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South Florida

The heart of the boom

The Related Group has big plans for Greater Downtown Miami, with projects including Brickell Heights on South Miami Avenue and 9th Street.
The Related Group has big plans for Greater Downtown Miami, with projects including Brickell Heights on South Miami Avenue and 9th Street.

Developers are starting to trickle north, but Miami remains the prime location in South Florida for new condo construction.

Miami-Dade County represents nearly 75 percent of the 278 condo towers totaling more than 38,150 units proposed, planned or under construction in South Florida through Sept. 15, according to Cranespotters.com. Scores of new projects were announced during the typically slow summer season. And new investors like Argentina’s Coto family made substantial investments in vacant land with future development in mind. The Cotos, best known for an eponymous supermarket chain in their home country, paid $125 million in July for a waterfront 1.25-acre parcel next to downtown Miami’s EPIC Hotel & Residences.

Greater Downtown Miami, which includes the financial and Central Business Districts, Edgewater, Midtown Miami and surrounding neighborhoods, continues to get the most attention from condo builders.

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Seven of the 10 largest projects in the pipeline are located in the Downtown submarket. They include Chetrit Group’s four-tower, nearly 1,800-unit Miami Riverwalk complex and several projects from the Jorge Perez-led Related Group. Related is poised to bring nearly 2,600 units to the market in just four of its pending developments: Brickell Heights, Hyde Midtown, One Brickell and the SLS Hotel & Residences.

Luxury builders are focusing on high-end opportunities in the beachfront markets, including Miami Beach, Bal Harbour and Sunny Isles Beach. Pricing limits for oceanfront condos are constantly being tested. In the Mid-Beach neighborhood, a Faena House penthouse listed for a record $50 million is under contract. Don Peebles also wants $50 million for a penthouse at his Bath Club Estates project in northern Miami Beach. (See related story, page 18.)

Even non-developers want a piece of the action. Grocery chain Publix Super Markets is set to replace a Sunny Isles store with a 26-story, 357-unit condo tower. That is the largest project proposed in Sunny Isles.

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