Miami-based Stripey Development is close to selling out its 740 Meridian development in Miami Beach, The Real Deal has learned.
The boutique condo development is 75 percent sold with closings scheduled to begin at the end of the summer, according to developers. It’s one of three Stripey is working on in Miami Beach, according to a press release. Units range from $270,000 to about $370,000, and include one to two bedrooms.
Stripey founder and CEO Alejandro Goldenberg said the majority of units sold to European buyers. “Europeans want to be in South Beach. They love these MiMo-style buildings,” Goldenberg told TRD.
Amenities include granite countertops, wood floors and stainless steel appliances. The 16-unit project is the company’s first condo conversion, he said. The site, originally an apartment building that was constructed in 1958, was redeveloped by Stripey and its partner, DC Services Construction and Development. The partnership owns the 7,000-square-foot property at 740 Meridian Avenue. It paid $2.275 million for the land in July 2013, according to Miami-Dade property records.
Stripey has experience in South America, Miami and Connecticut. The company focuses on developing smaller units in hot areas with fewer amenities to keep maintenance fees low, he said.
Also in Stripey’s portfolio is 26 Edgewater in Miami, which is 90 percent sold; 551 Michigan Avenue, a 20-unit development in Miami Beach that started closings this month; and 1419 West Avenue in Miami Beach. — Katherine Kallergis