Russell Galbut’s GFO Investments is launching sales of its latest Miami condo project, a short-term rental-friendly tower dubbed 14 Roc.
The planned tower at 125 Northeast 14th Street in Miami’s Arts & Entertainment District will rise 32 stories with 283 units, a press release shows. It marks Miami-based GFO’s latest short-term rental project in the area near downtown Miami, following the sales launch of its planned Gale Hotel & Residences Miami last fall.
Floor plans in 14 Roc will range from studios to two-bedrooms, spanning between 410 square feet and 960 square feet. Amenities in the tower will include a rooftop pool, co-working space, meeting rooms, fitness center, spa facilities, karaoke room, game room, kids room, theater and lounge, the release shows. GFO tapped Minneapolis-based RSP Architects and Miami Beach-based landscape firm Urban Robot Associates to design the project.
Galbut tapped Cervera Real Estate to lead sales and marketing for the tower, with prices starting at $495,000, according to the release.
Short-term rental-friendly condos make up half of the units in development in South Florida, with a particular concentration in Greater Downtown Miami, an analysis by The Real Deal found. It’s part of a trend of developers designing their projects with investors in mind, rather than end-users, and is fueling a shortage of new construction condos.
Galbut’s 14 Roc adds to the heap of more than 10,000 planned short-term rental-friendly units across more than 30 developments. Other such projects include two in Brickell from Ricardo Dunin and his Peruvian partner, Juan Carlos Tassara. Dunin and Tassara landed a $70 million construction loan for their 12-story, 172-unit Domus Brickell Park project in March, and launched sales for their planned 35-story, 579-unit Domus Brickell Center in May.
“We are thinking of it as a hotel, and building it as a hotel,” Dunin said at the launch.