A developer with 30 years of experience in Brazil recently unveiled a new project for Miami that challenges conventional wisdom.
Rodolfo Ishak spoke to the Daily Business Review about his 35-story Krystal tower, which calls for 153 residences on a stalled project on a foreclosed lot the company bought earlier this year at 530 NW First Court in Miami’s Overtown, an historically African-American neighborhood not often mentioned by developers.
“We see the Overtown area as being on the cusp of development and foresee a big boost in prices there, precisely because of what’s going on around it,” Ishak told the newspaper, pointing to development at the All Aboard Florida train station and Miami Worldcenter. “We see everything that’s happening directly around our building, and we think that with the price point we’ve set it makes sense in this area.”
The project is priced at $450 per square foot. Ishak predicted that when the project is done, the pricing will be 20 to 30 percent higher. [Daily Business Review] – Jennifer White Karp