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Two Towers Proposed For Greater Downtown Miami

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Developers of two major projects submitted proposals to a city of Miami board, including plans for a hotel in the Arts & Entertainment District and for a mixed-use tower in downtown Miami.

Rendering of the Sterling and the hotel at 511 Northeast 15th Street (Credit: Shulman + Associates, Behar Font & Partners)

Behar Font & Partners submitted plans for the Sterling, a proposed 73-story tower at 555 North Miami Avenue called the Sterling. Property records show Dania Beach-based Miami 6th Street LLC, an affiliate of the Turkish Okan Group, owns the 36,000-square-foot development site.

Plans call for 362 residential units, a 300-unit key hotel, 55,400 square feet of office space, and retail space.

The Istanbul developer paid $18.1 million for the parking lot near the historic Central Baptist Church in March. At the time, a broker involved in the sale said the site was zoned for a 1,000-foot building with as much as 1.3 million square feet of space for retail stores, offices, hotel rooms and condos.

One Miami Biscayne Bay and Arts District Hotel, a company controlled by Vinay Rama, submitted plans for 42-story, 270-key hotel on the corner lot at 511 Northeast 15th Street in Miami’s A&E District.

Rama heads Miami-based Mandala Holdings, a hospitality investment platform. His firm paid $8 million for the development site north of downtown Miami. The plans, designed by Shulman + Associates, include meeting space, a lobby with retail space, office space for the hotel management, a pool deck and fitness center. The proposal also calls the project Marriott Miami.

Both developments will go before the Miami Urban Development Review Board.

 

Source: The Real Deal

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Nine Thousand Residential Units Planned For Doral

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With all the condo development going on east of I-95 in Miami-Dade County, what is happening in Doral?

Doral, a city of 50,200 residents, which was incorporated in 2003, is one of the strongest economic engines — and base for employers — in Miami-Dade County. This suburban city, located on reclaimed swampland located west of Miami International Airport, is known internationally for being home to numerous multinational operations, federal offices, a major golf tournament and most recently, the Miss Universe pageant.

Doral also has a reputation for offering reasonably priced housing options in Miami-Dade, aimed at primary users who are looking to live in a suburban setting near their jobs, in hopes of avoiding the area’s heavy traffic congestion.

In response to the projected demand for nearby housing, more than 9,000 new residential units — with 3,000 units currently under construction — have already been approved for this suburb, according to the city of Doral’s website. Currently, nearly 250 condo units are on the resale market in Doral at an average asking price of $214 per square foot as of Thursday, according to the Southeast Florida MLXchange.

In 2014, buyers purchased more than 320 condos at an average transaction price of $171 per square foot. A year earlier in 2013, buyers acquired more than 400 condos at an average asking price of $153 per square foot, according to the data.

Based on the 2014 sales pace of about 27 condo resales monthly, Doral currently has about 9.3 months of supply available for purchase. A balanced market is thought to have about six months of supply. More months of supply indicates a buyer’s market, and less months suggests a seller’s market.

The Doral market has an additional 191 townhouses available for purchase, at an average asking price of about $207 per square foot. Buyers purchased more than 235 townhouses, at an average price of $175 per square foot in 2014, compared to 285 townhouses at an average price of $161 per square foot in 2013. Currently, Doral has about 9.6 months of supply of townhouses available for purchase, based on the 2014 resale activity.

On the rental front, nearly 290 properties are currently available for lease at a median asking price of $1.43 per square foot monthly. Tenants leased more than 1,820 properties, at a median price of $1.36 per square foot monthly in 2014, compared to less than 1,500 properties at a median price of $1.32 per square foot in 2013. Doral currently has about 1.9 months of rental properties available for lease based on the 2014 leasing activity.

The unanswered question going forward is whether Doral has enough primary users to fill up all of the existing and new residential units that are currently available and planned for this suburban economic powerhouse.

 

Source: The Real Deal

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