayview) with buyers like DJ David Guetta and NBA star Manu Ginobili.
If Edgewater still lacks the panache of Miami Beach’s top waterfront neighborhoods, some view that as a plus. Santiago Rodríguez Tarditi, a 29-year-old TV journalist, recently moved to Miami from New York City. He pays $2,000 per month for a one-bedroom in a condo building called Quantum on the Bay, at 1900 N Bayshore Drive, about eight blocks south of the new construction. Tarditi says, “The neighborhood feels like a small, up-and-coming city. While there is still some grit, I spent last night playing volleyball in a park until 10 p.m. It’s a little quiet, but the place is waiting to be developed.”
While brokers and developers talk about Edgewater eventually attracting families, the Melo Group is already there. Its 38-story Bay House, at 600 NE 27th St., is designed for the baby-makes-three set. Its 165 units are all three-bedrooms with private elevator entries and priced at $550 per square foot. Only five apartments remain at Bay House, with resident amenities like a playroom, theater and summer kitchen. “Young people live in the area, they start having children and they don’t necessarily want to move to the suburbs,” says Melo Group principal Carlos Melo, whose building is scheduled to open by the end of this year.
Melo is so bullish about Edgewater that he purchased the last waterfront parcel, located on its southern tip, where he will start construction on Aria on the Bay, at 1770 N Bayshore Drive, in February. The 647-unit, 53-story high-rise is already nearly one-third sold at $550 per square foot. “Things here,” he says, “are running very good.”
Good enough, in fact, that there is a new project underway that doesn’t come with direct waterfront access but seems poised to fit in just fine. Sakor Development, a collaboration between Barbara Salk and Steven Kornfeld, is putting up the 36-story ION East Edgewater, with 330 units ranging between 800 and 2,100 square feet and selling at $475 per square foot.
The building is designed to encourage socializing, with a hotel-style lobby and communal firepit on the pool deck. “It’s the value proposition of the neighborhood,” says Salk of ION, at 2751 Biscayne Boulevard, which is just getting underway for a 2017 finish. “You can walk to the bay and it presents a great opportunity to get into the neighborhood that will be the next South of Fifth.”
If things go as planned, that prediction will be close to a reality by the time ION East opens its doors. As Carlos Melo puts it: “Cranes are everywhere and Edgewater is getting dense!”
Metro Citizen –
Related Development, LLC is capitalizing on renewed rental demand, following historic lows in multi-family development. Four new rental properties totaling 1,129 units, from Miami-Dade to Palm Beach counties, break ground this month.
Steve Patterson, President of Related Development, says low single-family home ownership rates, which declined to 64.8%, according to US census data (the lowest level since 1995), along with a job market flooded with young workers (“millennial” generation) unable to afford ownership points toward a strong recovery for rentals.
Related’s SOFA-Delray, Town-Pembroke Pines, Doral View II and Town-University Drive all began construction in September. With 4,700+ rental units in the pipeline for development scheduled for completion and/or groundbreaking during the next year, Related is in line with Patterson’s mission of delivering well located, highly amenitized apartments worthy of demanding residents in urban-core, class A luxury areas that appeal to professionals who used to buy homes.
“Related’s continued growth and sizable development pipeline in South Florida is driven by our belief in real demand,” Steve Patterson said. “In spite of a significant increase in apartment completions during the last two years, occupancies have held firm and rents are growing above the historic norm.
Axiometrics has labeled 2014 as the strongest year for multi-family since the market began to recover. Even then, 2014 multi-family development will barely reach pre-recession numbers.
“The market of millennials leaving their parent’s homes and starting their own households is growing rapidly, so there will definitely be more renters next year and the year after than today, and we intend to be ready with new luxury rental product for them to call home,” added Patterson.
South Florida Business Journal By: Brian Bandell
The Related Group sold a 16.2-acre site in the Fontainbleau area of western Miami-Dade County to a Texas developer for $19.8 million.
RD Fontainbleau Phase II, an affiliate of the Miami-based residential developer, sold the property west of Northwest 97th Avenue on the south side of State Road 836 to DD Doral View 2. The buyer is affiliated with Rockpoint Group, a Dallas-based real estate private equity firm.
Related Group paid $20.5 million in early 2012 for 33.75 acres that includes the property that was recently sold. It developed 96 apartments on the site that it has retained. The property it sold has a similar zoning designation.
Globe Street – by Jennifer LeClaire
MIAMI—In case you wondered just how hot Miami multifamily really is, take a cue from Related Development. The firm is tapping into what it sees a renewed rental demand following historic lows in multifamily development.
Tapping may not be a strong enough word. Related broke ground on four new multifamily properties with 1,129 collective units from Miami-Dade to Palm Beach County in September alone.
According to Steve Patterson, president of Related Development, low single-family home ownership rates, which the US Census reports have declined to the lowest level since 1995 at 64.8%, is a contributing factor. Patterson also points to the impact of a job market flooded with young workers that can’t afford home ownership.
“Related’s continued growth and sizable development pipeline in South Florida is driven by our belief in real demand,” he says. “In spite of a significant increase in apartment completions during the last two years, occupancies have held firm and rents are growing above the historic norm.”
Related’s SOFA-Delray, Town-Pembroke Pines, Doral View II, and Town-University Drive launched construction in September. All told, Related has over 4,700 multifamily units in its development pipeline scheduled for completion and/or groundbreaking during the next year targeting professionals who used to buy homes.
All of this isn’t just Related being bullish on South Florida’s multifamily market. Axiometrics has labeled 2014 as the strongest year for multifamily since the market began to recover. Even then, 2014 multifamily development will barely reach pre-recession numbers.
“The market of Millennials leaving their parent’s homes and starting their own households is growing rapidly, so there will definitely be more renters next year and the year after than today,” says Patterson. “We intend to be ready with new luxury rental product for them to call home.”
Miami Agent Magazine by James Mcclister
The Related Group and Terra Group hosted Elle Décor’s latest book launch at their luxurious joint project, Park Grove, the last of the residential towers planned for Coconut Grove. The book, titled ‘The Height of Style,’ follows the magazine’s 25th anniversary and features over 220 of the world’s chicest rooms, many of which have Miami ties, including: Michael Bay’s Miami apartment; interiors by William Sofield (the interior designer for Park Grove); and a handful of other designers with projects and private residences in the Miami/Palm Beach area. A crowd of over 300 gathered at the sales gallery where signed copies of the book were distributed with drinks and light bites by A Touch of Class. –
See more at: http://miamiagentmagazine.com/elle-decor-25th-anniversary-book-launch-park-grove-8-17-14/#sthash.lI2XGi3y.dpuf