(Photo from website of Daniel Hornek, PA Realtor, Miami, FL)
MIAMI, FL -- As the South Florida housing market
increasingly rebounds from the real estate crash of 2007, a veteran high-rise
developer with ties to New York City is proposing a new 39-story condo tower
fronting Biscayne Bay in the Biscayne Boulevard Corridor of Greater Downtown
Miami, according to a new report from CondoVultures.com.
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| Marina Blue Tower condos, Miami |
The developer - an entity controlled by Robert Vecsler
of the Hyperion Group - plans to build the 129-unit project - dubbed the MBay
- on a 0.9-acre site in the 700 block of Northeast 26th Terrace in Greater
Downtown Miami, according to the Miami Real Deal.
In the Greater Downtown Miami market, a combination of
domestic and international developers - in unrelated projects - are now
proposing to construct 41 towers with more than 12,100 new condo units in a
market that stretches from the Julia Tuttle Causeway south to the Rickenbacker
Causeway, and Biscayne Bay west to Interstate 95 as of October 17, 2013,
according to the Preconstruction Condo Projects Database™ compiled by the
licensed Florida brokerage CVR Realty™.
Overall in South Florida, at least 172 new condo towers with
nearly 22,600 units are proposed, planned, under construction, or recently
completed in the tricounty South Florida region of Miami-Dade, Broward, and
Palm Beach as of October 17, 2013, according to the Preconstruction Condo Projects
Database™ compiled by the licensed Florida brokerage CVR Realty™.
In Greater Downtown Miami, the Hyperion-controlled
development group acquired the site - which includes a 58-unit rental building
constructed in 1982 - for the proposed MBay tower for $9.9 million - or $265
per square of land - in a deal that transacted in August 2012, according to
Miami-Dade County records.
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| Blue Tower condos, Miami |
The land for the proposed MBay project has a 2013 value of
nearly $3 million while the existing rental tower has a value of $5.3 million,
according to the Miami-Dade Property Appraiser's Office.
During the last South Florida condo boom,
Hyperion-controlled entities developed the 35-story Blue tower in 2006
and the 57-story Marina Blue tower in 2008, according to the Condo
Vultures® Official Condo Buyers Guide To Greater Downtown Miami™.
The 330-unit Blue condo tower sold out for nearly $153
million while the 516-unit Marina Blue condo tower sold out for nearly $208
million, according to an analysis of government records.
For a complete copy of the company’s news release, please contact:
Condo Vultures® LLC
225 Midtown Building
225 NE 34th St.
Suite 209B,
Downtown Miami, Florida, 33137.
800-750-0517
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