Related Group’s Paraiso Bayviews — the third of four Paraiso towers aiming to transform Miami’s Edgewater neighborhood — is now 85 percent sold and is about to begin construction, The Real Deal has learned.
Groundbreaking will start next week at the planned 44-story Paraiso Bayviews, which will have 388 units priced from the mid-$500s per square foot to the $600s per square foot, according to the Related.
Arquitectonica has designed the tower, with interiors created by Karim Rashid and landscape design by ArquitetonicaGEO. Construction is expected to be completed in 2017.
The project has already converted to contracts, a spokesperson for the developer told TRD.
Paraiso Bayviews is the latest in the massive, five-acre, four-tower, waterfront Paraiso complex, which will have a total of 1,400 units, a bayfront park and private marina.
Construction on the first two towers, Paraiso Bay and One Paraiso, which got underway last year, has already riled neighbors. Loud generators running seven days a week, incessant hammering well into the evening and nearly constant flooding of neighborhood streets are just some of the complaints that residents of Bay Park Towers and other nearby buildings voiced during a recent meeting of the Biscayne Neighborhoods Association.
Each of the Paraiso towers, including the planned fourth, GranParaiso, is being built between Northeast 31st Street and Northeast 32nd Street, and from Biscayne Bay west to Northeast Fourth Avenue. The condominium buildings have been designed by Arquitectonica.
Early this year, Related received a $93 million construction loan for Paraiso Bay, and began building the 53-story tower, which will have 325 units. It is scheduled for completion in 2016.
In July, Related signed off on a $117.5 million loan for One Paraiso, a planned 53-story, 276-unit condo tower. Sales were launched for One Paraiso in April 2014, and groundbreaking followed a few months later in December. The project is expected to finish in 2017.
Famed local restaurateur Michael Schwartz will helm an eatery and beach club at Paraiso Bay, with white-painted walls, wooden trusses, leather chairs, indoor potted trees, concrete tile floors and marble bars, set against a backdrop of Biscayne Bay. It is being designed by Meyer Davis Studio.
Carlos Rosso, president of Related’s condominium development division, said in May that Paraiso and the restaurant will help transform the area, where scattered “condoms, syringes and decapitated chickens,” are found today.
“A big part of this is our vision. We like to think of ourselves as people who change neighborhoods and create neighborhoods,” Rosso said. “We would like to see the new Edgewater rise.”