Downtown Miami is planned for a 40-story condominium

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The 40-story 501 First Residences condominium will be located at 501 NE First Ave., a short walk from the Paramount Miami Worldcenter and the FTX Arena.  Above: A rendering of the project.

The 40-story 501 First Residences condominium will be located at 501 NE First Ave., a short walk from the Paramount Miami Worldcenter and the FTX Arena. Above: A rendering of the project.

Revuelta Architecture Internationale

First came Brickell, then came the bay view towers on Biscayne Boulevard. Increasingly, the blocks between them are filling up with rentals and condos – a decided departure from the courthouses, Miami Dade College buildings, and the discount stores that have long lined these streets.

The latest is 501 First Residences, a 40 story condo located at 501 NE First Ave. which will house 448 fully furnished condo units. Prices will start at $ 300,000 for a 400 square foot studio; According to Peggy Olin, CEO of Fort Lauderdale-based brokerage firm OneWorld Properties, a two-bedroom, two-bathroom twice the size will cost $ 800,000.

Do not call the moving truck right away. Construction is expected to begin in the first quarter of 2022 and be completed by the end of 2024, said David Arditi, director and co-founder of the Edgewater-based company. Aria Development Group, the company behind the project.

The project will be the company’s second in the region – after YotelPad Miami – and more are already underway, Arditi said. Aria Development Group is working on three other residential projects in downtown Miami.

Despite the prime location near Brickell Avenue, downtown cultural venues, and the FTX (formerly AmericanAirlines) Arena, the blocks west of Biscayne Boulevard have been slow to attract residential development. But the investments of the Miami Downtown Development Authority and private companies including Brightline and Miami Worldcenter have led to new projects including now-open Paramount, planned Legacy Residences and E11EVEN Hotel & Residences.

Arditi credits the Brightline commuter service from Miami to West Palm Beach with a key component. “This is one of the few areas in Miami where you can walk to work, dine, shop and be entertained. It makes sense that the next part of the area’s evolution will be residential, ”Arditi said. “Brightline is a game changer. … If I work downtown, I can live in Fort Lauderdale and have access to more housing. I can limit my driving, I think people like that. It is something that people are looking for.

Just to the south, the city’s historic business district is also being remodeled, with a new streetscape plan along Flagler Street and the transformation of a historic Walgreens and Time Century Jewelry Center building. , formerly known as Metro Mall Miami.

There is a strong demand for life in downtown Miami, Olin said, including from Latin American buyers. “A lot of people want to be near the transport center and near the beach. You could live downtown and enjoy walking.

Rebecca San Juan writes on the real estate industry, covering news on industrial, commercial, office projects, construction contracts and the intersection of real estate and law for industry professionals. She studied at Mount Holyoke College and is proud to report on her hometown.
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