South Florida roundup

Miami at mid-cycle

Prices for condos and rental apartments in downtown Miami are up as the market reaches the development cycle’s midpoint ahead of a major shift in supply in 2016, the Miami Downtown Development Authority reported.

Condo prices rose 6.74 percent over the past six months, with the average unit at $459 per square foot, the authority’s Residential Market Update said.

Rising demand and a relatively stable supply are fueling price gains. Just 1,878 new condos hit the market so far this cycle, the report said. More than 3,000 additional apartments are slated to be delivered by mid-2016. By comparison, the last development cycle saw nearly 15,000 new units delivered between 2007 and 2008.

The first half of 2015 “required recalibration by the developers, as increased inventory, rising land and construction costs and fewer international buyers changed local market dynamics,” the report said. The strengthening U.S. dollar against foreign currencies, in particular, has slowed the market.

The Downtown Miami market “is firmly into the middle of its market cycle,” the report said, predicting that the close of 2015 “will truly indicate how well the dip in international demand has been absorbed.”

The twin-towered condo One River Point

Bath Club site sold

Don Peebles sold his Bath Club Estates development site in Miami Beach to China City Construction Company and American Da Tang Group.

The Chinese partnership paid $38.5 million for the nearly 1-acre oceanfront lot at 6747 Collins Avenue. Peebles paid $21 million for the parcel in January 2014.

The site will be developed in coordination with American Da Tang’s project at 1430 South Miami Avenue in the Brickell area, which the firm acquired in December for $74.8 million.

Peebles had plans for a 15-story condo tower with 13 full-floor units, including a mansion-sized penthouse priced at $50 million. He said his company is shifting its focus to projects in the Northeast.

‘Sky Club’ unveiled

One River Point, a 60-story condo along the Miami River designed by architect Rafael Viñoly, unveiled an Adrian Zecha-curated private club with a host of amenities as it launched sales last month. Viñoly is best known in NYC for designing Macklowe Properties’ and CIM Group’s 432 Park.

An 85-foot waterfall, a three-story floating glass skybridge and a 55th floor “Sky Club” — with two restaurants, a cigar lounge, wine cellar, screening room and more — are among the features of the twin-tower project being developed by Shahab Karmely’s Kar Properties.

One River Point, to be built on a park on the river at 24 Southwest Fourth Street, is Kar Properties South Florida first project. Karmely and his unnamed financial partner have spent $150 million in cash in the region, including buying parcels near the Miami River, in Wynwood and in Hallandale.