A to-be-built elegant high-rise tower, 501 First Residences will stand tall in the downtown Miami skyline. The tower will consist of 40 stories and 448 fully furnished condo residences.

Of course, it’s not the only tall building in downtown Miami but what makes 501 First Residences unique is that it’s the first condo development in Miami without a hotel component to offer owners the opportunity to rent out their unit as they’d like. Most other condos only allow you to do so with six month or one-year leases.

Beyond its excellent location in an area of accelerating economic growth and high occupancy, 501 First Residences allows short-term, vacation-type rentals, making it ideal for investors. Owners have all of the following options:

• Live in the unit as their primary residence
• No rental restrictions – rent out their unit for days, weeks, months or years
• Find renters via third-party platforms like Airbnb, VRBO, etc.
• Use in-house rental program – receive 60-70% of revenue
• Leaseback to developer – receive 8% (gross) guaranteed revenue for 24 months

501 First Residences will have many upscale services and amenities:

• Elegant porte-cochère with 24/7 valet service upon entry
• Ground-level, multiple restaurants and cafes
• Rooftop 20,000+ sq. ft. of recreation featuring 360-degree views
• 75-foot, resort-style lap pool
• Hot hydrotherapy bath
• North-facing private rooftop movie theater experience
• Grill & chill on the sunrise and sunset decks
• Outdoor game lawn
• Work areas with coworking space, boardrooms, video conference, etc.
• VIP living room with game tables, chef’s kitchen, media room, greenhouse
• World-class fitness center with indoor gym, yoga room, and private training rooms
• Pet Lounge – pet bath station to cater to furry residents

Most of the amenities will be located on the rooftop, offering amazing views of Miami.

Downtown Miami is exciting, and 501 First Residences will have a prime location in the city. 501 First Residences will be just one block to the Port Miami Cruise terminal, a stone’s throw to the FTX Arena (Miami Heat, live concerts, etc.) and a short walk to Miami Worldcenter (shopping, entertainment, conventions, museums, sports venues, etc.)

501 First provides easy access to the Metro mover, which connects directly to Miami International Airport and all the main points of Downtown and Brickell. Other area attractions within a few miles include:

• Bayside Marketplace – restaurants and sh
• Bayfront Park – 32-acre public park
• Adrienne Arsht Center for the Performing Arts
• Brickell City Centre
• Wynwood Walls – street murals by world-class artis
• Marlins Park – home of the Miami Marlins
• Miami Beach and Key Biscayne beaches
• Restaurants, shopping centers, art galleries and museums

Construction on 501 First Residences is expected to begin by the end of 2021 and should be complete about mid-year 2024. The condos include studios, one-bedrooms and two-bedrooms, ranging in size from 401 sq. ft. to 835 sq. ft. Prices range from $310,000 to $750,000.