Miami River development hits sales milestone

A waterfront condo project on the Miami River hit a milestone this week, reaching its 100th sale, the owner announced in a press release.

Unlike most new developments, down payments of at least 15 percent are required for the condos. Most developments during this cycle require anywhere from 30 to 50 percent down.

Units at Terrazas are ready for move-in, the sales manger said. The development, at 1861 Northwest South River Drive,  is a twin-tower, 324-unit, gated community on the river. Prices start in the mid-$200,000s. Condos include private balconies with views of the river and the downtown Miami skyline. An affiliate of New York-based Ladder Capital is selling the units.

The Miami River has increasingly drawn interest from developers in recent months. River Landing, a massive nine-acre development that will include apartments, retail and a linear park along the riverwalk, is anchoring the area’s growth, which includes new restaurants, condos and townhome developments. — Katherine Kallergis