The Standard hotel group is branding its first residential development, which will be built in Miami’s Midtown neighborhood, The Real Deal has learned.
Developer Carlos Rosso of Rosso Development is partnering with Alex Vadia’s Midtown Development and Standard International to build the 12-story, 228-unit condo project, Rosso confirmed. It marks his first major ground-up development since leaving the Related Group more than a year ago.
Sales are expected to formally launch Nov. 30. The project, to be built on the southwest corner of Northeast First Avenue and Northeast 32nd Street, is being designed by Arquitectonica and Urban Robot. It will be across from a Trader Joe’s that is under construction, and south of the Midtown staple Sugarcane.
Standard International, with 16 hotels in the U.S. and around the world, has a waterfront hotel called the Standard Spa on the Venetian Islands in Miami Beach, in the historic Lido property.
Rosso hinted at additional Standard-branded residential projects in the pipeline, but declined to disclose additional details.
Condos will range from 432 square feet to 965 square feet. The studios to two-bedrooms units will range in price from $329,000 to $829,000 initially. Douglas Elliman was tapped to handle sales and marketing.
The deposit structure calls for 10 percent at reservation, contract and groundbreaking for a total of 30 percent; then 10 percent six months later; another 10 percent at top off; and the remaining 50 percent owed at closing, Rosso said.
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Rosso, who said he first broached Standard International about building a residential project in the early 2000s, said the Midtown development will have the “vibe and culture of the Standard.”
The units will offer “real pieds-à-terre for people who are fans of the brand,” Rosso said. Units will have master bathrooms with double showers, wide outdoor terraces, and cubby kitchens designed by Urban Robot.
Unit owners will be able to rent their condos for a minimum of 30 days. Residents will have access to the Standard’s “Friends with Benefits” program that gives them pricing perks at other Standard properties.
Rosso described five floors and about 35,000 square feet of amenities that will be part of the project, including a large lobby with lounge areas and a cafe, a rooftop restaurant and bar similar to the Lido Bayside Grill at the Miami Beach hotel. Additional amenities include a 60-foot resort-style pool, a sweat room and fitness center, indoor pickleball court, yoga and stretch studios, a karaoke bar, pet spa and more. The indoor pickleball court will be convertible into a party room.
“When I left [Related] I said I want to do some things that are fun,” said Rosso, who was Related’s longtime president of its condo division.
The building will also have about 10,000 square feet of retail space that The Standard will select.
Construction is set to begin next year and is expected to be completed by the middle of 2023. Vadia’s Midtown Opportunities VIIIB LLC owns the property at 3100 Northeast First Avenue, as well as the air rights over the existing adjacent garage. Because the building will attach to the garage, Rosso said the homeowners’ association fees will be lower than other condo buildings in Midtown.
Vadia has been active in Midtown Miami since 2010. Over the last decade, development has ramped up, and few sites remain.
Most of the recently built projects are high-end rental towers that have added thousands of units to Midtown. A Brightline station is planned nearby in the Miami Design District.
“The last pieces of Midtown are being developed,” Rosso said. “And you start seeing everything happening around it.”