If your sense of the Miami condo market is one of half-finished towers and foreclosure notices, it’s time for a new perspective. The market there is booming in a way that redefines thriving. Consider this: In the past six months alone, nearly 80 new residential towers have been proposed in South Florida. Nearly 40,000 new condo units in Miami-Dade, Broward and Palm Beach counties have been announced since 2011, and nearly three-quarters of these are intended for Miami.
It’s not just the number of high-rises planned for Miami that’s impressive. The look of the city is set to change: Projects by renowned architects like Zaha Hadid, Richard Meier and Rem Koolhaas will give the city a world-class, futuristic look.
But Miami’s transformation isn’t only about the increasing array of modern, super-luxe places to live. The city is also undergoing a cultural transformation across the board: The 21-block Design District, for example, continues its makeover into a hotspot for contemporary art, fashion and high-end retail. Coral Gables has seen an influx of high-end restaurants, while Brickell, Miami’s banking and business center, is increasingly the kind of place where people want to hang, dine and live.
With condo prices hitting record highs — while, at the same time, remaining far cheaper than Manhattan — it’s enough to make you question why you live in New York City in the first place.
2701 S. Bayshore Drive
Coconut Grove is shedding its slightly scruffy image, thanks to projects like this one from starchitect Rem Koolhaas. New renderings released last month revealed the towers’ shapes, which are inspired by Biscayne Bay’s islands. Plans call for two 20-story, 72-unit condo towers and a third 20-story building with 140 units. Amenities include landscaped gardens, bay and city views, a pool with private cabanas and a business center. Prices at the project, which is still in the planning stage, start at $800,000. www.park-grove.com
9011 Collins Avenue
Surf Club Four Seasons
Living at a Four Seasons property will be a reality for a lucky few in Miami. Prominent architects Kobi Karp and Pritzker-prize winner Richard Meier are designing this project in Surfside, which will have 150 homes and penthouses, as well as an 80-room hotel. Plans for the nine-acre oceanfront property will incorporate a historic building, the site of the original club that will be renovated to its original 1920s look. The project will also create two residential towers, a private club, two restaurants, four swimming pools and more than 40 beach cabanas. Construction began late last year and will be completed in early 2016. Condo prices start at $3.45 million. www.thesurfclub.com
17201 Biscayne Boulevard
Marina Palms Yacht Club
Navy blazer? Check. White pants? Double check. Live the yachting life at Miami’s first yacht club and condo development in 20 years. Two 25-story towers will have a total of 468 units, with a full-service yacht club and a 112-foot marina with 112 boat slips. The project sits along 750 feet of waterfront in Aventura and offers views of the marina, the Intracoastal Waterway and the Atlantic. The North Tower is sold out; asking prices in the South Tower start at the low $400s per square foot. Sales launched in 2013 and developers expect to wrap up construction next year. www.marinapalms.com
1300 S. Miami Avenue
SLS Hotel Residences
As of September, units at the SLS Hotel & Residences — the first branded for-sale residences by the upscale Los Angeles hotelier — were nearly sold out. Designed by Arquitectonica — and featuring a dramatic hotel lobby from Philippe Starck — amenities at the downtown Miami project include a sky-top pool deck, outdoor dining and lounge, as well as a fitness center and spa. Chef José Andrés’ original restaurant concepts, Tres and The Bazaar, will offer a mix of dining options from casual to upscale. Prices start at $1.8 million and construction is slated to finish in 2016. www.slsbrickell.com
1001 S. Miami Avenue
The building boom in downtown Miami is not the only connection the city has to downtown New York City. Soon, the area will get its own Flatiron building, which, like its Manhattan namesake, refers to the triangular shape of an old-fashioned clothing iron. Developer Ugo Colombo unveiled plans in April for his Brickell Flatiron residential tower, designed by architect Luis Revuelta. A total of 548 units are planned — a mix of one-, two- and three-bedroom residences and several duplex penthouses — along with a retail and restaurant component. The building will have a rooftop swimming pool, gym and spa. A second building is also planned. Prices will start at $485,000 and sales launched in the spring. www.brickellflatiron.com
2669 S. Bayshore Drive
Grove At Grand Bay
Bjarke Ingels is another bold-faced name bringing iconoclastic buildings to Coconut Grove. The architect’s Grove At Grand Bay project features two towers that appear to corkscrew into the sky. Residences will have 12-foot ceilings and 12-foot deep terraces with summer kitchens and glass walls. Both towers will feature rooftop swimming pools. Plans call for a glass enclosed tennis court and outdoor event space; children’s playground; state-of-the-art fitness center; private elevator access and climate-controlled parking garages and storage areas. Prices start at $4.84 million. www.groveatgrandbay.com
1000 Biscayne Boulevard
One Thousand Museum
Quite likely the most famous building slated for Miami right now is Pritzker-prize winner Zaha Hadid’s One Thousand Museum, which is planned for Biscayne Boulevard. The project features a concrete exoskeleton of curving lines, like a web, to make the tower wind-resistant. A penthouse is on the market for $45 million, listed for much more than any downtown Miami residential property has sold for. The two-level unit comes with a private pool. Prices in the 83-unit development start at $5.4 million. Demolition work recently commenced on the site. www.1000museum.com
2901 Collins Avenue
The Residences at the Miami Beach EDITION
No stranger to buzz, at $40 million, Ian Schrager’s new Miami project is the current record holder for most expensive condo sold in Miami. The residences sit on the top floors of an existing, landmarked 1950s building that contains the Miami Beach Edition hotel, as well as in an adjacent, newly-constructed 18-story tower. Residents have access to the amenities at the 294-room resort that’s part of the development, including a restaurant by Michelin-starred chef Jean-Georges Vongerichten, a gourmet marketplace, a lobby bar with an ocean view, as well as an entertainment area with a bowling alley, ice-skating rink and nightclub. Units are averaging more than $2,500 per square foot at the project, which is nearly completed. Late last month, three units sold to an undisclosed buyer for a total of $18.4 million. www.miamibeacheditionresidences.com
6747 Collins Avenue
Bath Club Estates
A penthouse at this Miami Beach project may set a new price record for the Miami luxury condo market. Developer Don Peebles is asking $50 million for a 9,200-square-foot triplex, which has another 9,000 square feet of outdoor space. The five-bedroom unit is the second in the city to be listed at $50 million. Residences feature wraparound terraces with summer kitchens, private elevator access and two enclosed garage bays per residence. There’s also pool and beachside food, beverage and towel service. Prices start at $10 million. The project is in the planning stage with completion expected in 2016. www.thebathclubestates.com