Bldg Ventures is planning to develop Atelier Residences Miami, a short-term rental-friendly condo project near Miami’s The Roads neighborhood.
Prices for units in the planned 10-story, 148-unit building at 1265 Coral Way will range from $400,000 to $2 million, according to a press release. Bldg, led by CEO René Bello, anticipates a total sellout of $80 million, a spokesperson confirmed. Powered by DMT and agents Andrea Cuevas, Monica Veiga, Angela Foyo, and Moshe Kamahaji are leading sales and marketing for the project.
Units will range from studios to three-bedrooms, with 360 square feet to 1,500 square feet. Amenities in the building will include a pool, fitness center, spa facilities, and Caya, a wellness-focused private club with IV, hormone balancing and massage services, the release shows.
Gensler, an architecture firm based in San Francisco, is designing the project, and Miami-based Pfeifer Haus is handling interiors, the release shows. Groundbreaking is slated for next year, and construction is expected to be completed in 2027.
An architect by training, Bello launched Bldg in 2020.
The 0.8-acre development site is owned by Italian-Venezuelan investor and developer Carlos Alaimo, records show. Alaimo’s firm, Delia Hospitality, bought the site for $4.5 million in 2015, according to property records. A dispute over the site erupted into litigation between Alaimo and his son Vincenzo Alaimo, the South Florida Business Journal. Vincenzo Alaimo’s attempted foreclosure on the site was dismissed in 2022, according to court records.
Atelier Residences will be short-term rental-friendly, an option popular among investors. More than half of South Florida’s condo development pipeline is approved for short-term rentals, according to an analysis by The Real Deal. Developers say demand for short-term rental units has exploded among foreign investors.
Developer Ricardo Dunin and his Peruvian partner, Juan Carlos Tassara, have two short-term rental condo projects planned for Miami’s Brickell neighborhood: the 12-story, 172-unit Domus Brickell Park and the 35-story, 579-unit Domus Brickell Center. Fortune International Group is also planning a 76-story, roughly 540-unit Casa Tua-branded short-term rental tower, also in Brickell.