With at least 139 new condo towers already proposed for South Florida, a developer with roots in Venezuela has announced plans for a new condo project in the wealthy enclave of Key Biscayne just southeast of Greater Downtown Miami as the tricounty real estate market shows signs of recovering from the dramatic downturn of 2007, according to a new report from CondoVultures.com.
The newly proposed condo project – dubbed the 101 Key Biscayne – comes at a time when developers are proposing more than 90 buildings with nearly 14,350 units in Miami-Dade County, according to the Cranespotters.com Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
Overall in South Florida, developers are now proposing more than 18,560 units for the tricounty region of coastal Miami-Dade, Broward, and Palm Beach as of June 28, 2013, according to Cranespotters.com.
CondoVultures.com has been profiling condo trends in the first quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of April 15, 2013.
The Condo Vultures® Market Intelligence Report™ has been publishing a 10-part weekly series that analyzes the markets of Greater Downtown Miami, South Beach, Bal Harbour / Surfside / Bay Harbor Islands, Sunny Isles Beach, Aventura, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Pompano Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
In Key Biscayne, the newly proposed 101 Key Biscayne condo project is slated to stand five-stories tall and feature 11 units – ranging in size from about 1,850 square feet to 1,950 square feet – on the east side of Sunrise Drive on the 1.2-square-mile island.
The project’s developer – 101 Sunrise LLC with Eric Soulavy as manager – purchased the 0.7-acre site with a 20-unit rental complex built more than 45 years ago for $4.8 million in October 2012, according to Miami-Dade County Property Appraiser and Florida Department Of State records. The development site has a 2013 assessed value of nearly $3.75 million, according to government records. Construction on the proposed condo complex is scheduled to begin in September 2013 with the project completed in December 2014, according to marketing literature.