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Condo Hotel Center: Property
Alert
October 6, 2004
MIDTOWN
MIAMI PHASE II
Four Midtown Pre-Construction Opportunity
 Joel
Greene here from Condo Hotel Center. As you know,
we at Condo Hotel Center specialize in condo hotels,
that is condos with a hotel rental feature. However,
every now and then we see an interesting opportunity
on straight condos that we think has true investment
potential, and we like to pass along that information.
This is one of those opportunities.
If
you've been receiving my Property Alerts for the past
six months, you may remember our mention of the exciting
Midtown Miami project. Midtown Miami is being touted
as the most ambitious condo development in all of
the Southeast, a virtual city-within-a-city. (More
on this in a minute.) And Condo Hotel Center and its
clients have been granted VIP status on all seven
phases of this project. I have just been given the
heads up that the early pre-marketing efforts for
Phase II, which will be called Four Midtown, has begun.
Midtown Miami will consist of 3,000
condominium residences, rental units,
a hotel and street level shops and cafes.
Four
Midtown's Urban Architecture
Four Midtown will be a 33-floor, 380-unit residential
tower. Construction will begin in about three months
and will likely be completed by mid-2007.
Its urban design will be reminiscent
of New York's SoHo district with a twist of luxury.
There will be dozens of uniquely-designed floor plans
with multi-level loft and tower spaces that represent
the best in urban architecture. Hip-looking windows,
kitchens and baths plus the most modern finishes and
fixtures will tie it all together to give each residence
an individual look that is distinct to Midtown Miami.
Four Midtown Condo
Features
Four Midtown condos will include high-end features
such as:
- Private terraces
- 10-foot ceilings
- Floor to ceiling
- Impact-resistant glass windows
- Italian kitchens with stainless
steel appliances
- Custom cabinetry
- Stone countertops
- Pre-wiring for electric, cable
and high-speed Internet
Four Midtown Building
Amenities
Amenities will include:
- Porte cochere
- 24-hour security
- Rooftop pool overlooking Midtown
Boulevard and Biscayne Bay
- A sophisticated fitness center
- Jacuzzi
- Sauna
- Steamroom
- Meditation garden
- High-speed elevators
- Covered parking
- Concierge
- Valet
- Private storage facilities
- Ground-level retail
Midtown Miami-It's
Going to Be Huge!
Here's some background on the project as a whole.
Midtown Miami will be massive! It will encompass 18
city blocks, the largest parcel of undeveloped land
in Miami. It will be a 56-acre city within a city.
It will include an estimated 3,900 residential condo
units, 600,000 sq. ft. of retail space and 100,000
sq. ft. of office space.
Embodying "new urbanism,"
the Midtown Miami development will include shops,
restaurants, residential buildings, a first-class
hotel, town square, boutiques, newsstands, parks and
green spaces.
The new urban utopia, as it's being
called, will feature live/work zoning that allows
you to work on one floor, live on another. It is scheduled
for completion toward the end of 2006.
Daniel Pfeffer, a principal with Midtown
Group says, "By virtue of its size and scope,
our project will be the focal point of the new Biscayne
Corridor. This area will be a place where resident,
locals and tourists will want to be."
An Amazing Location
Midtown Miami will be situated between the Design
District, the Wynwood Arts District and the new Performing
Arts Center anchored by the new Midtown Boulevard-the
main thoroughfare of the development-and East Coast
Avenue.
The development will be located 10
minutes to Downtown Miami, 10 minutes to Miami Beach,
10 minutes to the Port of Miami and the Miami International
Airport, and less than two minutes away from the nearest
exit to I-95. In other words, the location is PRIME
in every sense of the word.
Midtown Miami
Project Overview
In approximately five years when Midtown Miami should
be complete, the actual construction cost for the
entire project is expected to be $641 million. The
total value will be $833 million. This project will
create thousands of new jobs and will generate significant
additional real estate development in the area.
Because of it's massive size, Midtown
Miami will become the focal point of the new Biscayne
Corridor and will give a lift to already rapidly rising
real estate values in the area. As a matter of fact,
this development will be built in what is considered
“one of the hottest zip codes in the U.S.”
In February 2004's Biscayne Boulevard
Times staff reporter Melanie Feliciano said: “Folks
who have put their money into the belief that the
Biscayne Corridor would be a great place to live and
play should pat themselves on the back. A recent review
of raw real estate data by CNN Money has declared
that 33137 and 33138 were in the top eight zip codes
in the United States for gains in real estate appreciation
for the last five years. The report also expects the
double-digit gains to continue for some time to come.”
Prices
Back to Midtown 4, prices for condos have not been
set in stone yet. However, based on the marketing
of Phase I, I expect that one-bedroom condos will
likely be priced between $200,000-$300,000, and two-bedroom
condos will probably fall between $300,000-$500,000.
Floor Plans &
Brochures Available Soon
At this point, they do not have floor plans or brochures.
They will be coming out in November. Units will be
sold on a first come first serve basis. Those of you
who bought in Phase I might remember that there were
over 700 people on a waiting list to get the first
338 units, and many people got shut out.
Here's How to Get
VIP Status
Here is the procedure if you want a condo. First,
register with me now by providing your complete name,
address and phone number. This will enable me to get
your name on the "VIP list." Once prices
have been determined and floor plans and brochures
are available, the developer will be talking to all
VIP buyers and securing units in the order that they
were registered.
Registering quickly could be the difference
between your getting the opportunity to purchase one
of the highly desirable, east facing, direct waterfront
units or looking at the interior courtyard facing
west.
The Procedure for Buying a
Unit
Next step, when floor plans are available, you will
review the selection of available condos and reserve
a specific unit with the view and size that you want.
Finally, they will have a one-day
sales event tentatively planned for January 2005,
at which time you'll sign the contract and put up
a 10% deposit check. A second 10% deposit will be
due at a later date, but exactly when has not yet
been established.
By the time they have this one-day
event, they fully expect every single unit to be sold.
And just like with Phase I, there will not likely
be any leftover units offered to the general public.
I had people pleading for units in Phase I after the
sales event, but they were in such high demand, there
was nothing I could do to help them.
So there you have it, an opportunity
to get a premium unit in Phase II, Four Midtown, at
the exciting Midtown Miami development. Once again,
if you want it, please call or e-email me so I can
get you on the VIP list and you'll soon have an opportunity
to review the available selection of condos.
Feel Free to Tell
a Friend
As always, thank you for taking the time to read news
from Condo Hotel Center. I'll be back next week featuring
a condo hotel property.
If you enjoy reading my Property Alerts,
please feel free to share them with a friend. They
can sign up to receive our Alerts on our website,
www.CondoHotelCenter.com.
We are always trying to grow our "community"
of Condo Hotel Property Alert readers. If you'd like
to unsubscribe, just drop me a quick e-mail and write
unsubscribe in the subject line, and I'll take care
of it for you.
Have a great day!
Joel
Greene, Broker-Associate
Condo Hotel Center
A division of Sheldon Greene & Assoc., Inc.
13499 Biscayne Blvd. Ste. 210
N. Miami, FL 33181
PH: 305-944-3090
FX: 305-948-0460
Info@CondoHotelCenter.com
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