Developers returning to Midtown Miami with new projects

New condo-hotel to be ready by 2018

TRD 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
Alex Rodriguez (Credit: Getty Images and iStock)

Work out like A-Rod? Athlete inks Midtown Miami lease for UFC Gym

Daily Digest Miami

54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest

3055 North Miami Avenue and Alex Vadia (Credit: Midtown Opportunities, TAMZ)

Controversial Walmart site in Midtown Miami sells for $26M

From left: Jon Paul Perez, Alex Karakhanian, Tony Arellano and Devlin Marinoff over the site (Credit: Google Maps)

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

233 North Miami Avenue and Jorge Perez

Related Group picks up two lots next to Miami Dade College for $9M

The Gallery on the River and Jorge Perez of Related Group (Credit: Wikipedia)

Related Group moves forward with Gallery on the River project

arrow_forward_ios