The blue-collar aesthetics of North Miami Beach, including the mid-rise apartments and traditional shopping centers found down Biscayne Boulevard is about to see a significant facelift. More and more luxury condo developers are scooping up the vast areas of land that are available in this area to develop new, luxurious high-rise buildings, as well as mixed-use projects. This is all in hopes that this development will lure in new buyers who are searching for great deals near Sunny Isles Beach and Aventura.
Projects “In the Works”
Currently, there are about 8,000 new rental units and condos being planned and presold on a stretch of Biscayne Boulevard that lies between the Northeast portion of 151st Street and Northeast 176th Street.
Thanks to lower land prices, developers are coming to this intercostal area, which is allowing them to build units that are more reasonably priced, but also close to the water. Another appealing factor is that they will soon be serviced by the Tri-Rail commuter train, which will be making passenger stops at 163rd street as soon as 2018.
Appealing Real Estate in Miami
A number of developers are also receiving encouragement to build along the intercostal area of North Miami Beach, which recently passed all new zoning regulations last March, which allow for higher density projects for the Biscayne Boulevard area. Please CLICK HERE to see Miami commercial real estate opportunities.
In the past few years, developers have begun to actually build, or announce their intentions to build, new condo towers, as well as mixed-use projects. Last February, the Plaza Group completed the first of the two buildings that are making up the Marina Palms project. Each of the towers is 25 floors and together offer 468 units. Other features are a yacht club and marina that provide 112 boat slips. Currently, about 80 percent of all the units in the south tower are sold, and closings have started for the recently completed north tower.
Additional Developments Coming Soon
Another new development occurred in August, with Key International and 13th Floor Investments closes on a deal worth $30.5 billion to purchase land along the Biscayne Boulevard corridor. This purchase will be the home of a twin-tower condo, named The Harbour. The 32 story buildings will include 425 total units and about 70 percent of them have been sold currently. These range in size from 2,442 down to 1,032 square feet and can be purchased for between half a million and $1.2 million.
Real estate in this region is continuing to sell and be developed, which is helping to attract a higher-end buyer to the area, who may be trying to escape the higher prices found in nearby Miami Beach. There are several condo projects in the works and quite a bit of the land along Biscayne Boulevard is spoken for and being developed in the near future. There is no question these luxe and posh condos and apartments are going to attract a higher caliber of buyer, allowing developers to flex their creative muscles while creating upscale units for those who appreciate the finer things.