E11even condo tower planned for downtown Miami reaches 90% of units under contract in two months
Developers plan to seek $155M to $170M in construction financing this summer
UPDATED, April 22, 11:30 a.m.: It’s last call for potential buyers of the E11even Hotel & Residences Miami.
Developers Property Markets Group and E11even Partners officially launched sales in February for the 375-unit hotel and condo tower planned for downtown Miami’s Park West neighborhood, and now have 90 percent of the units under contract, The Real Deal has learned.
Buyers put down a non-refundable deposit of 10 percent of the purchase price for about 340 units at the 65-story building. They will have to put down 30 percent more before closing, and the remainder at closing. Michael Simkins of E11even Partners said that so far, units have sold for a blended price of $1,100 per foot and are selling fully furnished. The majority of buyers are from the U.S.
PMG Managing Partner Ryan Shear attributed the fast pace of sales to good timing. “Obviously we have a great team and it’s a great brand,” Shear said. “It was the right place, right time.”
In addition to Simkins, E11even Partners includes Marc Roberts and Dennis DeGori. They own the E11even nightclub nearby.
The developers said they plan to break ground in the third quarter of this year, and will be in the market for a construction loan in the $155 million to $170 million range this summer. The tower will be completed roughly 30 months after construction begins.
Units will range from studios to two-bedrooms and a penthouse collection. Prices started at $300,000, and the units under contract range from $400,000 to more than $10 million for a penthouse, according to the developers.
Unit owners can put their condos into a hotel program to generate revenue, the developers said.
Simkins said buyers were attracted to the brand. And after a year of social isolation, many people were looking for a social environment to live in and invest in.
The project offers “Vegas-style amenities in the middle of downtown Miami,” Simkins said. It joins a number of condo-hotel projects in Greater Downtown Miami that are geared to offer hotel rental programs and short-term rental options, including the completed YotelPad and the planned Okan Tower.
Recently, a number of new luxury condo projects have launched sales in the Miami area, buoyed by the migration of wealthy buyers during the pandemic. Among them are Related Group’s Baccarat Residences, which is planned for Brickell. PMG also launched sales of the Waldorf Astoria Residences, planned for downtown Miami.
E11even Residences, designed by Sieger Suarez Architects with interiors by Avroko Hospitality Group and Studio Ramirez, will include Dr. Deepak Chopra’s Chopra Spa & Studio, a more than 10,000-square-foot space with a yoga center, Pilates and meditation rooms, hot and cold pools, treatment rooms and programming. The project will also have a 20,000-square-foot multi-level E11even Beach Day Club on the 11th floor, a casino-style sports lounge, a members-only rooftop, cabanas, plunge pools, and a 2,200-square-foot pool. It is planned to also have a gourmet food hall, wellness center, sports lounge, beach club and art installations.
The site is part of Simkins and Roberts’ larger 11-plus acre assemblage in Park West, which was one of the properties Amazon considered while on the hunt for its second headquarters.
Simkins and Shear said they are open to developing a second tower.
“A phase two is something that’s feasible and something we’re considering,” Simkins said. “E11even really has been visited by so many people. There is a familiarity with the brand by a lot of our buyers.”