Flow, the apartment startup founded by Adam Neumann, is adding condominium ownership to its offerings in South Florida.
Neumann is launching sales at Flow House, a 466-unit project in Downtown Miami. The residences at the 40-story development within Miami Worldcenter are expected to be delivered next year.
The option for ownership under the Flow umbrella comes after the venture initially planned a second tower of rentals, which will now open as condos. The firm’s properties include the 444-unit Caoba rental tower, which CIM Group and Falcone Group completed in 2019; as well as the second phase of Caoba that is under construction.
“We learned while building Flow over the last two years that the exact same needs faced by renters are also faced by owners in terms of lack of community and lack of connectivity,” Neumann said.
Flow is teaming with OneWorld Properties to market the condos. Studio apartments start at $450,000, while one-bedroom units will begin at $600,000. All units are equipped with floor-to-ceiling windows and in-unit washer and dryers. Some units will also have private balconies.
Located at 697 North Miami Avenue, the property’s amenities include coworking spaces a pool and poolside restaurant, fitness center, yoga studio, spa and dog run.
Flow launched in Aug. 2022 with backing by venture capital firm Andreessen Horowitz and an expressed mission of emphasizing community among apartment dwellers. The startup is in two U.S. cities, including Miami and Fort Lauderdale, has 4,000 condo and apartment units in the pipeline and ownership stakes in six buildings.
Flow’s plans at Miami Worldcenter also call for 28,000 square feet of retail along the promenade, which includes about 9,000 square feet that was already completed as of this spring.
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Flow recently partnered with local investors to develop three residential properties in Saudi Arabia’s capital city, Riyadh. The trio of buildings, which will be owned and managed by Flow, will deliver 920 units to the Middle East nation.
Neumann will be speaking at TRD’s South Florida Real Estate Forum on Nov. 6.
Katherine Kallergis contributed reporting.