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1,341-Unit Paraiso District Is Now 97 Percent Sold

1,341-Unit Paraiso District Is Now 97 Percent Sold

Paraiso District, which is Miami’s biggest condo construction site, is now approaching sell out.

More than 97 percent of units in the four towers and townhomes have now been sold, according to a press release from the developer.

In total, the district includes 1,341 condo and townhouse units with nearly 4 million gross square feet.

“The Paraiso District is by far one of the most ambitious projects in our portfolio,” said Carlos Rosso, President of The Related Group’s Condominium Division. “The project brings together the best of all Miami has to offer prime waterfront access, unrivaled culinary offerings, world- class art, a bayfront park, unparalleled health and fitness amenities and striking, expansive residences with spectacular water views. This incredible combination provides buyers with the opportunity to experience the best in resort-style living, while also embracing a walkable, community feel. It’s truly unlike anything else in Miami.”

The developer says that Amara at Paraiso, a bayfront restaurant by James-Beard award-winning chef Michael Schwartz, has seen tremendous success since opening earlier this year.

Closings at the first tower, Paraiso Bay, are underway, and the tower is sold out. The remaining towers will all be delivered this year.

 

 

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Anonymous
Anonymous

Such.An.Eyesore.

This comment from yesterday sums up my feelings:

>>>>>one of ARQ’s recent Miami buildings look anything like this cover picture. They are no doubt talented but they put their name on every “bland with a minor twist” stack of painted concrete blocks in Miami. They don’t use any quality cladding materials and they design buildings with only 3 sides, with the back side – the one facing the city that everyone sees – being the external fire/utility corridor with all the rows of ridiculous porch lights.

Anonymous
Anonymous

The back of these buildings is a middle finger to the City of Miami.

Anonymous
Anonymous

This is very true, and a great point. all our bayfront towers from 36th street through 888 Biscayne all have that hideous fire/utility cooridor on the west, aside from a couple in edgewater. It’s horrendous.

Anonymous
Anonymous

We can only hope towers inland cover the crap at the back. I wrote a whole thing about it, but was deleted for some reason.

Anonymous
Anonymous

They should spend more time on the inside than the outside – whoever designs the floor plans for Related’s newest round of towers should be fired.

Anonymous
Anonymous

Wow, in one of the photos you can almost make out the bubbles that are so prominent in the rendering.

marc
marc

That design element turned out to be ridiculously exaggerated. Barely noticeable in real life.

Anonymous
Anonymous

I feel it is better you can not notice the large bubbles!

just me
just me

This Paraiso district is sooooo blah, ugly, unassuming, plain, boring, etc, etc

Anonymous
Anonymous

97% UGLY!

Anonymous
Anonymous

3% intuitive

Barney Rubble
Barney Rubble

Don’t let this distract you from the fact that there isn’t a single pending or closed sale or rental at Paraiso Bay despite being open almost a full two months. Compare that with SLS Lux, where closings began at the same, you’ll see that SLS Lux has 2 pending resales, 10 pending rentals, and 12 closed rentals. I think it’s safe to say that no one wants to live in Edgewater at Brickell prices. What will it take to get people to buy and rent at the Paraiso towers???…a 20% price correction if you ask me.

Anonymous
Anonymous

Biscayne Beach would be a closer comp, and pretty sure stuff’s moving there at $700/foot. Not everyone wants to live in this monolithic compound

Anonymous
Anonymous

$600/foot*

Barney Rubble
Barney Rubble

If you back out the penthouse that sold at Biscayne Beach, you’ll see that the average price per square foot for units sold in that building is $560…far cry from $700 per square foot like you mentioned above. In fact, it’s EXACTLY 20% less that what you stated…so thank you for agreeing with me that a 20% price correction is needed in order to clear inventory.

Anonymous
Anonymous

Math isn’t your strong suit

Anonymous
Anonymous

Misread. Prices for the 2 and 3 beds have been above $600/foot, and the $700 figure was a mistake. Brickell prices definitely average less than $600…or even $560. Didn’t realize sls luxe was so pricey but also see no closed resales. Let me know when people actually pay that. That’s the one that might see a 20% correction

Anonymous
Anonymous

Not completely accurate. Sls lux all units come finished and ready to rent.

Magazine
Magazine

SLS Lux should also have the pleasure of having a construction site directly next door for the next several years where the Equinox pre-sale building used to be and the chicken kitchen site.

Anonymous
Anonymous

YAWN, ugly boring boxes. Lets just call this what it is “infill development/seat fillers” The public should be able to sue for those renderings