Miami Beach looks to North Beach as its next development frontier

An evolving master plan explores upzoning and a new town center

TRD MIAMI /
Apr.April 25, 2016 11:15 AM

From the April issueIt’s record-setting time on Miami Beach. Hedge fund honchos and Russian billionaires are paying an average of $3,130 per square foot for new condominiums at the Faena House on Collins Avenue in South Beach. Just four blocks down the street at the posh Residences at the Miami Beach Edition, buyers can pay an average of $3,020 per square foot for a unit in the 18-story tower.

A couple of miles away, the GLASS condo tower at 120 Ocean Drive has sold out. All of its 10 super-luxury units were gone in a flash for an average price of about $2,300 per square foot. And just to the north at the 321 Ocean project, buyers are getting a relative bargain, paying about $1,720 per square foot for oceanfront units. 

But while the South Beach and Mid-Beach neighborhoods are sizzling with new condo and hotel projects seemingly going up overnight, there’s one part of the resort city that has been left out of the boom: North Beach, the faded home to scores of low-rise Miami Modern buildings, quiet gated single-family properties and the dowdy main drag of 71st Street, where you can’t find a Starbucks. North Beach, which stretches from 63rd Street to 87th Street and westward to Biscayne Bay, is a relic of a less affluent time while South Beach and Mid-Beach have exploded in recent years. [more]


Related Articles

arrow_forward_ios
Franco Bianchi and Eighty Seven Park  

Furniture exec moves into condo at Eighty Seven Park for $7M

Novak Djokovic and Eighty Seven Park (Credit: Getty Images)

Novak Djokovic pays $6M for Renzo Piano-designed condo

Jonathan Newhouse and Eighty Seven Park (Credit: Getty Images)

Condé Nast scion drops $6M on Miami Beach condo

Pierre Pomerleau and a rendering of Eighty Seven Park

Canadian construction mogul buys condo at Eighty Seven Park

Miami Beach loosens regulations for real estate developers and small businesses

Miami Beach relaxes rules on development, pools, restaurants

Matis Cohen and Marisa Galbut with the 72nd and Park rendering

Matis Cohen and Galbut family score board approval for North Beach project, to include apartments and micro-units

Daily Digest Miami

SoftBank brings on Marcelo Claure to help turn around WeWork, Hallandale Beach project scores $100M loan: Daily digest

Aria Mehrabi and City National Bank

Pacific Star Capital wants to build Target-anchored retail building in North Beach

arrow_forward_ios
Loading...