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3 New Highrise Condo Towers Proposed For Greater Downtown Miami
3 New Highrise Condo Towers Proposed For Greater Downtown Miami
Published on 7/21/2013 7:57:00 PM

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With at least 32 new condo towers already proposed for Greater Downtown Miami, developers are planning three more projects - each at least 55 stories tall - to be built on vacant sites north of the Miami River in the city's central business district as the South Florida real estate market shows signs of recovering from the crash of 2007, according to a new report from CondoVultures.com.  

Developers are in the early stages of planning a trio of towers - with an undetermined number of units to be located in the 600 block of Biscayne Boulevard, the 700 block of Biscayne Boulevard, and at 24 SW Fourth St. on the north bank of the Miami River, according to the respective developers.  

With the newly proposed projects in Greater Downtown Miami, developers are now proposing at least 145 new towers with nearly 19,500 units in the tricounty coastal region of Miami-Dade, Broward, and Palm Beach some as of July 19, 2013, according to the Cranespotters.com Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

CondoVultures.com is scheduled to profile condo trends in the second quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of July 15, 2013.

In Greater Downtown Miami, the Chateau Group has started planning a pair of towers that will each stand more than 60-stories tall on neighboring development sites at 600 and 700 Biscayne Blvd. next to the Freedom Tower and across from the American Airlines Arena, developer Manuel Grosskopf said.

Detailed plans for the pair of Biscayne Boulevard towers - which are expected to be mixed-use in nature - are unlikely to be finalized before 2014 as the Chateau Group is currently working on a pair of project - Chateau Beach in Sunny Isles Beach and Chateau Ocean in Surfside - on the barrier island in Northeast Miami-Dade County, Grosskopf said.    

The Chateau Group, however, has filed applications with the Federal Aviation Administration seeking permission to build as soon as August 2014, according to the Miami Herald.  

The third newly proposed Greater Downtown Miami project - a yet-to-be-named tower planned by the Newgard Development Group - is slated to stand 55-stories tall - originally planned as the CIMA tower during the last real estate boom - on a vacant site bordered by the Miami River on the south, the Wind condo on the north, South Miami Avenue on the east, and the Mint condo on the west, developer Harvey Hernandez wrote in an email. 

The tower is slated to exclusively be a condominium but the number of units has not yet been finalized, Hernandez said. 

Newgard Development - which is currently constructing the BrickellHouse tower and preselling the proposed Centro condominium in Greater Downtown Miami - has obtained approval from the FAA to erect cranes to build a 610-foot-tall tower beginning as soon as December 2013, according to government records.

Some six years after the South Florida real estate crash began in 2007, one new condo tower has already been completed in the tricounty region and 24 other highrises - Aventura's Bellini At Williams Island; Greater Downtown Miami's 1100 Millecento ResidencesBrickell Citycentre (two towers), BrickellHouseHabitat IIICON Bay, and MyBrickell projects; Hallandale Beach's Beachwalk; Hollywood's Apogee Beach and Costa Hollywood (two towers); Key Biscayne's Oceana (two towers); Miami's Baltus House in the Morningside area and Grove At Grand Bay (two towers) in the Coconut Grove are ; Miami Beach's Faena House Saxony and Residences At Miami Beach Edition; Palm Beach County's 4001 North Ocean project; and Sunny Isles Beach's Chateau BeachMansions At AcqualinaPorsche Design Tower, and Regalia - are under construction as the post-crash development era gains momentum, according to a CondoVultures.com report.

The push for new condo construction comes as the boom-era unit inventory is dwindling in South Florida.

Fueled by investors primarily from overseas, less than 500 developer units remain unsold in Greater Downtown Miami as of June 30, 2013, according to a new CondoVultures.com report.  

Overall in South Florida, less than 2,150 new condo units remain unsold from a supply of nearly 49,000 units created since 2003 in South Florida’s seven largest coastal markets of Greater Downtown MiamiSouth BeachSunny Isles BeachHollywood / Hallandale BeachDowntown Fort Lauderdale and the BeachBoca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island as of March 31, 2013, according to a recent CondoVultures.com report.

The total number of unsold new condos does not include any of the more than 8,000 units that were purchased in bulk transactions by investment groups that plan to one day resell the units at a premium, according to the Condo Vultures® Bulk Deals Database™

A number of the newly proposed condo units are not expected to be completed until 2014 when the unsold developer inventory from South Florida's last real estate boom and bust is projected to be sold.

It is important to note there are various stages to a residential real estate transaction in South Florida.

A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government. 

As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.  

The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.   

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™Official Condo Buyers Guide To South Beach™Official Condo Buyers Guide to Sunny Isles Beach™Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™Official Condo Buyers Guide to Hollywood / Hallandale Beach™Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.

© Copyright 2013. Condo Vultures® LLC. All Rights Reserved.  


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