The Real Deal Miami

Brazilian developers bringing new condo to Miami

The downtown project would have 35 stories and 153 units

September 16, 2014 12:45PM

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Renderings of Krystal Tower

Renderings of Krystal Tower

A group of Brazilian developers is bringing yet another new condo building to downtown Miami.

Dubbed Krystal Tower, the proposed structure would have 153 units and 35 stories, according to the South Florida Business Journal.

Krystal Investment Solution paid $3.5 million for the 22,500-square-foot site, located at 530 Northwest First Court, in February following a foreclosure.

Pricing starts in the $200,000s, and units range from 907 square feet to 1,330 square feet.

“Our goal is to develop a stunning tower with exceptional views, comfortable yet elegant living spaces, ample parking and the modern conveniences sought by urban dwellers, all at more attainable prices,” Ishak said. [South Florida Business Journal]Christopher Cameron

  • Tom Brady

    Serious question, do any of these developers see that Miami still has thousands of condos vacant and thousands of condos being proposed. What makes their location and their condo any better than the others who claim fame. Build something that is for the residents, because your average Miami resident is not buying a 1 bedroom 450 sqf condo for $ 600K any time soon. How many over sea buyers do these developers think are out there and want Miami ?

    • Zachary Joslin

      Miami doesn’t have ‘thousands of condos vacant’. The inventory from the previous boom has dried up and there haven’t been ‘thousands of condos vacant’ in a few years. As far as your question about what makes this condo ‘better’, the value proposition is the selling point for this building. With a 907 sq. ft. unit starting in the 200Ks thats under $300 a foot. Thats at least $100 cheaper per foot than any of the other product being built in the downtown area. These will sell like hotcakes. As far as how many over sea buyers are out there, as soon as all of these pre-construction buildings stop selling out in 6 months or less I’ll be concerned…as of now there is still a ton of demand, so developers will keep building to fill that demand.

    • TRD

      With that vision, no wonder the Pats got beaten by the Dolphins 2 weeks ago!
      Zachary has it right. The ‘1BR, 450sf, $600k condo’ was 2005. We’re in 2014.

    • Marc305

      Where are you getting this information from? I have owned a Real Estate company in Brickell since 2009 and nothing could be further from the truth. There are very few empty condos and the demand is still very high. Now as far as building something more affordable, think about it. Developers want the biggest return for their investment as any good business man would and if they can get top dollar, they will.

      As far as the foreign demand it is unlikely to slow down. If people in foreign countries are paying $1000 a sqt in their countries and can get something for $500 a sqt in Miami of course they will buy it. Brickell and Downtown is for the wealthy, if locals cannot afford to live there, the solution is simple. Look in west or south Miami, the prices are much better there.

  • Andrew Gacayan

    Great location right next to All Aboard Florida and just a block behind the Miami World Center. This will go quick for sure. I mean look at the Madison, its an old condo building but the units are drying up.

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