The Related Group is likely to secure a multimillion-dollar loan to cover half of construction costs after a string of speedy sales at its newest condominium projects, Daily Business Review reported.
Paraiso Bay, Brickell Heights and Hyde Resort and Residences on Hollywood Beach have each seen strong sales in the weeks since launching. About a month after Fortune International Realty kicked off marketing at Hyde, the building at 4111 South Ocean Drive is now 50 percent sold at an average of $670 per square foot.
The 690-unit Brickell Heights at 850 South Miami Avenue hit 30 percent sold just days after a sales party last week.
The three-tower Paraiso Bay at 600 Northeast 31st Street in Edgewater sold 70 percent of its units in the first building over the course of two months.
“The demand is coming from a combination of things,” Carlos Rosso, head of condo development at Related, told Daily Business Review. “It’s a bit of Art Basel. It’s a bit of the fact more people come and see Miami. And I think it’s the product. People don’t just see the price. People see the location.” [Daily Business Review] — Mark Maurer