Developers returning to Midtown Miami with new projects

Miami /
Nov.November 25, 2014 11:15 AM

Development in Miami’s Midtown area froze with the crash of the housing market, but developers are returning to the area with a condo-hotel project breaking ground in 2015.

The Related Group, Dezer Properties LLC and hotel management company sbe partnered about a year ago to build Hyde Suites and Residences, located at 3401 Northeast 1st Avenue. The project is expected to be ready for occupancy in 2018, the Daily Business Review reported. The 400-unit project will feature 60 condo-hotel rooms, ground level stores and amenities like a spa, tennis court, heated pool, valet parking and concierge services.

Unit prices will range from $249,000 to $900,000, which are expected to appeal more to middle income buyers. Average rents in Midtown come in at $250 per square foot compared to $270 in Brickell, with selling prices ranging from $450 to $600 per square foot. So far, Hyde has attracted 300 letters of intent from prospective buyers in three months. “It’s a different type of product for a different type of buyer,” Carlos Rosso, president of Related’s Condominium Development Division, told the Daily Business Review. “It’s a little bit hipper, a little cooler for buyers who don’t want to come to Brickell.”

Midtown will draw more attention in December when Miami-Dade hosts Art Basel, which is expected to draw a crowd of 70,000. The Hyde site will function as a gallery for Dezer, Related and sbe’s international art show. [Daily Business Review]Chris Guanche


Related Articles

arrow_forward_ios
409 Southeast Eighth Street in Fort Lauderdale with Related Group CEO Jorge Pérez and President Jon Paul Pérez and Henry Pino, principal at Alta Development (Google Maps, Alta Development)
Jorge Pérez’s Related, Henry Pino pay $15.5M for Fort Lauderdale dev site
Jorge Pérez’s Related, Henry Pino pay $15.5M for Fort Lauderdale dev site
Wynwood in Miami (Google Maps, iStock)
Here are the residential projects planned for Miami’s Wynwood
Here are the residential projects planned for Miami’s Wynwood
A rendering of 2629 North Riverside Drive and a rendering of Casamar (Casamar)
South Florida by the numbers: Pompano Beach’s moment in the sun
South Florida by the numbers: Pompano Beach’s moment in the sun
From left: David Edelstein, Alex Karakhanian and Victor Ballestas in front of the property at 3601 North Miami Avenue (Lndmrk Development, Tricap, Integra Investments, LoopNet)
David Edelstein, partners buy Design District dev site, plan office tower
David Edelstein, partners buy Design District dev site, plan office tower
South Florida by the numbers: Miami developers stay nimble
South Florida by the numbers: Miami developers stay nimble
South Florida by the numbers: Miami developers stay nimble
Carlos Rosso and Jackie Soffer with Rendering of One Park Tower by Turnberry at SoLé Mia (Turnberry, iStock)
Turnberry, Carlos Rosso to develop condo tower at massive SoLé Mia in North Miami
Turnberry, Carlos Rosso to develop condo tower at massive SoLé Mia in North Miami
Jorge Pérez vs Stephen and Louise Kornfeld with a rendering of Icon Marina Village (Related Group, Getty, Wikipedia)
Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit
Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit
Tricap's David Edelstein, Related's Nick Perez and a rendering of NoMad Residences Wynwood (Getty, Related)
Related, Tricap launch sales of NoMad-branded condos in Wynwood with Casa Tua
Related, Tricap launch sales of NoMad-branded condos in Wynwood with Casa Tua
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...