Real Estate NewsLetters Archive

IS DOWNTOWN DEVELOPING FAST ENOUGH?



IS DOWNTOWN DEVELOPING FAST ENOUGH?

Downtown Miami has developed over the last 5 to 10 years but does it develop fast enough to attract developers, businesses and residents?

Moische Mana is one of the fervent believers and investors in the renewal of Downtown Miami. To this day he owns $375 million worth of properties or in another words 1.3 million square feet of buildings. He is the largest private owner in this neighborhood. The biggest question is whether he has a plan for those buildings or if his vision is purely aspirational?

His vision is to create a neighborhood with commercial storefront, office spaces, residential condominiums, restaurants and supermarkets. Downtown Miami has the potential but Brickell, Midtown, Wynwood have flourished and left downtown Miami hanging. The issue comes apparently from the building and permitting process which takes too long due in part to a lack of staff form the city. This resulted in a growing population of homeless.

In October Mana unveiled his planned project for 11 of his buildings as you can see on the picture here above. They would be delivered between 2021 to 2024. So for the sceptics, there is a plan but since we are arriving at the end of a real estate cycle will Mana be able to honor it?



3 NEW PLACES TO TRY OUT IN SOUTH POINTE

Papi Steak

The perfect hang out place for locals. David Grutman, the owner of Swan , Liv, Story and Komodo, just opened his latest bar/restaurant. Very intimate and cozy this place offers exotic cocktails and classic food such as steaks and salads in generous portions. Very good service. You have to try their Moscow mule, simply delicious.

Kosushi:

Was first established in Sao Paolo 30 years ago where it has a Michellin star. This one is their first on the international scene. This new Miami location is beautifully and tastefully decorated. You totally feel in Japan when you step inside this vibrant place.

Intimo:

Do you recall where Il Mulino was located? Well they left the space to this new addition from the owner of Cviche 105. Chef Juan Chipoco opens his new peruvian eatery in South Pointe. Choose from tataki, tiradito, ceviches, sushi rolls, and nigiris. All of them are delicious and you'll be dining in a delightful setting.



AMAN RESORT OPENING IN MIAMI BEACH

Have you ever been to an Aman resort? It's the top of the line in terms of luxury hotels. I've unfortunately never stayed in one but I've been invited to have lunch in the Turks and Caicos one.

The Aman resort is coming to the Faena District on Collins and 35th in Miami Beach. The company only has 3 hotels in the US but plans on expanding and Miami will be their 4 location.

The Aman Miami will have a hotel component and a residence component. The name of the developer, the architect, the number of rooms has not been communicated yet but we know that there will be 22 private residences and villas.

The amenities will include a 3 stories, 25,000sqft Aman spa, a 67' indoor swimming pool, a cigar lounge, a jazz club and a wine library. Of course several restaurants are to open as well.



READY TO SHARE YOUR APARTMENT?

You noticed how we get to share everything nowadays? We get to share our plates at many trendy restaurants, then we also share our office spaces with the expansion of We Work and now the new trend is to share our living spaces !

Yes co-living is the new trend for developers building rental properties. The more people you fit in the more money you get in return.

Developers are targeting Florida's growing younger generation under 30 who want to live in the urban decor but cannot afford a high rent. These co-living spaces have a price point which is less than 20% lower than a regular condo. In a typical co-living space the bedrooms are smaller but there are more bedrooms and they all have their bathrooms. Graduates leave their dorms to these luxury co-living spaces with 3 or 4 roommates. It's less expensive to rent a room rather than renting an entire condo.

These new trendy co-living spaces offer gyms, dog parks, pool decks and sky lounges for pool parties.



DEAL OF THE MONTH: 650 WEST AVENUE #2003

Price: $670,000

Breathtaking views of the Bay

1,080 sqft

2 beds / 2 baths

Maintenance fee: $1058/month

Pool, gym, 1 parking spaces

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