I spent Tuesday afternoon touring the Biscayne Corridor and Brickell with a group of Hedge Fund investors. In preparation for the tour, I spoke with many of the project development offices to get some talking points about each building. Here are my notes from that day:
First and foremost – Metropolitan Miami’s Met 1– 447 units in Downtown Miami’s premier new Development. Closings to begin March/April 2008. MDM Development EWM listed
500 Brickell Avenue – 633 units total to begin closing in April, Related Group.
Icon Miami– 1,759 units between 3 towers, 57 stories, North Tower to close Sept. 2008, South tower to close Dec. 2008, West Tower to close 1st quarter 2009. 90% sold-out, Related Group.
Plaza on Brickell– 1,000 units between 2 towers. Building had grand opening party last week. Closings began in January. MLS resale from $338 per foot.
Capital at Brickell – One block west of Brickell on Coral Way, 2 towers, 414 total units, 220 under contract, Developer paying 7% interest on deposits with closing starting in 2011. The second tower may convert to hotel. Cabi Development
Jade – 340 units completed in 2004, 60+ for sale in the MLS, 83 foreclosure actions under way, 24 listed for rent.
Heading North through Downtown-
50 Biscayne – 529 Units, 333 closed, Related Group.
Everglades by the Bay – 849 Units in 2 towers, 95% contracted, closings to begin September 2008, developer looking for bulk purchaser to option all defaulted units at current pricing – buyer will receive 15% deposits from defaulted buyers. 20% default anticipated by developer. Cabi Development.
MarinaBlue – 516 units, all contracted, closings have just begun.
900 Biscayne – 516 units, 97% sold, closings to begin in March, 63 stories.
TenMuseumPark – 200 units, 172 closed, 24 unsold, closing since mid-2007 50 available in the MLS at an average of $497 per foot.
The Marquis – 306 units, 56 room hotel.
Quantum on the Bay – 698 units, sold-out, currently closing. Developer has defaulted units for sale, 24 re-sales in the MLS, averaging $379 per foot.
The 1800 Club – 469 units.
MidtownMiami – 3 buildings of 400 units currently completed and closing. Numerous commercial spaces available. All future building plans on hold. 80 available in the MLS averaging $399 per foot.
This is a representative group of builings Downtown. For a map showing the complete list of buildings click here.
This is the DDA Map from last year but it gives you a good idea of what is built and what is still on the way.
Please add your comments with any additional news on these or any other buildings downtown.