According to TheRealDeal, Miami is getting another luxury condo tower that will bring 278 units to the market. A new twist on the condo concept calls for catering to a group of international buyers who want to spend less than a million dollars for a unit and retain an option rent them out. Developer Dan Kodsi is behind what will be called the Legacy Hotel and Residences, which will also include 255 hotel rooms on the lower floors. Ground breaking is scheduled for June with a 32 month construction schedule.
As the luxury market grapples with an oversupply of large units sitting on the market, a number of developers are switching gears and building condo towers with smaller units, priced under $1 million, and without rental restrictions. They include projects such as Habitat Group’s Smart Brickell; Harvey Hernandez, Russell Galbut and Bruce Menin’s Natiivo Miami; and Aria Development Group and AQARAT’s YotelPad Miami. The Related Group is also working on a similar concept.
Fully furnished units at Kodsi’s Legacy Hotel and Residences will start in the $300,000s and the majority of condos will be priced between $300,000 and $500,000, Kodsi said. The units will range from 373-square-foot studios to a 949-square-foot, two-bedroom duplex, according to a fact sheet. Owners will be able to participate in the hotel rental pool or rent their units out themselves on websites like Airbnb, TripAdvisor and Booking.com. Peggy Olin’s OneWorld Properties is handling sales. Her firm also handled sales and marketing of Paramount Miami Worldcenter.
The deposit structure calls for 10 percent down, each, at reservation, contract signing, groundbreaking, when construction reaches the ninth floor pool deck, and at top-off, with the remaining 50 percent at closing.
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