The Real Deal Miami

Related tops off third Paraiso tower, aims for 2018 opening: PHOTOS

53-story, 276-unit condo tower is 99 percent sold
By Amanda Rabines | June 15, 2017 04:20PM

The Related Group just topped off its 53-story One Paraiso tower as it works toward opening the four-tower complex early next year.

One Paraiso is the third building to top off, preceded by Paraiso Bay and Paraiso Bayviews. The 276-unit condo tower is 99 percent sold, Carlos Rosso, president of Related’s condo division, said during a tour of the property. Prices at One Paraiso, at 3131 Northeast Seventh Avenue, range from $600 per square foot to $700 per square foot.

A majority of buyers are European, Rosso said, including from countries like Italy, Turkey and France.

Only two units remain at One Paraiso tower, a $1.45 million, three-bedroom unit spanning 1,680 square feet and a 2,380-square-foot penthouse on the 49th floor. The penthouse is listed for $2.8 million.

The Edgewater complex, designed by Arquitectonica, will bring about 1,400 new condos to the area. The 317-unit GranParaiso is the next to top off.

The building’s amenities will include a two-story gym and spa with a juice bar and three pools. Miami restaurateur Michael Schwartz is opening an eatery and beach club next door, which is scheduled to open sometime by September.

Related got $117.5 million in financing for One Paraiso from TPG in mid-2015. Related has closed on more than $390 million in construction loans to complete the project, including a $93 million construction loan for Gran Paraiso in July of last year.

Photos by Katherine Kallergis