Bath Club Offers Plenty for Residents to Love

By Sunny Isles Real Estate Expert on August 19th, 2016

Bath Club Miami Beach

While there are many new buildings cropping up in Miami Beach all the time, it is important that you do not overlook one of the older and most popular buildings in the area. The Bath Club – (view website here) has been in the area since the 1920s, but don’t let that fool you. It has undergone a massive renovation that helps to make it a true contender when it comes to luxury living in the Miami Beach area. The Bath Club has true luxury, and it is an exclusive property that has a wealth of amenities and benefits for the residents. Let’s look at some of the features that help to make this such a great place to live.

The Features of the Bath Club

One of the best features is the semi-private beach. The residents and the guests are able to spend as much time out on the sand as they would like. Since the weather is great most of the time, this might be just what you plan to do with your time once you make the Bath Club your home.

The property also offers formal ballrooms, as well as a billiards room and a game room. You can cool off in the swimming pool, which features lap lanes as well as cabanas. If you would like to stay in great shape, or get into shape, you can take advantage of the health spa and the personal trainers, as well as the two clay tennis courts. The outdoor hot tub is a nice place to relax with someone special.

The building also offers a valet and a full service concierge. Security is on the grounds around the clock, and there is a business center you can use as well. The residents have a private lobby, and they can make use of the maid service on request. In addition, the building has a gourmet market as well as a newsstand.

What Do the Residences Offer?

While the building certainly has a substantial amount of amenities to enjoy, you are probably curious about the residences as well. They have quite a bit to enjoy too. The units have natural wood and stone to convey an earthy feel. They also have great views of the bay and the ocean, as well as hurricane impact resistant glass. The have Miele appliances, built in refrigerators and freezers, European cabinetry, and Italian marble floors. The villas that are available have four stories and private elevators, as well as direct access to the beach.

A Great Location

If the amenities of the building and the residences aren’t enough, you can also enjoy the fantastic location. When you live at the Bath Club, you are only going to be a short distance from everything that you want to do in the area. You can head into downtown Miami for work, shopping, dining, and entertainment. Fort Lauderdale is only a short distance away as well.
As you can see, the Bath Club has quite a bit to offer. Even though it’s not one of the brand new buildings, it is certainly worth considering.

What Did the Miami Real Estate Survey Show?

By Sunny Isles Real Estate Expert on August 5th, 2016

Miami Beach real estate

Bendixen & Amandi International along with the Miami Herald conducted a survey of 100 real estate professionals in the Miami area to learned quite a bit about the real estate market in Miami-Dade and the outlook the professionals have for the city. The results are quite telling, and they are quite promising. Let’s take a quick look at some of the most important information gleaned from the survey.

What Miami Neighborhood Is the Hottest?

This was naturally one of the most important questions for many who looked at the results of the survey, and the answer wasn’t really much of a surprise. Far and away, Miami Beach was the hottest area of the city, and also the most overvalued. Consider the sheer number of different neighborhoods in the Miami Beach area. There are islands, single family homes and estates, brand new and preconstruction towers – (View list of pre-construction properties in Miami), and older remodeled towers. All of these areas in Miami Beach are popular and the homes in those locations tend to sell out quickly.

They agree that those who are retiring, as well as the empty nest couples, might want to move to Miami Beach. This is especially true if you are looking for a condominium.

Little Havana Could Surprise You

Another one of the things learned from the survey is the fact that Little Havana is undervalued. However, this could change soon. The community is close to the hottest urban areas, as well as public transportation and plenty of things to do for residents. Many of the real estate professionals feel it is ripe for gentrification, and it could be where developments and real estate pros start to push next.

More Lessons Learned from the Survey

In addition, the survey has helped to shine a light on some other important facts about the area’s real estate market. For starters, the inventory is higher than it has been, and many of the real estate pros consider the current market to have a “high inventory”. What does this mean? It means that right now is actually a good time to buy, but it is not a great time to sell.

Even though the inventory is high, the majority of the available properties are higher than the $200,000 range. They feel that it would be nice if there were some more homes that were in this range and lower, as it means more people could buy. Right now, the trend is toward renting rather than buying for many who simply don’t have the budget.

Coral Gables is doing quite well, which is to be expected for one of the top communities in Miami Beach. Those who are looking for single-family homes in the Miami Beach area will certainly want to check out what Coral Gables has to offer.

These are some of the most important pieces of information from the report. It’s an interesting survey that can help not only real estate agents who are working in the area, but those who want to buy as well.

What Does $35 Million Get You in Sunny Isles Beach?

By Sunny Isles Real Estate Expert on July 22nd, 2016

Regalia Penthouse For Sale

Sunny Isles Beach in Miami is one of the most beautiful and exclusive places to live in the country. A big part of that is due to the stunning condominium complexes in the area, which never fail to impress. One of the new condos recently unveiled is at the luxury oceanfront complex called Regalia – click this link to view the site – www.sunnyislesmiamirealestate.com/Sunny-Isles-Beach/Regalia/. One of the condo-penthouses in Regalia is up for sale for a record price of $35 million. Even though many of the homes in the Sunny Isles region are opulent and expensive, this one outdoes the others. Many of you are probably wondering just what that amount of money will get you. It gets you plenty, as you will see.

What Does the Home Offer?

This Regalia penthouse, called the Beach House, has 17,015 square feet of space, and it should be finished by the summer. It takes up the third and the fourth floors of the Regalia, which is a beautiful and impressive building in its own right.

It features six bedrooms, including two master bedrooms. Those who make the Beach House their home will also have six full baths and two half baths, as well as a pool bath. The ceiling in the great room is double-height to make the space even more impressive. The great room also has a floating cantilevered staircase that leads to the wraparound terrace, as well as the art gallery mezzanine.

On the third floor, there is a 360-degree balcony. The fourth floor also has a balcony, but doesn’t go quite all the way around – only 270 degrees. Both of the balconies have some gorgeous views though. It is possible to see the Atlantic Ocean, Miami Beach, and more. The Beach House has glass paneled pools on the balconies, as well as a fire pit, outdoor kitchen, and other amenities that will make entertaining easy.

Regalia Sunny Isles Penthouse

While the exterior of the home is stunning, the interior offers quite a bit to love as well. The game lounge measures 2,000 square feet and features a theater, a billiards table, an 85-inch surround sound television, and more. the home has a 600-bottle wine cellar, a champagne bar, a full spa and Jacuzzi, designer lighting, and smart controls for the shades. The owner can use these controls to change the music, temperature, television, and more.

The Beach House has quartz countertops, limestone floors, bronze cabinet bars, and so much more. This is truly a luxurious house. Even though it has a $35 million price tag, the features and amenities in the home and the building are all worth the price.

Other Expensive and Luxurious Condos in the Area

While Regalia’s Beach House is certainly one of the most impressive condos in the area, there are a number of other high-priced properties in Miami as well. Some of the most well-known include the $55 million Penthouse at Faena House, which offers 12,516 square feet, eight bedrooms and nine bathrooms. It also has a rooftop pool that’s 70’ long. For $53 million, you could choose the penthouse at SoFi Tower. It is 6,307 square feet, and offers four bedrooms, five bathrooms, and two half baths.

As you can see, there is no shortage of luxury in Miami. It’s a wonderful place to call home, especially when you start looking at all of the high-end condos.

Panama Papers Show Secret Money Tied to Luxury Miami Real Estate

By Sunny Isles Real Estate Expert on June 23rd, 2016

Miami real estate

As you’re probably aware by now, at the beginning of April, the International Consortium of Investigative Journalists dropped a bombshell when they published leaked documents that have since become known as the Panama Papers. In total, there are some 11 million documents which allegedly make clear that worldwide corruption is happening thanks to a clandestine financial network that ensures large sums of money never get taxed.

Ties to Miami Real Estate

If some of the information is accurate, the network has fingerprints all over Miami. For years, it’s been well known that the luxury real estate market here is eyed by buyers all over the world, many of whom make purchases anonymously. This was seen as one of the driving forces behind the Miami luxury condo boom – click here to see the website.

Now, though, a much different picture is being brought to light—one that depicts these beautiful homes as simply hiding places for billions of dollars.

Shell Companies and Condos

The way it would allegedly work is that the law firm of Mossack Fonseca would set up foreign shell companies for the wealthy members of this network. This is the firm that the leak originated from and, as they’re based in Panama, that’s how the name started.

A client of Mossack Fonseca’s could then put money into one of these shell companies and that organization would then purchase a luxury unit somewhere in Miami—we’re definitely not lacking for options, after all.

This sort of transaction would effectively hide the money from governments looking to levy taxes on people like Paulo Octávio Alves Pereira, just one man who was allegedly a part of this scheme.

Paulo Octávio Alves Pereira

In Brazil, Paulo Octávio Alves Pereira is known as a politician who is under indictment on charges of corruption. However, prior to his political life, he made his fortune by developing shopping centers throughout his home country.

When his old boss had to step down as governor of Brasilia after being arrested for bribery, Paulo Octávio Alves Pereira stepped in. However, he was quickly slapped with the same charges.

At some point, Pereira took an interest in Miami real estate, though. He purchased a beautiful unit at the luxurious St. Regis Bal Harbour, where 24-hour room service is just one of many amenities available to residents.

However, this would make him just one of 19 foreign nationals named in the report who reportedly bought properties in Miami-Dade County. He also makes a much more exclusive list as being one of the eight who has been linked to some type of crime back in their home countries.

The U.S. Treasury Department’s Own Investigation

Keep in mind that the U.S. Treasury Department had launched its own investigation just a couple months ago into these shadowy dealings. They specifically took aim at the shell companies that were scooping up real estate for anonymous buyers and paying in cash.

Considering foreign nationals spent $6.1 billion in South Florida homes last year, the department certainly has its work cut out for them, though the Panama Papers definitely help.

Super Rich? Miami Is the 12th Top City for You

By Sunny Isles Real Estate Expert on May 31st, 2016

1000 Museum Miami Zaha Hadid

For those of us who live in or around Miami, it comes as no surprise that there is a lot of money here. Sure, there’s been a bit of a slowdown recently to our famous condo market, but that hasn’t done much to stop the ultra-wealthy from making Miami their home (or at least one of them). According to Knight Frank, though, our beautiful city is actually the 12th best place for the super rich to live.

Dropping Out of the Top 10

Knight Frank made these comments to the Real Deal last month. Although it’s definitely good news—wealthy people bring lots of money—there’s a bit of bad mixed in with it too.

As it turns out, Miami was actually ranked number six last year. This year, we fell out of the top 10 by a fair amount. Still, it’s not like we’re not in good company. Tokyo is right ahead of us. Furthermore, 12th place makes us second place for cities in the United States. New York City took the cake there.

Still, are you curious what caused us to slip?

A Dent in Foreign Currencies

Unfortunately, it’s mostly out of our control. Frank claims that weakening Latin American currencies are actually to blame.

On top of that, it doesn’t help that the U.S. dollar has been getting stronger. While it’s definitely good for the economy as a whole, a lot of foreign currencies simply don’t have the buying power they once did, meaning investors from other countries will look for other opportunities.

Frank even said that he regarded this drop in the rankings as nothing more than a “blip.”

For his part, he recommended keeping an eye on Coconut Grove and Miami Beach as the top neighborhoods in Miami for future investment opportunities.

The Top 10

As we mentioned above, we lost to Tokyo, which came in at number 11. The rest of the top 10 looks like this:

1. London
2. New York City
3. Singapore
4. Hong Kong
5. Dubai
6. Shanghai
7. Paris
8. Sydney
9. Beijing
10. Geneva

Making the List in 2017

Hopefully, Frank is right and Miami bounces back next year. Again, wealthy people represent money and opportunity for the rest of us.

That being said, there’s some reason to remain cautious with your optimism. The Financial Crimes Enforcement Network began requiring that title insurance companies essentially verify the identity of anyone who wishes to purchase property in Miami.

Why is this a big deal? Well, there are suspicions that much of the money that helped the condo market explode in the last few years is coming from foreign shell companies that operate as illegal tax havens.

While it’s good to ensure these investors aren’t breaking the law, cutting them off could hurt Miami’s economy.

At the end of the day, Miami is still an amazing place to live and people are going to continue trying to find a home in Miami to enjoy this incredible city. Still, here’s hoping our economy picks up again and we start making some progress on that list for next year.

Bay Harbor Islands Going Under Massive Redevelopment

By Sunny Isles Real Estate Expert on May 24th, 2016

Miami real estate for sale

Bay Harbor Islands – (view website) sits between North Miami to the west and Bal Harbor and Surfside to the east and was once the best place you could visit to see mid-century Miami Modern style architecture—often called MiMo—in the entire country. Recently, though, it’s become clear change is coming.

Some of Miami’s Best Architects

In many ways, Bay Harbor Islands can be seen as a gallery for many of Miami’s best architects. Head to Bay Harbor’s East Island and you’ll find a number of low-slung apartments and condos that were designed by legends like:

• Henry Hohauser
• Morris Lapidus
• Charles McKirahan

They took the art deco style that was so widespread in Miami during the 1930s and pulled it into the MiMo designs that cropped up during the middle of the 20th century.

The famous Bay Harbor Continental, a co-op building in a curvy wedge shape that is anchored by a cylindrical outdoor staircase, was created by McKirahan in 1948. It also features multi-colored glass that dots certain portions of the exterior.

McKirahan is also to thank for the Bay Harbor Club, the two-story V-shaped building located right on the water with great beanpole columns going from the ground all the way to the ceiling. Fans of the TV series Dexter would most likely recognize it as the main character’s home.

Times Are Changing

Although much of this history is worth maintaining, there’s a reason the National Trust for Historic Preservation named East Island to their annual list of their “11 Most Endangered Historic Places” back in 2014.

Many examples of MiMo architecture have already been demolished, though plenty more are awaiting their date with the wrecking ball.

What will this secluded portion of Miami become in its next life?

If current trends are anything to go by, it’s going to transition into boutique living. The area is truly a hidden gem. It offers a great location to anyone who wants to get around the city or hit downtown. Of course, if you want to visit the beach, you’re almost always within walking distance. This means plenty of waterfront views too.

Furthermore, the area benefits from an excellent school district. There are also Bal Harbour Shops nearby to enjoy too.

Its greatest feature, though, may simply be a sense of community. Whereas other areas throughout the city are expansive, Bay Harbor Island’s odd positioning gives it a small town feeling, despite all the big city amenities that are within driving distance.

Although most people who can afford these new developments will definitely have enough money for an automobile, public transportation in Bay Harbor Islands is very accommodating.

There is a free shuttle that runs between 9am and 5pm, Monday through Friday. It makes stops in North Miami, Surfside and other popular locations. There are also public bus routes people can jump on too.

While Bay Harbor Islands definitely had a good run, it’s clear that the time for change has arrived. Hopefully, much of the amazing architecture the area is known for will remain and new examples of Miami’s top talent can find a home as well.

Check out homes for sale in Bay Harbour Islands HERE – www.sunnyislesmiamirealestate.com/Bal-Harbour/Bay-Harbor-Island/ and call our office to set up showing – (305) 336-0457.

Was the WSJ Right in Predicting a Condo Bust in Miami?

By Sunny Isles Real Estate Expert on May 15th, 2016

Miami real estate for sale

Back in March, Anthony M. Graziano, MAI, CRE was interviewed by the Wall Street Journal. As he is the Senior Managing Director of IRR Miami, it shouldn’t come as much of a surprise that the article was about real estate in South Florida. However, what surprised many was the headline that accompanied the actual piece: “Another Condo Bust Looms in Miami.”

Graziano Responds

Well, as it turns out, no one was more surprised by the headline than Mr. Graziano himself. In his own OpEd, Graziano responded, saying he was “shocked” at how “sensationalized” the headline was.

Until the reporter issues a reply, we’ll never know exactly what they were thinking. As Graziano points out in his OpEd, this definitely isn’t the first time there’s been some kind of disconnect between what a source said or meant and what the reporter put into their piece. Still, in this case, it would seem the latter wildly missed the mark.

It’s also worth noting here that reporters don’t always choose their own headlines, so an editor could actually be the one to blame.

So What’s the Truth?

As any realtor in Miami will tell you, the condo market has definitely slowed considerably. In fact, many projects have been shelved and stopped at various points in their development.
That’s hardly the same thing as predicting a bust in the condo market, though. If you look at the past 12 to 18 months of the market here, you’ll definitely see it slowing down, but there aren’t any sudden drops or any signs that one is just about to happen.

Plenty of Good News

Keep in mind, too, that this slowdown may actually be a good example of developers and investors reacting to the market instead of recklessly pressing forward. That’s how an actual bust could happen.

Instead, shelving certain projects may have had the intended effect of correcting the market’s over-enthusiasm for more condos.

Consider, for example, that 85% of condos currently under construction in the Greater Downtown area of Miami are slated to be finished in 2016 and are already sold.

Furthermore, 7,200 units that are under construction will be delivered over the course of the next three years. In 2006, before an actual bust really did occur, that number was 18,500. Click HERE to view Pre-construction condos in Miami

Over 80% of the condo sales that went through over the past three years were purchased entirely with cash. This speaks to the foreign interest that exists in buying condos here. However, this also means that there won’t be any foreclosures resulting in empty condos long after they’ve been taken off the market.

For his part, Graziano doesn’t see a bust waiting on the horizon. He did, however, advise people to exercise caution and carry out due diligence where new deals are concerned. This is good advice to take no matter what the market is doing.

Until more buyers enter the market, you can probably expect the slowdown to continue throughout Miami, but that’s hardly the same thing as ushering in the crash of an entire industry.

Art Dealer Larry Gagosian Buys Faena House Unit for $13M

By Sunny Isles Real Estate Expert on May 5th, 2016

Faena Condos For Sale

If you’re remotely familiar with Miami Beach real estate, Faena House needs no introduction. The luxurious condo complex is one of the nicest in the city. The closest thing you can get to an objective ruling on this happened in September of last year when a penthouse went for $60 million, a new Miami record. While the previous record for a condo in Miami-Dade County was $3,342 per square foot, this transaction beat it handily with $4,794. See all available Faena condos for sale HERE.

Therefore, to learn that art dealer Larry Gagosian recently purchased a condo in the building for $12.995 million is suddenly a lot easier to believe. Still, let’s take a look at the details.

Gagosian

For those who aren’t familiar with the man, Larry Gagosian is an Armenian American art dealer and collector. He owns the Gagosian Gallery art galleries which enjoy an international presence. You can find them here in the U.S., but also in Paris, London, Athens, Rome, Hong Kong and Geneva.

The Unit

Gagosian will be laying his head down in unit PH-C of the 18-story Faena House according to Miami-Dade County records. The unit—one of 42 in the entire building—has four bedrooms and six-and-a-half bathrooms.

It’s 4,730 square feet, so Gagosian dropped roughly $2,747 per square foot. He also got a beautiful terrace to take in the view. That’s another 1,516 square feet.

Other Occupants

The new resident will be in good company. As we mentioned above, the building is notable for having the most expensive unit—per square foot—in the entire county, which is saying a lot.
Ken Griffin, a hedge fund manager and billionaire, is the owner of that unit. Still, with an annual salary that’s believed to be about $1.7 billion, the amount actually wasn’t that much (you can bet he owns other properties too).

In fact, Griffin shocked people a second time when he put the penthouse—and another unit in the building he owned—right back on the market. He paid $60 million for both and then listed them for $73 million.

Other extremely wealthy neighbors Gagosian will be seeing in the lobby include British billionaire, industrialist and philanthropist Alex Blavatnik. Lloyd Blankfein, the Chairman and CEO of Goldman Sachs lives there too.

Craig Effron—another hedge fund manager—is also a resident, as well as Mark Rachesky, Chuck Khubani and Jose Fanjul Jr.

If you’re feeling left out, don’t worry. The developer, Alan Faena, has plans to build three more oceanfront towers packed with luxurious condos just like the ones Larry Gagosian bought. Right now, the address for the initial one is 3315 Collins Avenue if you want to get an idea about what $13 million can purchase.

Whether or not Gagosian actually stays in Faena House or if he’s simply another investor will take some time to find out. However, if Griffin’s confidence is anything to go by, the luxurious tower may represent a real money-making opportunity. Worst case scenario, you have a beautiful home in one of the most sought-after buildings in one of the most sought-after markets in the entire world.

Tips to Avoid the All-new LLC Disclosure Law

By Sunny Isles Real Estate Expert on April 15th, 2016

Miami Beach condos for sale

Thanks to the new federal disclosure requirements, which go into full effect in March, Manhattan and Miami luxury real estate (click here to view site) buyers are going to be thrust into the spotlight.

No longer is anonymity the name of the game, with this new requirement, these high-end buyers are going to have the shield of a limited liability corporation taken away. While this will not result in the complete end of anonymous buyers, it is going to limit their “hiding” quite a bit.

This new requirement is an effort that has been put forth to try and uncover any illicit funds that are being laundered through luxury real estate in New York and Miami. According to the U.S. Treasury, cash purchases made in Manhattan and Miami through shell companies are going to be tracked and will apply to deals that are $3 million and more in New York and $1 million and more in Miami. This means that title insurance companies will be required to disclose the identity of the buyer to the government regulators.

Some strategies that buyers can use to help overcome these new requirements can be found here. While they are not ideal for everyone, they can provide some effective steps in avoiding this new tracking requirement.

Utilize a Straw Buyer

Buyers can set up a “nominee agreement,” with their chauffeur, where the chauffeur is being named the owner of the LLC that is purchasing the upscale condo. Once complete, the buyer is able to purchase the LLC, rather than the condo, from the chauffer. This means the transaction is not on the books.

Set Up a Non-LLC, Partnership or Trust

While each member of an LLC has to be identified, there are other legal entities that only have to disclose an owner that holds over 25 percent of total ownership. If the shell company has 100 shares that are divided equally among 10 different people, they are able to remain anonymous.

Purchase Via Wire Transfer

The government regulators are only tracking buyers who are paying by certified bank check or cash. If you pay with a wire transfer, all this can be avoided. However, there are some tight banking regulations that will require the customer be identified, as part of the “Know Your Customer” requirement.

Opt Out of the Title Insurance

There is really no comparison to a $1 million lawsuit when you have just purchased a multi-million dollar condo. While this is a rare occurrence, buyers can opt out of the title insurance completely.

Wait about Six Months

This new requirement will be effective starting March 1st and will expire on August 27th. If you are really nervous, just wait six months to make the purchase.

Buy Commercial

While this may seem obvious, the fact is, the current order only applies to the residential purchases made in Manhattan and Miami. All commercial purchases have been excluded, which means that buyers are able to purchase properties for investment while retaining a relative amount of anonymity.

For more information on luxury condos in Miami Beach for sale please contact One Sotheby’s International Realty office at (305) 336-0457.

The Real Estate Cycle in Miami for 2016

By Sunny Isles Real Estate Expert on April 5th, 2016

Miami Beach condos for sale

Even though there is quite a bit of confidence among developers in Miami that the real estate market will not face much of a downturn during 2016, there are some experts who are still cautioning that the sales are going to continue to fall. This may result in some type of mild recession when December rolls around.

Prices are likely going to continue to go up – (see Miami Beach prices for condos for sale) and appreciate during the first portion of the year; however, at a rate that is much lower than usual. During the last portion of the fiscal year, the prices will likely flatten, due to an increase in inventory, as well as a slower demand from the buyers in Miami.

The Selling Trends in Miami

According to Ugo Colombo, the CEO of the CMC Group, when condo sales begin to move slower, it is a sign of a real estate market that is healthy. He also stated that this means that the market is able to level off at rates that make the progression sustainable. There is no realistic way to continue to sell 100 units each month. Currently, a healthy balance is present in the market regarding supply and demand.

Since the middle portion of 2014, the increase of foreign buyers helped to impact the condo boom. This began directly after the recession in 2008 but has now has begun to taper off because of the reduced value of foreign currency compared to the value of the U.S. dollar. However, Colombo stated that the real estate market in South Florida has gotten so diverse that it is able to successfully weather the economic issues in countries where a number of developers cull their buyers.

Foreign Investments Increasing

There are a number of people from the Middle East, Asia and Europe who are interested in buying who are new to the area, having never made a purchase in the past. The Brickell Flatiron condo project is also beginning to experience more steady sales from buyers that hail from the Caribbean, Mexico, Colombia and even domestic markets, such as New York.

The Melo Group’s Carlos Melo, which has currently developed condo and apartment projects in the Edgewater area, as well as the Arts & Entertainment District stated that there will be a consolidation seen in the South Florida real estate market for 2016.

Is an Overextension in the SoFla Condo Market Coming?

The most recent statistics that are available have indicated that the condo market in South Florida is starting to see the struggle associated with overextension. According to the report from the Association of Miami Realtors, there was a total of 14,770 condo transactions throughout November, which was down from the 17,142 that were seen in the same period the previous year.

With the sales slowing down, the total number of condo buildings that are planned or being constructed has continued to increase. There are plenty of condo towers being built currently and a number that are still in the planning and proposal phase, which means that they are likely to be developed and completed in the next few years.