Over the past year, Downtown Miami’s residential real estate market established itself firmly in the current development cycle with prices for existing condos rising and rental rates reaching record-setting highs. More than 6,000 condominium units are currently under construction and 1,878 were delivered into the market based on Miami DDA 2015 Annual Report. It was clear there was a high demand for urban living and waterfront homes. As Miami’s real estate market continues to evolve, developers have been reawakening once-blighted areas and refashioning industrial and forgotten neighborhoods including Sunset Harbour, Miami’s Design District, Wynwood, Edgewater and downtown.
Now the tide is rising on the Miami River as the next frontier of waterfront development and setting a new course for the city’s future. The recent renaissance of the Miami River began quietly, with popular eateries and hot spots sprouting along its banks, including the instantly popular SeaSpice Miami and the recently opened River Yacht Club with the first ever VanDutch Yacht Lounge. “The River Yacht Club was created to offer a unique destination for local and seasonal guests in Miami. We consider River Yacht Club to be a lifestyle destination and an all-encompassing experience, which includes multiple bars, lounges, and dining areas, as well as riverside docking. The space is designed for dining, relaxing, entertaining, and exceptional service all in a comfortable, yet elegant setting,” states Fabien Lepaitre Director of RYC Operations.
Many developers have revealed their plans for luxury high-rises for the riverfront. One developer, KAR Properties led by Shahab Karmely, unveiled their vision for the three parcels they assembled on the banks of the river – the Rafael Vinoly designed masterpiece, One River Point. Nestled within downtown’s only private gated park on the Miami River, One River Point proves that landmark luxury does not have to be built on sand. View Brochure Here. The exclusive pair of 60-story glass enclosed towers have already struck a particular note with New York buyers, who resonate Rafael Vinoly’s name with 432 Park – arguably Manhattan’s most prestigious address – and can appreciate One River Point’s value compared to other global cities. Contact Me For Pricing and Availability.
Just recently, plans were announced for a 69-story, 384-condominium tower at 300 Biscayne Blvd Wy – Epic 2. Transformative projects like these will serve as a catalyst of the rejuvenation of the area, and the Miami River will soon join the ranks of the glittering river cities of the world including London, Hong Kong and Paris. Edgewater, once seen by many as a run-down neighborhood, was viewed by keen developers as a golden opportunity. And then there is downtown, where the mea mixed-use Miami Worldcenter project will transform 27 underutilized acres into a live, work and play paradise. View Fact Sheet Here. Contact Me For Pricing and Availability. Departures Magazine has named Miami the “City of The Future,” and the Miami River is the perfect example of how the past is giving way to an exciting new future. Our city is ready for another booming neighborhood, as well as a reimagined riverfront. [Source: The Miami Herald]