Well, here it is, friends… The first post in a long time, and I’ve been waiting on something worthy. The same old, same old gets to be tired, plus with summertime here and business actually increasing, I’ve been less inclined to write. I started the Miami Beach Photo Blog last month and will post the best real estate photography for all to see.
This post looks at the last remaining 5 Miami Beach & Sunny Isles condo developments that broke ground yet didn’t survive the real estate storm from the past 5 years. Only 5?! That’s correct and if I may have missed another development, then let me know, and I’ll add it here. I am open-minded and would love to hear your thoughts & knowledge as to “the truth” from each of these developments.
Seville
So starting in South Beach, the old Seville tops my list, with Ritz Carlton pulling out and removing the sales center and all the signs, and, from what I gather, completely scratched this condo hotel development which offered fractional ownership.
July 16th, 2010 UPDATE:
The Seville Hotel, which was just purchased in a short sale by an affiliate of Courtyard by Marriott, will be getting the Ian Schrager treatment, Marriott has announced. The 12-story hotel in Miami Beach will be Marriott’s second “Edition” hotel, following the opening of an Edition hotel in Honolulu this fall. The renovations are expected to take approximately three years. Schrager helped reinvigorate South Beach when he launched the Delano 15 years ago.
Terra Beachside Villas
The second on the list is Terra Beachside Villas at 6000 Collins Avenue. One of the best-known developments to go under. It appears Terra Beachside Villas were getting very close to finishing when it went to a standstill. The big cone eyesore was repainted to a less tacky blue, and all the workers seemed to disappear. There were also concerns about the underground parking garage, which might double into a swimming pool when it rains (Miami Beach is only 5′ above sea level, right)… These will be picked off fast when they are at the correct price. A great location (besides street traffic) and a cool 2 story concept. Accurate pricing is ~$300k by my book.. not the $600k that once was.
NoBe Bay
Third on the list is a beautiful building, NoBe Bay, located at 6700 Indian Creek Drive. What happened here?! The sales center is still stationed at the Deauville Hotel Miami Beach, yet all stopped months ago as the first few levels of hurricane impact glass began to arrive. This will be a winner soon enough.
Regatta 2
Directly beside NoBe Bay is the Regatta 2 development which cleared the land, kept the remaining concrete structure of the old hotel, and simply stalled construction. What a complex this will be when it does finally finish. The Regatta is a “nice” building with small floor plans, and the combination of the 2 created a cool community environment. Three recent sales in Regatta Indian Creek range from $315 to $450k, far less than the $800k that once was.
Solis
Last on the list is Solis Sunny Isles Beach. There were a few on-site workers, so I’m not completely pessimistic about the success; however, it’s been an eyesore for MONTHS!
And that’s all, folks! With limited space and high demand, it’s only a matter of time before these 5 bounce back into action. For more information, please contribute your knowledge here or call me at 1.888.383.7326 or Miami Beach Real Estate.
Ashton, I live next to The Seville. There are worker inside, according to rumor, they will be remodeling the existing tower. Ritz is totally out of the way. Enrique
Good news for the Seville (so much potential) and we thank you Enrique!
Interesting Article by South Florida Business Journal – Fortune International’s hotel in $67M foreclosure (Seville) -http://southflorida.bizjournals.com/southflorida/stories/2009/08/31/daily92.html
The strangest part about the Terra Beachside Villas is that Regions bank, who lent on this ugly project, is completely disinterested in selling the loan or the building to investors like myself for any price.
The building has been at a standstill for two years now and they still have their head up their ass.
…and while you’re at it, you should have displayed the oceanfront debacle that is the other Terra development, Cabana on Collins.
The developers/architects gutted the existing old hotel and had grand plans but the building still remains gutted and there hasn’t been any workers in there in years, either.
Hmmm; Could it be they’re expecting a turn around in values? Offers too low from the debt? Debt/Loss too high to make any sort of sense? I would give a rough estimate of BPO value from $20-$35M.. Need to know interior SF for better estimate..
Okay, I’m on it…. but first need a second opinion b/c there was activity on site.