Developers at the waterfront St. Regis Residences Miami are scaling back plans and increasing condo prices. real I learned.
Instead of two 46-story towers, Related groups When Integra Investments Build a single 46-story tower.and instead about 330, two Miami-based developers are planning about 150 condominiums on the 1809 Brickell Avenue site, said John Paul Perez, president of the affiliated group. Perez said Relate and One Sotheby’s International Realty began notifying buyers with reservations for units on Monday.
The change, he said, was spurred in part by buyers who were looking for a smaller building with larger units.The project is over 50 percent booked. According to Perez, the price of unsold units will increase by about 10% to 15%.
rising construction costs It wasn’t a deciding factor, he said.
As per previous plans, condo pricing started at $2.8 million for units ranging in size from 1,300 square feet to 7,000 square feet. Relations and Integra will honor the price per leg for buyers who book at the East Tower. Perez said buyers of the 183-unit West Tower that were demolished will be given the option to purchase larger units at a higher price.
The condo project is now expected to sell for more than $1 billion, up from an estimated $2 billion sale announced last December when the St. Regis was unveiled as two towers. The project “boasts the highest price ever achieved in Brickell,” at over $2,000 per square foot, Perez added.
Robert AM Stern Architects will design the tower and Rockwell Group will design the interior. St. Regis Residences will continue to feature the same amount of amenities over 60,000 square feet, including St. Regis tea rooms, wellness center, marina, sky lounge, cabanas, pickleball and pool deck with tennis courts. increase. Perez said the architect will likely rotate the building so that more units have water views, allowing the developer to add units to his townhome.
Perez said canceling plans for the West Tower, which was to have smaller, cheaper units, makes it a more “exclusive” project that “creates added value” for buyers. It was a difficult decision when removing the
The developer will also do away with underground parking, reducing construction costs and timelines, and instead having all garage parking.
Daniel de la Vega, president of One Sotheby’s, said in a statement that Perez and his team “are not afraid to make the difficult choices necessary to maximize the project’s potential.” .
The sales center is expected to be completed by the end of the year, allowing developers to convert reservations to contracts by March. Construction could start by the end of 2023.
Miami-based Integra has owned more than three acres since 2014, home to the former Stanley Axelrod Towers. The company paid his $14 million for his 17-story building, which was built in 1966 and is slated for demolition.
The change in plans marks a move to high-end projects with fewer units so developers can sell more expensive condos.
Projects that fit the bill include: Aman Residences With a facility under construction in Miami Beach and partners in BH Group and Teddy Sagi, Related is planning a condominium development on Fisher Island. Perez said he met with about 20 potential customers. Fisher Island Development, is in the pre-sales friends and family stage. Prices are expected to average $30 million per unit, with penthouses going even higher.
A St. Regis brand is also planned Sunny Isles BeachFortune International Group and Chateau Group are the developers of the project.