Developer Rishi Kapoor launched sales of his co-living development in Miami Beach, with plans to begin selling units at a Coconut Grove project next.
Kapoor, CEO of Coral Gables-based Location Ventures, aims for an ambitious pipeline. He hopes to have 100 Urbin-branded properties across the country and abroad over the next decade, he said. Location Ventures has raised more than $100 million from investors that include Terra’s David Martin, the Touzet family, the Murphy family of Coastal Construction, and others.
Urbin Miami Beach, at 1260 Washington Avenue, has secured reservations for 60 percent of the units since beginning sales and marketing over the past month, Kapoor said. The developer plans to convert to contracts in the next two weeks.
Sales of Urbin Coconut Grove, at 3162 Commodore Plaza, will start next.
Each project will have fewer than 100 units.
One Sotheby’s International Realty is handling sales, with studios at the Miami Beach location starting at $400,000 and 275 square feet. The multi-bedroom units will have two to four bedrooms, and up to 1,334 square feet.
In Coconut Grove, units will range from 331-square-foot studios to 2,352-square-foot six-bedroom condos.
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Construction of both projects could begin in November and be completed within 20 to 24 months of breaking ground, Kapoor said. Location Ventures plans to close on a roughly $35 million construction loan for the Miami Beach project, and a roughly $70 million loan for the Coconut Grove development, he added.
Kapoor said he is targeting end users and investors. The buyers who have so far reserved units at the Miami Beach project have all been investors who plan to participate in the leaseback program. Buyers in the latter pool will have access to their unit or bedroom for up to 90 nights per year.
Kapoor said Urbin’s goal is to deliver furnished apartments to people who are “spending so much of their income on rent and want another option” in urban centers. The cost of housing in South Florida has jumped, especially over the past year.
Miami was recently ranked the second most expensive housing market in the U.S., overtaking Los Angeles. A report from RealtyHop found that a household in Miami should expect to pay $2,653 a month toward homeownership costs, or roughly 81.6 percent of median income.
Condo projects with short-term and long-term rental components have performed well in Miami, including the sold-out YotelPad tower in downtown Miami.
At Urbin, rents for micro studios could begin at $1,900 a month. Bedrooms within co-living units can be rented separately at $1,200 a month, depending on the market when the project is delivered.
The mixed-use development will offer short-term and long-term rentals, co-working spaces, wellness amenities, retail and a rooftop pool deck with green spaces and lounge areas, according to a release. The units will be delivered fully furnished
Touzet Studio, led by Carlos Prio-Touzet and Jacqueline Gonzalez-Touzet, is designing Urbin Miami Beach, with interiors and common spaces designed by Meyer Davis. The existing 33,488-square-foot building will be renovated, and Location Ventures plans to build an additional 44,000-square-foot building.
Arquitectonica and Paredes Architects are designing the Coconut Grove project, which is near CocoWalk.