Boutique mixed-use development in MiMo launches sales

A new mixed-use condominium project is coming to MiMo, The Real Deal has learned.

Argentina-based Vitrium Capital is developing 64 Park Place, a 68-unit boutique building with ground floor retail. Westside Estate Agency has been tapped as the exclusive sales and marketing firm for the mid-rise development at 6443 Biscayne Boulevard, in the heart of the Miami Modern Biscayne Boulevard Historic District.

“This project is right in our backyard and a terrific opportunity for WEA to present itself to the market,” Cyril Bijaoui, principal and broker at WEA Miami, said in a statement. “The MiMo District is benefitting from a long overdue renaissance and WEA is very excited to be part of it.”

MiMo, which is located between 50th and 77th streets along the boulevard, was known for its run-down motels. Now, the area has seen a transformation with a steady influx of trendy shops, good restaurants and new office space.

The units at 64 Park Place break down to 63 one, two and three-bedroom condos, as well as five two-story townhomes. Prices will range from the low $300,000s to the upper $700,000s. Amenities will include a rooftop pool and deck with views of Biscayne Bay and Legion Park, an interior bamboo garden, gym and a parking garage.

Ground floor retail for the project will span 2,324 square feet. Twenty-five percent of the building is reserved, according to a press release.

Developers paid about $2.67 million for the 35,864-square-foot assemblage in January 2014, according to Miami-Dade County property records.

Los Angeles-based WEA opened its Miami office earlier this year, Bijaoui told TRD. The firm works with celebrity and high net worth clients, and averages $9 million per transaction.

64 Park Place is slated for completion in late 2017. Also nearby is the planned Boulevard 57, a 108-unit development between 57th and 58th streets.