Miami new construction condos are on fire!! Waldorf Astoria, Baccarat, The Residences at St Regis Brickell, The Standard, Lofty, Aria Reserve, Okan, Casa Bella, Una, Major, 710/729 Edge, E11even, Legacy, and the list goes on and on and on. I can bet by now you’ve seen the weekly announcements touting new Miami Condo developments as the latest and greatest. And of course, this is in addition to new construction buildings such as Aston Martin, Missoni, Ellysee, Yotelpad, etc. that after several years of planning and construction, are delivering condos ready for occupancy in 2022.
“Miami will add over 30,000 new condos and apartments to its urban core by 2026”
By the end of 2021 over 40 major Miami new construction projects have been announced or are already in-progress, promising to deliver more than 15,000 Miami new construction condos to its urban core; that is to say, Brickell, Downtown/CBD, Wynwood, Edgewater, The Arts District and Midtown. Of course, these figures do not include small buildings, retail-focused developments and rental apartments which, by themselves, will add to over 30,000 new condos and apartments.
Additional Miami new construction condos such as Five Park in Miami Beach, Bentley in Sunny Isles and both Vita and Mr.C in Coconut Grove have also been announced in other Miami Neighborhoods but are deliberately excluded from the scope of this report as we seek to help buyers make sense of individual markets and this report focuses exclusively on Miami’s urban core; focused on those buyers seeking a cosmopolitan urban lifestyle where you can enjoy the water but there is enough density to walk to work and enjoy endless dining and entertainment options.
Developers will always tend to position their buildings as unique and not worth comparing to others. However, this time around the offer is so broad it is worth organizing all these development as you seek to select the right one for you. In order to examine these projects, I would argue these Miami new construction condos and buildings fall in three main categories.
These are low density buildings with large floor plans, typically covering an entire floor but no more than 2-3 units per floor; they offer world class amenities, views, finishes and floor plans, in many cases backed by well know luxury brands and personal services. This market segment typically includes second or third homes for ultra-wealthy individuals, as Miami continues to attract more and more people in this segment.
The buyer in this segment has very clear expectations and in my experience, Miami provided very limited options for this type of customer except in areas like Surfside and some buildings in Miami Beach, Sunny Isles and South Of Fifth; certainly not in Miami’s urban core. More recently, new buildings in Miami’s urban core like One Thousand Museum and some units (i.e penthouses) at Aston Martin Residences or Brickell Flatiron fit the bill; some buyers seeking an urban lifestyle have also “settled” for units at the Four Seasons Residences Brickell, Asia in Brickell Key or Flatiron but truly this is a new segment in urban Miami that caters to a sophisticated affluent new buyer in the city.
2021 has brought an onslaught of new projects, catering to this very demanding, sophisticated and worldly customer which is increasingly gravitating towards the Miami lifestyle. These projects address all the requirements that many of my clients have expressed and in doing so set new price ranges for Miami’s urban core condos. They include the following.
Waldorf Astoria Residences are located in downtown Miami, with a privileged waterfront location and convenient access to both Brickell and the Arts district. This ultra-luxury tower leverages the premium services and brand of Hilton’s Waldorf Astoria and was announced as the tallest residential tower south of New York City, including 9 different cubes in its design.
Cube 8 includes residences on the 80th to 89th floor, offering four unique floor plans with only 8 condos per floor floor plan.
Cube 9 Penthouses, which start at the 90th floor, range between 6,300 and 13,000 SF. The extremely large penthouses, which come with 14ft ceilings, can be completely customized. Buyers can sit down with the developer to choose their own finishes and customize the unit to their liking, including adding a pool. Units come finished, are expected to be delivered by 2026 with prices at $2,000+ per square foot.
Rising in the southern, residential section of Brickell, next to Ugo Colombo’s exclusive Santa Maria building, St Regis Residences Brickell will consist of two towers with the first tower offering 150 units and the second tower offering 200 units. Although it will be a residence-only project without a hotel component, residents will enjoy the St Regis signature (butler) service as well as its state-of-the-art amenities. The project is expected to break ground in 2022, will be finished in 2025 and has prices of $2,000+ per square foot. Units start at $2 Million.
You can learn more about St. Regis Brickell Residences Miami by clicking here.
In November 2021, the developers of Miami’s urban core first ultra luxury condos: Zaha Hadid’s One Thousand Museum Park, announced 729 Edge in Edgewater. This exclusive 55-story tower will offer only 70 units and will be located next to the Paraiso Bay Complex and across from Missoni-Baia, right on Biscayne Bay.
In December 2021, New York’s Major Food group and JDS development announced “the most luxurious residential tower in the world” in a complex that will also blend-in restaurants & Nightclubs right on Brickell Avenue. A 1,049ft supertower similar in height to Waldorf-Astoria will rise in the current location of Diario de Las Americas, on Brickell avenue and 10th Street, offering 259 exclusive units.
JDS Development Group, are the developers behind 111 West 57th Street, Monad Terrace Miami Beach, The Brooklyn Tower, Echo Brickell, and many more.
Major Food Group is a New York-based restaurant group behind succesful upscale restaurants and venues in New York City and Miami such as Carbone, Santina, The Lobster Club, Dirty French, The Pools, The Grill, etc.
In March 2021, the brand unveiled its plans for the first-ever, ground-up Cipriani residences. The 80 story building will rise in the heart of Brickell, located at 1420 South Miami Avenue and will offer 397 one to four bedroom residences.
Each residence will have ten-foot-high ceilings; floor-to-ceiling glass windows; curved lines; private outdoor space; and custom finishes and furnishings, custom Italian kitchen cabinetry and Wolf Sub-Zero appliances. Select residences will have private elevators and generous walk-in closets, standalone laundry rooms and innovate smart technology. The building will also have a 24-hour, Cipriani-trained staff, so residents can expect the top-notch service they are used to
The residential tower will have elegant, resort-style amenities including a trademark Cipriani bar and resident-only dining experience; two swimming pools with a resort-style deck; cabanas; sun terrace with dining service; private reservable dining rooms and lounges catered by Cipriani’s restaurant; resident lounge; fitness center; private screening room; children’s playroom; library; spa with sauna and treatment rooms; dog park; hair salon and barber station; wellness center; pickleball court; golf simulator; and more.
These new preconstruction developments join Aston Martin Penthouses and several large units across the building top floors – to be delivered in 2022- as the ultra-luxury condos in Miami’s urban core. There are also some niche offerings such as a 5,000+ sf condo I was able to secure for one of my clients at Missoni Baia in Edgewater; but in this case there were only three units offered, all of them in a waterfront townhome setting. A few large Flatiron penthouses also fall in this category.
These luxury condos enjoy great locations, top notch finishes, high ceilings (9”-11″), smart technology, high end appliances (i.e. Miele, Sub-zero, Wolf, etc), designer kitchen and baths as well as a long list of amenities and services; pretty much anything a luxury buyer would demand from a premium product. In fact several of these condos also offer free access to beach clubs in Key Biscayne or Miami Beach as part of the purchase price – at least for the first year – as well as access to discounts in hotels worldwide (i.e. Baccarat).
The main difference with the ultra luxury segment described before is building density, floorplan size, customization possibilities, truly personalized services with low service personnel/owner ratio as well as certain unique finishes/materials. The following are Miami new construction condos you should consider in the luxury tier if you seek and urban lifestyle:
Baccarat Residences are located right where Brickell avenue meets the Miami river, across from Icon Brickell and both the Epic and Hyatt Hotels. Baccarat leverages the centuries old French brand which also stands behind the first Baccarat Residences in New York city with a modern yet classy style. These residences offer 6 floor plans which are all open-concept and flow-through, something that is not often see in Miami’s urban core.
All floor plans offer a layout in which the master bedroom is separated from the secondary bedrooms. All units are accessed via a private entry vestibule with two elevators opening directly to each residence. All residences offer ten-foot high ceilings in typical floors soaring to eleven and twelve feet in penthouse levels.
Amenities are top notch and in line with other high-end Miami condos with artful service and amenities impeccably curated by Baccarat Hotels & Residences. Residents will have full access to an unprecedented range of services, including global Baccarat privileges and beach club access in south beach. Prices are $1,100+ per square feet average. Planned Occupancy 2025.
Located in Edgewater, next to Ellysse, Aria Reserve will rise as 60-story waterfront twin towers. Aria Reserve offers 1-4 bedroom residences, all with unobstructed and direct bay / ocean views.
All residences are flow-through and include an office/media room. Units also come with spacious outdoors terraces up to 11 feet deep. The floor plans have a great flow with the master bedroom overlooking the bay (located next to the living room) and the remaining bedrooms being located in the back of the unit. Prices are $900+ per square feet.
As mentioned earlier in this article, Waldorf Astoria Residences is located in downtown Miami, with a privileged waterfront location and convenient access to both Brickell and the Arts district. This luxury tower leverages the premium services and brand of Hilton’s Waldorf Astoria and was announced as the tallest residential tower south of New York City, including 9 different cubes in its design.
Residences start on the 42nd floor and rise all the way to the 79th floor with Cubes 4-7 offering very spacious units. 2 bedroom condos range between 1,400 and 2,400 SF, and 3 bedroom condos range between 2,400 and 3,500 SF and the four bedrooms range between 3,500 and 4,200 SF).
Residences are delivered fully finished and interiors are designed by award-winning interior design firm BAMO. Cubes 6 & 7, or 60th – 79th floor residents, will have completely unobstructed 360 degree views over the water and the city. Prices are $1,400/sf average.
Located in Midtwon Miami and building on the hospitality reputation of The Standard hotel rises a 12 story building, home to 228 condos.
Offering studios, one and two bedroom condos, pricing starts at $400k for studios and $850k for two bedrooms. Unlike Airbnb-friendly buildings, this rental program requires a minimum 30-day stay.
Located in the Heart of Miami’s Arts & Entertainment District, Casa Bella Residences by B&B Italia will rise 57 stories and 306 Luxury Residences, featuring 6 and 7 units per floor, private elevator access, amazing water and city views.
Offering one, two, three and four bedroom condos, pricing starts at $500k for a one bedroom city view condo and $850k for two bedroom units.
Missoni and Ellysee are two new buildings that also should be considered in this tier. They no longer qualify as pre-construction given their delivery dates but are a great option if you want a new building and would like to move right away.
Ellysee has been delivering units during Q4 2021 and there are multiple units available for resale. These are large oceanfront units occupying full floors or half floors in a very distinctive “blocky” modern building in Edgewater with French designed touches throughout; an exclusive building with few units. Pricing $2m+.
Missoni, on the other hand, is located just a couple blocks north and backed by the italian fashion house. Condos will be ready for occupancy in early 2022. Units range from one bedrooms to large 5,000+ square feet townhomes. Pricing is $1,000+ per square feet.
There are several other significant projects in the works that are yet to be formally launched or approved. This include three potential supertowers:
Check this blog or feel free to contact me directly to keep up with the rapidly changing condo landscape in Brickell, Miami downtown and Edgewater.
As Miami attracts more and more global interest, it seems everyone wants a piece of the real estate pie. Developers have stepped up to this market opportunity focusing on investors that want to put some money down and bet they will be able to pay their mortgage and get some good returns with rental income.
While this makes sense for a city like Miami, it is the emergence of Airbnb, low interest rates and Miami’s brans strength, that have led to this entire segment over the last 3-5 years. Yotelpad and Canva can be traced as some of the pioneers of this segment several years back with the market only seeing finished units in 2021. This was such a success that multiple buildings with the same formula have been selling out in a matter of months, if not weeks.
The Miami preconstruction condos in these buildings tend to be small in size, starting at 300sf for studios and in most cases offering no more than one and two bedroom residences. They tend to be modern with high ceilings, smart home amenities and in most cases come fully furnished / “turn-key”with the ability to rent the units for short term -like a hotel- and have a company manage the units. Most of these units have no assigned parking. Entry point for most of these condos are in the $300’s but quickly getting into the $400’s.
Last updated March 2021
The intent with this report is to give Miami New construction condo buyers an overview of their options, help your thought process and avoid you getting pulled by a salesperson pushing a single building as the “best in Miami”. Once you know what you want there is a lot to consider: finishes, developer, architect, financial terms, location potential and much more.. all of this for each project!!! And of course financing and conditions for international buyers are additional considerations.
As you have seen in this report, the options to buy Miami new construction condos in 2022 are broader than ever. This is great news but smart investment decisions in this kind of environment require a level of knowledge and due diligence only experienced professionals can provide. Of course developers are happy to take your deposit on a specific building for some of their “few available units”, but this is not likely to yield the best decisions for you.
The great news is we are here to make this easy for you, help pick the best lines as inventory is released, make sense of the impact other upcoming buildings will have on your purchase, negotiate and defend your interests as your selected project hits snags along the multiple years of this journey; there are also cases you may have to sell before closing either to lock a profit, mitigate a loss or accommodate new life plans. And of course, all our services will be provided at no cost to you.
Please give me a call at +1.786.277.3480. You can text or Whatsapp me using the links below.