Development in Miami’s Midtown area froze with the crash of the housing market, but developers are returning to the area with a condo-hotel project breaking ground in 2015.
The Related Group, Dezer Properties LLC and hotel management company sbe partnered about a year ago to build Hyde Suites and Residences, located at 3401 Northeast 1st Avenue. The project is expected to be ready for occupancy in 2018, the Daily Business Review reported. The 400-unit project will feature 60 condo-hotel rooms, ground level stores and amenities like a spa, tennis court, heated pool, valet parking and concierge services.
Unit prices will range from $249,000 to $900,000, which are expected to appeal more to middle income buyers. Average rents in Midtown come in at $250 per square foot compared to $270 in Brickell, with selling prices ranging from $450 to $600 per square foot. So far, Hyde has attracted 300 letters of intent from prospective buyers in three months. “It’s a different type of product for a different type of buyer,” Carlos Rosso, president of Related’s Condominium Development Division, told the Daily Business Review. “It’s a little bit hipper, a little cooler for buyers who don’t want to come to Brickell.”
Midtown will draw more attention in December when Miami-Dade hosts Art Basel, which is expected to draw a crowd of 70,000. The Hyde site will function as a gallery for Dezer, Related and sbe’s international art show. [Daily Business Review] – Chris Guanche