Miami Beach is often coined the sixth borough due to its striking similarities in culture to New York City and high volume of native New York inhabitants. The fast rising and competitive real estate development market is becoming another commonality between the two cities.
Occupying a highly desirable 7.1 square miles, much like Manhattan, Miami Beach has limited space for expansion, driving sale prices up. Developers world-wide continue to focus on luxury opportunities that the high-end neighborhoods of Miami Beach offers. Oceanfront property in particular is extremely competitive, due to limited available inventory.
New York developer Richard Lefrak recently invested over $100 million into the 1 Hotel and Homes, previously the Gansevoort Hotel. The project, 18 stories and to be comprised of 417 hotel rooms and 163 residential units, boasts 4 pools throughout the property including one rooftop pool with panoramic ocean views.
With prices starting at just over $7 million, South of Fifth development GLASS 120 Ocean is currently underway. Developed by Miami based Terra Group and John Moriarty & Associates, the oceanfront high-rise will feature floor to ceiling windows, and “estate manager” to meet residents’ needs, housekeeping, valet and maid services. GLASS 120 Ocean will also feature a rooftop infinity pool, state of the art gym, and 360 degree views from the condominium’s 10 units.
At the Mayor’s Blue Ribbon Panel, real estate developer Andrew Resnick is proposing to build a large tower on Washington Avenue between Sixth and Seventh streets, comprised of 171 hotel rooms, 70 residential units, and 40,000 SqFt of commercial office space.
Due to the limited market, Miami Beach is consistently achieving its highest sale prices in history. The Faena House penthouse recently sold for $60 million, more than doubling the previous record of $27 million at the Continuum in South Beach. At $4,794 per SqFt, the Faena House, designed by Pritzker Architecture Prize-willing firm Foster & Partners, offers an in-house spa and fitness center, concierge services, a private club and 24 hour doorman.
Miami Beach has undergone a remarkable transformation since the 1970’s. It’s ongoing recognition as a cultural epicenter on the global stage, coupled with its pristine beaches and 5 star restaurants and shopping, continues to attract the ultra-rich from around world, making the future of Miami Beach’s new construction landscape both unpredictable and riveting.