MIAMI, FL-- Nearly three years after the last condo construction crane was disassembled in Greater Downtown Miami, a South American private equity group has begun vertical development of a new 18-story tower in the epicenter of South Florida’s condo crash, according to a new report from CondoVultures.com. The developer, 23 Plaza Corp with Jose, Carlos, and Martin Ferreira De Melo of Argentina, is working on a construction schedule to complete the nearly 100-unit tower - named the 23 Biscayne Bay condo (top left rendering) – for June 2012, according to Florida Secretary of State records and marketing literature.
A construction crane has been assembled on the 28,000-square-foot development site on the north side of 23rd Street between Biscayne Boulevard and Biscayne Bay. The land was acquired from a lender for less than $1.4 million in October 2010, according to Miami-Dade County Property Appraiser’s Office.
As of June 30, 2011, there were 2,300 developer condos still unsold in the Greater Downtown Miami area that includes the Brickell Avenue Area (lower left photo), Downtown, and the Biscayne Boulevard Corridor, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Miami™.
An additional 1,200 units in Greater Downtown Miami that were previously purchased by bulk buyers are now being actively marketed for resale on an off-market basis, according to an analysis by the licensed Florida brokerage Condo Vultures® Realty LLC.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.
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