Blazing Midtown Emergence
By all accounts, Midtown is exploding with growth and undergoing a massive transformation in both residential and commercial development. Midtown is the central core of Miami where a lot of expansion is happening and will continue in the coming years.
This 55-acre development, which spans from 29th to 36th streets and from North Miami Avenue to the Florida East Coast Railway, was developed by the partnership team of Midtwin Equities of New York and Samuel & Co. of Boca Raton, said Josephine Pampanas, broker for EWM Realty International who specializes in the Wynwood and Midtown markets.
“Today, developers of commercial properties can pick and choose who they want to rent to,” Ms. Pampanas said, adding that the retail rents are $60 to $65 per square foot. That’s in comparison with the Design District, where retail rates can be $150 to $200 per square foot, she said. “Midtown is still a bargain compared with what’s going on just minutes away.” “We still have space to develop, there’s still plenty of land,” she said. “That’s why it’s a neighborhood with so many options for residential, commercial and entertainment.” A catalyst for the popularity of Midtown is what’s going on in the Design District, Ms. Pampanas said. “Just one block away, there’s an abundance of retail but no residential,” she said. “Midtown is feeding the need for residential.”
On the horizon is the Hyde Midtown Suites & Residences, a mixed-use project developed by the Related Group’s Jorge Perez and Dezer Development. The project has yet to break ground but the sales center was established three months ago, said Grissell Tudisco, in-house sales executive for Hyde Midtown. She said sales are to launch Nov. 18 and the building is scheduled for completion at the end of 2017. Once completed, Ms. Tudisco said, there will be 60 designer suites that can be rented on a daily basis (much like a hotel), 400 luxury condos with attributes of a five-star boutique hotel (including in-room dining and concierge services) and a hotel component with lobby, piano bar and lounge with rotating art installation. Another project that’s in the works is Midtown 5 which is to be a luxury rental apartment with about 400 units. “The plethora of options this self-contained neighborhood has to offer,” said Ms. Pampanas, “makes it unique, vibrant and truly an urban oasis.” * Miami Today.
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To be totally frank, I think that the facade is pretty ugly. I much more prefer Miami condominiums that have a more.. how should I say... conservative facade. You know, like made out of glass entirely or just normal symmetrical shapes. I couldn't imagine coming home to this every day.
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