39-Story Condo Tower Slated For Greater Downtown Miami Waterfront Site Published on 10/17/2013 4:21:00 PM
As the South Florida housing market increasingly rebounds from the real estate crash of 2007, a veteran highrise developer with ties to New York City is proposing a new 39-story condo tower fronting Biscayne Bay in the Biscayne Boulevard Corridor of Greater Downtown Miami, according to a new report from CondoVultures.com.
The developer - an entity controlled by Robert Vecsler of the Hyperion Group - plans to build the 129-unit project - dubbed the MBay - on a 0.9-acre site in the 700 block of Northeast 26th Terrace in Greater Downtown Miami, according to the Miami Real Deal.
In the Greater Downtown Miami market, a combination of domestic and international developers - in unrelated projects - are now proposing to construct 41 towers with more than 12,100 new condo units in a market that stretches from the Julia Tuttle Causeway south to the Rickenbacker Causeway, and Biscayne Bay west to Interstate 95 as of October 17, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
Overall in South Florida, at least 172 new condo towers with nearly 22,600 units are proposed, planned, under construction, or recently completed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach as of October 17, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
CondoVultures.com is scheduled to profile condo trends in the third 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 October 14, 2013.
The Condo Vultures® Market Intelligence Report™ plans to publish a 10-part weekly series that analyzes the markets of Greater Downtown Miami, South Beach, Bal Harbour / Surfside / Bay Harbor Islands, Sunny Isles Beach, Aventura, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Pompano Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
In Greater Downtown Miami, the Hyperion-controlled development group acquired the site - which includes a 58-unit rental building constructed in 1982 - for the proposed MBay tower for $9.9 million - or $265 per square of land - in a deal that transacted in August 2012, according to Miami-Dade County records.
The land for the proposed MBay project has a 2013 value of nearly $3 million while the existing rental tower has a value of $5.3 million, according to the Miami-Dade Property Appraiser's Office.
During the last South Florida condo boom, Hyperion-controlled entities developed the 35-story Blue tower in 2006 and the 57-story Marina Blue tower in 2008, according to the Condo Vultures® Official Condo Buyers Guide To Greater Downtown Miami™.
The 330-unit Blue condo tower sold out for nearly $153 million while the 516-unit Marina Blue condo tower sold out for nearly $208 million, according to an analysis of government records.
Some six years after the South Florida real estate crash began in 2007, three new condo projects - 23 Biscayne Bay, 4001 North Ocean, and Apogee Beach - have already been completed in the tricounty region and 40 other buildings - Aventura's Bellini At Williams Island, Echo Aventura (two towers), and Marina Palms Yacht Club & Residences (two towers); Bal Harbour's Oceana Bal Harbour; Fort Lauderdale's Adagio Residences; Greater Downtown Miami's 1100 Millecento Residences, Brickell Citycentre (two towers), BrickellHouse, Habitat II, ICON Bay, MyBrickell, Nine At Mary Brickell Village projects; Hallandale Beach's Beachwalk; Hollywood's Costa Hollywood (two towers), H3, Sage Beach (two towers); Key Biscayne's Oceana (two towers); Miami's Baltus House in the Morningside area and Grove At Grand Bay (two towers) in Coconut Grove; Miami Beach's 321 Ocean Drive (two towers), Faena House, One Ocean (two towers), Peloro Miami Beach, and Residences At Miami Beach Edition; and Sunny Isles Beach's 400 Sunny Isles (two towers), Chateau Beach, Jade Signature, Mansions At Acqualina, Porsche Design Tower, and Regalia - are under construction as the post-crash development era gains momentum, according to a recent CondoVultures.com report.
The push for new condo construction comes as the boom-era unit inventory is dwindling in Greater Downtown Miami and South Florida.
Fueled by investors primarily from overseas, about 1,925 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 Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island as of June 30, 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.
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