Both projects will be reviewed by the Wynwood Design Review Committee on Nov. 18.
As borrowing becomes more affordable, construction costs stabilize, and market liquidity improves, many investors, currently sitting on significant dry powder, are eager to re-enter the market.
Seven supertall towers are currently planned across Miami.
The tower is currently going through Miami-Dade’s review process under the Rapid Transit zoning plan. Approval of developments in the zone may be conditioned on public benefits.
When Dan Kodsi and his former partner acquired the site two years ago, they planned to build a 200-unit apartment building. Now, Royal Palm is moving forward with a roughly 30-story condo tower.
The 60-story tower is currently in review by Miami-Dade County planners.
Terra and Arquitectonica are working on two projects in Overtown and Midtown; Kobi Karp is designing a condo tower downtown.
Clear Residences is planned as a 60-story tower, rising 690 feet above ground.
While the allure of purchasing a branded condominium may be tempting, most buyers are not aware that the brand name pedigree they have purchased into is merely on lease to the association, subject to terms and conditions that often leave purchasers with fewer rights than obligations.
Miami continues to show strong trends regarding flight-to-quality as both new-to-market and existing tenants seek new Class A and Trophy product space with focuses in Brickell, Miami Beach, Coral Gables and Wynwood submarkets. That is according to a recent quarterly report from JLL.
The report notes that Miami’s development pipeline remains robust–with some proposed projects stretching out to 2028–offering room for continued growth over the next five years. Many new plans and renderings are concentrated in Brickell and Wynwood, Miami’s most sought-after submarkets, the report says.
According to the report, this quarter, Miami recorded approximately 700,000 square feet of leasing activity, down -30.8% from 12 months prior.
“Though activity slowed relative to last year, this quarterly volume is only slightly less than pre-pandemic averages, signaling a return to normal, rather than a drop in demand,” the report says.
Overall, net absorption was positive this quarter, posting just shy of 60,000 square feet. Miami Beach, Wynwood and Aventura accounted for the bulk of positive absorption.
Unlike other Florida markets, office development remains robust in Miami, the report explains with nearly 220,000 square feet of new space delivered across two buildings – Eighteen Sunset (81% occupied), and 601 Miami in downtown, which remains vacant and available to lease. An additional 2 million square feet remains under construction, with 75% of new product located in Brickell and Wynwood. Miami Beach also remains an area of interest, the report notes, with three projects totaling over 288,000 square feet under development.
Source: GlobeSt.