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  #161  
Old Posted Jul 15, 2006, 3:12 AM
dave8721 dave8721 is offline
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Quote:
Originally Posted by kardon
All those photos of Miami look great, but their market doesn't look good.

From the Miami Herald:

The area most in danger of falling prices: condos, which now make up more than half of housing sales in South Florida.

Experts predict condo prices will slow, flatten or even fall this year, especially at the high end, because the boom churned out too many units too fast.

There are, for instance, 15,080 units under construction in the city of Miami alone, compared with 11,241 built in the entire past 10 years. And that doesn't even count the more than 28,000 units approved to go up in Miami.

Condo fever already has cooled from the time when buyers camped out all night at sales centers. In 2004, it took developer Jorge Perez of the Related Group of Florida about a week to sell out The Plaza, a 1,000-unit Brickell Avenue project.

Perez's more recent project, the 1,750-unit ICON Brickell, just a few blocks away, went on the market in April. But after more than eight months, it's still not sold out.

To summarize the market, developer Henry Harper scooped up the milky froth on his cappuccino at a Miami restaurant with his spoon. ''This is now gone,'' he said.

While rising construction costs may buffer the market by choking off proposed projects, some market watchers say so many buyers are speculators that prices will drop.

''There is severe overbuilding of condos,'' economist Hank Fishkind said in January at an Urban Land Institute conference in Hollywood. He gloomily predicted, ``People will get hurt, banks will go bankrupt.''

Deerfield Beach investor Jack McCabe is betting on it. He has started several so-called vulture funds to swoop in on distressed properties at bargain prices after a market fall. He says he has more than $10 million in pledges already.

''I think it will happen in 2006,'' he said. ``The writing is on the wall.''


DO YOU AGREE OR DISAGREE?
why do you keep posting that same article (from over a year ago no less) in every Miami thread there is?
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  #162  
Old Posted Jul 15, 2006, 1:24 PM
kardon kardon is offline
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Quote:
Originally Posted by dave8721
why do you keep posting that same article (from over a year ago no less) in every Miami thread there is?
I posted it for the same reason you look at every Miami Thread. DUH. There's a lot more activity in this one, and I want to know. Im looking to purchase..and I wanna get more opinions than the 2 i got in the other thread. I didnt know it was a year old. Does that answer your question? And from speaking with others, Miami announce a lot...but investors have bought a lot of properties..and not actually buyers. That scares me.
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  #163  
Old Posted Jul 15, 2006, 1:59 PM
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kardon well then wait if you want to buy....prices will eventually stabilize but it all depends where you want to buy.
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  #164  
Old Posted Jul 16, 2006, 10:29 AM
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buy a good apartment in a good building built by a good developer in a good part of town and you can't go wrong.
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  #165  
Old Posted Jul 18, 2006, 4:49 PM
NewAtlantisMiami NewAtlantisMiami is offline
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I believe that regardless of what the market is doing, Miami has established itself as the new up-and-coming American city. As the market waxes and wanes, I believe that overall interest will remain in the area for some time, and I think this is what developers with projects entering the market as it starts to stabilize are banking on.
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  #166  
Old Posted Jul 20, 2006, 2:41 AM
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Gift renames Miami Performing Arts Center
South Florida Business Journal - 11:36 AM EDT Wednesday
The Miami Performing Arts Center Foundation has said $30 million in gifts from Carnival Corp. and PLC and the John S. and James L. Knight Foundation have led it to rename the Miami Performing Arts Center the Carnival Center for the Performing Arts. The Miami-based organizations have been involved with the yet-to-open center since planning began. The late Ted Arison, Carnival's founder and chairman emeritus, made what the center said was a substantial personal financial gift in the early 1990s to help fund development. Also, since 1995, the Knight Foundation has made numerous grants in support of the center's artistic initiatives and its capital campaign. Both the company and the foundation have also provided ongoing support for Carnival Center's resident companies - Concert Association of Florida, Florida Grand Opera, Miami City Ballet, New World Symphony and America's Orchestral Academy. The newest gifts include $20 million from Carnival, the largest gift to the center to date. Concurrently, the center's concert hall, previously known as the Carnival Concert Hall, is renamed the Knight Concert Hall in appreciation of $10 million in grants from Knight Foundation. These two gifts bring the total raised through the center's capital campaign to $80 million. The goal is $85 million. Once the capital campaign for construction is complete, the center said it will continue to raise funds to expand its endowment fund and support programming and operations. Naming rights are still available for the center's studio theater, the stage of the concert hall, dedication of six public art installations, as well as other public and private spaces. The center is slated to open in downtown Miami in October.
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  #167  
Old Posted Jul 21, 2006, 6:15 AM
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Developer plans office building in Biscayne Corridor
South Florida Business Journal - 11:11 AM EDT Thursday

Grouper Financial said it will build a 29-story, Class A office building in Miami's Biscayne corridor, midway between the new performing arts center and the Design District. The Miami-based developer said 2222 Biscayne will be between 22nd Street and 23rd Street. The two-acre, 432,477-square-foot project is to include office and retail condominiums, a health club, restaurants, windows with impact-resistant glass, rooftop terraces, office balconies, executive suites and a parking garage. Grouper said it also plans to maintain space for lease for large tenants. "We are building 2222 Biscayne to meet the growth needs of this emerging neighborhood," said Scott Silver, president of Grouper Financial. "This project will not only provide an alternative to the crowded office environment downtown and on Brickell Avenue, but will also match the striking new residential architecture in the Biscayne Corridor." The building, designed by architect Gail B. Baldwin, is to offer floor plates of more than 25,000 square feet and four parking spaces per 1,000 square feet of leased or purchased office space. Construction is scheduled to begin fall 2007, with delivery of the building in fall 2009. The developer put the starting base rental price at $38 a square foot, with ownership starting at $350 a square foot. The land is part of a four-acre parcel Grouper bought earlier this year for $22.75 million.
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  #168  
Old Posted Jul 25, 2006, 5:34 PM
NewAtlantisMiami NewAtlantisMiami is offline
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Is Mint the one that's just started construction directly on the corner of SW 3rd and S. Miami Avenue next to Wind and is Cima planned for the other side of Wind directly on the Miami River?
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  #169  
Old Posted Jul 25, 2006, 5:46 PM
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A new 32-story tower for Sunny Isles. Here's the "Ocean Beach Resort" which I found on the Kobi Karp webpage.



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  #170  
Old Posted Jul 25, 2006, 5:48 PM
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Also from the same website, here are some new renderings of Tiziano II:



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  #171  
Old Posted Jul 25, 2006, 8:03 PM
NewAtlantisMiami NewAtlantisMiami is offline
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Thanks, Dave! It's amazing how you're able to find stuff and put it on. Steve
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  #172  
Old Posted Jul 26, 2006, 6:56 PM
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Miami commissioners to consider mall next to arts center

By Deserae del Campo
Miami city commissioners are to vote today (7/27) whether to approve a major use special permit for the City Square retail project, a five-story retail structure with 641,000 square feet of space and 4,052 parking spaces.
City Square is planned for 1431-1451 N. Bayshore Drive and 425 NE 13th St., behind the east hall of the newly named Carnival Center for the Performing Arts.
Its location behind the center's concert hall led Miami historian and Miami Planning Advisory Board member Arva Moore Parks to vote against the big-box retail project during a July 5 board meeting.
"The location is inappropriate," Ms. Parks said. "It is also out of context with the neighborhood."
During the advisory board meeting, Ms. Parks said, developers compared the retail center to New York City's Times Square with its illuminating lights. "It is going to be a very distracting building that just won't look good next to the arts center," Ms. Parks said.
Renderings of the retail center show a three-story multi-colored, electronic billboard on the building's outer walls.
The planning advisory board approved the project 7-1.
According to city documents, the retail center would cost about $334 million to build and create 2,400 construction jobs and 1,725 permanent jobs. It would also bring the city $3.1 million in annual tax revenue.
A second resolution is also to go before the City Commission today for a major use special permit to build the companion City Square residential project at 1401 Biscayne Blvd., 360 NE 14th Terrace and 1410-1420 N. Bayshore Drive.
The project includes a 623-foot-tall, 60-story mixed-used building with 942 residential units, 13,566 square feet of retail space and 1,684 parking spaces.
A spokesperson for developer Maefield Development declined to comment on the project. City records list former property owner Knight-Ridder Inc. as requesting the special use permit from the City Commission on behalf of the developer. Knight-Ridder, which had been the publisher of the Miami Herald, sold its assets last month to California-based McClatchy Corp.
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  #173  
Old Posted Jul 27, 2006, 12:46 AM
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NOT IN MIAMI...BUT FT LAUDERDALE

FORT LAUDERDALE -- Some buildings last centuries; the Las Olas Riverfront complex might not last a decade. After months of speculation, Riverfront's proposed replacement has been put on paper and officially submitted to the city for approval.

The small booklet of drawings recently given to City Hall brings to life what previously was relegated to rumor: a gigantic eating-drinking-living destination with 750 condos in three towers rising 34, 39 and 41 stories tall, plus 100,000 square feet of commercial space on the ground floor for stores, restaurant-bars, a small theater and an independent film cinema.

Where the complex fronts the New River, Boca Developers Inc. proposes a dancing fountain. On Brickell Avenue, the street that runs into the complex running north-south, fiber optic lights would project a "virtual river" onto the asphalt, for the illusion of one river running into another.

"Downtown began there. Brickell is where it began. And this is the 21st century center of the emerging Fort Lauderdale," said attorney Don Hall, representing the developers. Hall said Fort Lauderdale has "matured" and the thousands of residents filling up the new condos downtown will want a more sophisticated, urban destination than what's there now.

Approval of the site plan would spell the end to the 8-year-old Las Olas Riverfront, a two-story, $55 million entertainment zone with movie theaters, stores, restaurants and bars that takes up much of the block at Las Olas Boulevard, Andrews Avenue and the New River. The project was built on former public land in deals that cost taxpayers more than $3 million.

Riverfront was never as successful as planned, and former owner Michael Swerdlow sold it a year ago to Boca Developers for $31.9 million, according to county records. He is no longer involved, Hall said.

In recent months, major restaurants there have closed, leaving vacancies, and the remaining small-business owners say they're having tough times making money as Riverfront declines.

Hall said there's more value in its destruction and the building of "New River at Las Olas."

"The fact of the matter is there is no there there," said Hall. "... This is a significant piece of property. It requires significant public amenities and significant buildings."

Vice Mayor Cindi Hutchinson, who represents downtown's business district, said she hasn't seen the plan and can't comment on it, but she isn't opposed to demolition.

"What's there doesn't work. That sums it up. It doesn't work," Hutchinson said.

The project could face a struggle getting approvals.

A lack of parking on the property was always an issue at Riverfront, and the new proposal still relies in part on off-site, nearby parking, though it includes 1,058 spots on New River property.

Another issue: Only 253 residential units can be built there now. The remainder couldn't be built unless city commissioners amend land-use rules to allow more residences to be built downtown. That debate for another 3,000 residences is expected to renew in the fall, as well as possible new affordable housing requirements.

Height could also be an issue. The 39-story tower would rise 426 feet, said attorney Heidi Davis Knapik, also representing Boca Developers.

That rivals the city's tallest building, River House condo, which is 452 feet. Icon, to be built next to the Stranahan House on Las Olas Boulevard, is to be 455 feet.

"How are they going to get a height that big next to a historic district?" asked Mayor Jim Naugle, who has previously said he thought Riverfront could be fixed without demolition.

Directly west of Riverfront, across the FEC railroad tracks, is a historic village, home of the Fort Lauderdale Historical Society. A proposal to tear down Riverfront's movie theaters and build two condos -- one 36 stories, the other 25 -- died last year in the face of opposition.

Hall said the flattening of the real estate market is not a deterrent. "Markets change," said Hall. "No matter what the market is at this moment, Fort Lauderdale is an exciting city where people want to live.

"That isn't going to change."
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  #174  
Old Posted Jul 27, 2006, 2:12 AM
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^ Build it.
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  #175  
Old Posted Jul 27, 2006, 5:18 PM
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EPIC breaks ground

Construction Gets Under Way on 54-Story Project
By Natalie Keith

MIAMI-Locally based developers CMC Group, Lionstone Development and Ponte Gadea Group have begun construction on the Epic Residences & Hotel. The 54-story property is rising at 300 Biscayne Blvd. Way.

The architect on the project is Luis Revuelta, of Revuelta Vega Leon. The project will contain both condominiums and hotel rooms. The hotel will occupy 15 of the floors and contain 400 rooms. It will be managed by San Francisco-based Kimpton Hotels & Restaurants. Project costs were not released but the value of similar projects ranges from $160 to $200 million.

There will also be 340 one-, two- and three-bedroom condominiums ranging in size from 1,040 sf to 7,840 sf. The units are priced from the $500,000s. The project will contain a rooftop upper penthouse with entertainment rooms and a private terrace atop the tower.

Among building amenities are a 12,000-sf spa and fitness center, restaurants and lounges overlooking the Miami River and Biscayne Bay, a private boat dock, business center and two pools. Residents of the condominiums will be able to purchase amenities on an a la carte basis, Veronica Cervera, president of Cervera Real Estate, the project’s exclusive sales agent, tells GlobeSt.com.

“We’re finding that the building is attracting people who want to live in the city and walk to places,” Cervera says. “The performing arts center will be completed by the end of the year and it’s bringing a lot of energy to that area.”

........................................................................................................
isn't this the Dupont site?.....anybody have pics of EPIC?
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  #176  
Old Posted Jul 27, 2006, 5:28 PM
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yes it's the dupont site. Here's a shot of the one under construction. There's two planned, you can see them on the first page.

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  #177  
Old Posted Jul 27, 2006, 5:45 PM
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thanks Brickell I thought it was the old Dupont hotel site...that's a great shot too.
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  #178  
Old Posted Jul 27, 2006, 5:50 PM
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They should rename it Crane River. That whole area is going to be one big construction site over the next few years. I'd hate to have to take anything but the metrorail or metromover over the river. Correct me if Im wrong, but don't the west 2nd ave and miami ave bridges both have expansion plans in the works?
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  #179  
Old Posted Aug 13, 2006, 12:37 AM
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Okay, guys! I did one of my weekend construction site tours. Met3 is still a big cleared lot. Is there any word on when some real construction might begin? Infinity I & II look as though they might be going up at the same time i.e. the Plaza on Brickell I & II, Everglades on the Bay North & South Tower, and Quantum on the Bay North & South Tower, so it could be that they are both under construction. Even though they were marketed as separate projects, they could even end up looking something like Quantum. At least that's what the model in the sales office looks like to me. Now, please, help me make sense out of the River Front site. Wind and Ivy I've seen clearly marked, but what is going up south of Ivy next to the Metrorail on the Miami River? The holes are being drilled for the anchor columns. Is that Mint? Emporis also calls it River Front West, so from its location on the River Front site, it must be. And what else is going up on that site in relation to the Ivy and Wind, north or south of each, either on the river or on SW 3rd Street and S. Miami Avenue? I mean it's a pretty big site since this will be the gated River Front community! I actually got out of my car and walked halfway up the S. Miami Avenue bridge to try to make sense out of it all. From the renderings I've seen of Liz Calderon's Cima, it looks as though it will go up on the Miami River just south of Wind and will be one of the River Front East towers. And will we ever see construction on Onyx2 and Element (formerly Ice2), which is the most not-under-construction under-construction project you'll find anywhere? Premier Towers is another project that's been on the radar for a long time without starting construction! Steve

Last edited by NewAtlantisMiami; Aug 14, 2006 at 5:27 AM.
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  #180  
Old Posted Aug 13, 2006, 4:39 PM
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umiami305's Construction Update
These are a few weeks old nevertheless some updates regarding projects downtown:

Foreground: Wind (153m, 501ft), Ivy (156m, 526ft). Background: Neovertika (112m, 369ft), Latitude (145m, 476ft).



MarinaBlue (187m, 615ft), Ten Museum Park (178m, 585ft).



Met I (134m, 440ft)


Marquis (207m, 679ft)


Plaza on Brickell (two towers, 186m, 610ft)


500 Brickell (two towers, 130m, 426ft)


Brickell on the River II (147m, 482ft)


Everglades on the Bay (164m, 538ft)


Loft II (132m, 433ft) with the Metro mover tracks underneath!


50 Biscayne (169m, 554ft)


Opera Tower (166m, 543 ft)
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