Midtown Miami: 2 New Condo Towers Proposed For Mixed-Use Retail Center Published on 11/8/2012 11:55:00 AM
A developer is proposing a pair of new condo towers - Three Midtown Miami and Six Midtown Miami - in the Midtown Miami mixed-use complex in the Biscayne Boulevard Corridor of Greater Downtown Miami, and in the process has boosted the total number of planned buildings to 83 in South Florida since the real estate crash began in 2007, according to a new report from CondoVultures.com.
With the newly announced Midtown Miami condo projects to be located on vacant development sites within the expansive mixed-use project bordered by Northeast 36th and 29th streets, at least 12,410 condo residences have been proposed for the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties as of Nov. 8, 2012, according to the Preconstruction Condo Projects list compiled by the licensed Florida brokerage CVR Realty™.
Some five years after the South Florida condo market began to stall, one new tower has already been completed in the tricounty region and 12 other highrises - Aventura's Bellini At Williams Island (scheduled to top off on Nov. 9, 2012); Greater Downtown Miami's 1100 Millecento Residences, Brickell Citicentre(two towers), BrickellHouse, and MyBrickell projects; Hollywood's Apogee Beach; Key Biscayne's Oceana (two towers); Palm Beach County's 4001 North Ocean project; and Sunny Isles Beach's Mansions At Acqualina and Regalia - are under construction as the post-crash development era gains momentum, according to a recent CondoVultures.com report.
CondoVultures.com is scheduled to profile condo trends in the third quarter of 2012 in the seven largest coastal condo markets in South Florida.
Beginning the week of Oct. 15, 2012, the Condo Vultures® Market Intelligence Report™ plans to publish a seven-part series analyzing new condo sales trends in 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.
Midtown Miami is situated at the northern edge of Greater Downtown Miami on a former Florida East Coast Railway storage yard located south of Miami’s Design District and east of the city’s Fashion District.
The directors of the two new development entities are Alex Vadia, Suzanne De Witt, and Deborah Samuel, according to Florida Department of State records.
In December 2011, a series of Delaware corporations paid at least $57.2 million for more than 950,000 square feet of developable land - including the sites of the proposed Three Midtown Miami and Six Midtown Miami condo towers - in and around the 57-acre Midtown Miami complex located at Northeast 36th Street and Northeast 1st Avenue, according to an analysis of Miami-Dade County records.
An individual named Alex Vadia is reportedly operating the ownership entity that controls the Midtown Miami land, according to the South Florida Business Journal.
Plans call for the proposed Three Midtown Miami condo tower to be "constructed" with 31 stories and feature 264 residential condos and 14 commercial units on a 1.5 acre site at 3401 NE 1st Avenue between the existing Two Midtown Miami and the Four Midtown Miami condo towers, according to Miami-Dade County records.
The development site for the proposed Three Midtown Miami condo project was acquired in December 2011 for $4.5 million for an average of nearly $68 per square foot of land, according to Miami-Dade Property Appraiser records.
A few block to the south, the proposed Six Midtown Miami condo tower is to be "constructed" with 33 stories and feature 398 residential units and 12 commercial units on a 2.1-acre site at 3101 NE 1st Ave. across from the proposed 184,000-square-foot Walmart retail center, according to Miami-Dade County records.
The land for the proposed Six Midtown Miami condo project was acquired in December 2011 for $6.3 million for an average of $68 per square foot of land, according to Miami-Dade Property Appraiser records.
The newly proposed Three Midtown Miami and Six Midtown Miami condo towers come less than nine months after a bulk buyer began in March 2012 to resell more than 500 units in the the existing 29-story Two Midtown condo tower, 32-story Four Midtown condo tower, and the 172-unit Midblock rental tower that houses many of the popular restaurants in the complex including Sugarcane Raw Bar Grill and Mercadito, according to a CondoVultures.com report.
In October 2011, the bulk buyer – Gold Krown Financial with M. Ronald Krongold – paid an undisclosed price for more than 360 condo and 172 apartment units – nearly 60 percent of the original residential product - in the Midtown Miami complex, according to the Miami Herald.
Fueled by investors primarily from overseas, less than 3,400 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, 2012, according to a recent CondoVultures.com report.
A majority of the newly proposed South Florida 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 unclear how many of the other proposed towers could get built in the short term as construction financing is challenging - and expensive - to secure, industry watchers said.
To overcome the obvious financing hurdle, most of the newly proposed projects are requiring prospective buyers to commit to deposits - to be paid in phases - of as much as 80 percent of the preconstruction contract price, industry watchers said.
During the most recent South Florida condo boom, preconstruction buyers were generally asked for deposits of about 20 percent, industry watchers said.
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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