Downtown Miami

Miami Residents Can't Afford To Buy Condos

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Condos and Offices in Transforming Brickell

The Miami Herald is reporting that most South Florida residents can't afford to buy condos in Miami. 

Condos are being bought by from people around the world including South Americans, Russians and French etc. 

In the last condo boom most people were buying condos with almost zero down payments and when the real estate bubble burst, developers were left to scramble when buyers started backing out of their deals. To prevent the same situation from happening again, developers are accepting at least 50 percent down payment or all cash offers for a unit. Most Miamians can't afford that kind of payment and in turn end up renting from the global buyer. 

Centro Lofts Miami Construction Progress Photos

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Centro Lofts Miami Construction Site

Centro Lofts Miami Construction Site

Located in Downtown Miami, Centro Lofts Miami will feature 36 floors and 352 condominium units. The unique part of this building is that it will not have a parking garage for its residents. It will have 5 spots for a Car2Go service and bicycle parking. Residents that do have a car will have to park at a nearby city garage. 

Centrally located, residents have easy access to the metrorail, metromover and are within close walking distance to Bayfront Park. 

Developed by Newgard Group, the project broke ground in December 2013 and is expected to be completed by Spring 2015. 

Below are construction photos of the site.

Montage at Met 3 Construction Progress Photos

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Met 3 Construction Site

Met 3 Construction Site

Starting construction in December of 2012, ZOM Inc. purchased the air rights above the Met 3 to build 462 luxury condominiums units to be called Montage at Met 3. 

The building will have a Whole Foods on the ground level. Amenities will include a pool, yoga lawn, theatre room, BBQ area, gym and a spa.

Suffolk Construction is leading the construction on the site.

Improvements to Flagler Street In Jeopardy

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Looking East Down Flagler Street

The Real Deal reports that unless Miami-Dade Commissioners agree to fund half of the $13 million needed to renovate the street then the project could fall apart completely. 

Part of the renovation included repairing and widening the sidewalks, plus adding trees, benches and bicycle racks. 

The project was initiated by the Flagler Street Task Force, which is made up of business owners on the street. 

SkyRise Miami Receives Commissioner Approval But Heads For Voter Referendum

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SkyRise Miami Rendering

After starting preliminary construction to beat a June 12 deadline that would enable SkyRise Miami to build to 990 feet, Miami Commissioners approved a deal that would allow the structure to be built. 

However, there will be an August 26 referendum that give the people the right to vote on the project.

SkyRise developer Jeff Berkowitz will pay the city of Miami $1 million in rent for use of the space and parking. 

SkyRise Miami is expected to be completed in 2017.

Radio Tower Next To Miami Herald Building Will Finally Come Down

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Radio Tower Overlooking the Demolition of the Miami Herald Building

According to exMiami, the radio tower behind the Miami Herald will come down starting July 7th.

The radio tower was used as a transmitter for the radio station WQAM.

Genting is still doing demolition to the Miami Herald building.

Frost Museum of Science Construction Progress Photos

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The Patricia and Phillip Frost Museum of Science

Located in Museum Park along with the Perez Art Museum of Miami, the Phillip and Patricia Frost Museum of Science broke ground in February 2011.

The 250,000 square foot museum was designed by Grimshaw Architects and will feature outdoor landscape, a 600,000 aquarium, a full dome 3-D planetarium and cafes. Phillip and Patricia Frost generously donated $35 million to the museum in 2011. 

Once completed, the science museum, art museum and museum park are expected to transform Downtown Miami into a cultural arts hub.

Construction is expected to be completed sometime in 2015.

Below are construction progress photos.