49-Story Society Biscayne Could Become Condos Instead Of Rentals

Update – developer PMG has released the following statement:

PMG is exploring the potential sale of units at the 639 unit Society Biscayne tower, and is accepting non-binding reservations. PMG has not determined whether it will actually sell units.  Pre-leasing activity continues with great traction for opening as planned this summer.

 

Developer PMG appears to be considering switching from apartments to condos at the 49-story Society Biscayne tower, which is now nearly complete.

The tower is also being renamed Society Residences.

An announcement was made in an Instagram video by Ale Castillo Berto, an in-house broker for PMG.

Society Residences will include 646 apartments.

Short term rentals on platforms such as Airbnb will be allowed.

Units will be ready for move-in this Summer.

 

 

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Anonymous
28 days ago

Maybe instead of catering to investors that wanna cash out on Airbnb properties we should be reserving units for oh idk? Actual residents? The ones that will live/work/play in the city year round and contribute to our local economy. Every building in downtown is gonna be filled with tourists and Miami wont have any housing to offer to people that wanna live here….

Anonymous
28 days ago

“we?”

Anonymous
28 days ago

“Actual residents? The ones that will live/work/play in the city year round and contribute to our local economy”

“Every building in downtown is gonna be filled with tourists”

Isn’t the bulk of the economy in Miami/Dade focused on a “tourism” theme?

Anonymous
28 days ago

Maybe in the 80s. Newsflash: Miami is no longer a beach town as of 2022. We can reap the benefits of tourism while still meeting the demand for residents and the growing population in need of (affordable) housing. I.e. not making every building Airbnb.

Anonymous
28 days ago

Haha.. the residents of Miami/Dade are not the developers of these projects. The property these projects are built on are PRIVATELY OWNED by developers. When these projects are being built, the city/county automatically benefits from the businesses that sell the material, hire construction companies who has the manpower it takes to build these structures, plus provide an increase in housing for future residents that can afford them.

Now, in Hialeah, they just instituted a program to help people pay their rent by giving them taxpayer funds to help them and its what the local GOVERNMENT is providing… so, do you agree with that?

Not Anonymous
28 days ago

that is what hotels are for

Bob
28 days ago

What will stop anyone who buys in this building from living in the unit ?

They call me...
28 days ago

Nothing. That will be their prerogative.

Ciparoo
25 days ago

The obnoxious tourists who stop by every weekend???

They call me...
28 days ago

If YOU want to do that, all YOU have to do is be smarter than the developers who put their money where their mouth is bought land and develop buildings.

If YOU ever become brave enough, or smart enough to buy land, and develop a building I’ll root for you, and hope that you can cater to whichever market you chose.

Anonymous
25 days ago

Bro where the fuck are regular residents going to get millions to buy a damn house to damn live in the city that they work? You can’t compete with these billionaires developers are you dumb

Anonymous
28 days ago

600k studios 😂 sign of the (sad) times…

Anonymous
28 days ago

I don’t disagree but at least this building will be new and have incredible views. I saw an extremely outdated 1 bedroom at The Dump at Brickell Bay for $700k the other day. I nearly spit out my coffee.

Anonymous
28 days ago

Ahem! Market top…

Not Anonymous
28 days ago

here comes the crash

Anonymous
28 days ago

The post does not say that a studio in this building will cost 600k.

Not Anonymous
28 days ago

true, but it’ll probably cost more than 600k

Anonymous
28 days ago

True but I was hit with an ad with the pricing scheme…

Anonymous
28 days ago

wynwood is asking for 600k for its new apartments at least this has a water view

Anonymous
28 days ago

Sorry, you’re not entitled to a studio under 300k with bayfront views.

Anonymous
28 days ago

^^Under $300K studios can be found with OCEAN views in oceanfront buildings in Hallandale and Hollywood all day long…..clueless South American buyers and local neo-yuppie wannabe’s somehow can’t or won’t locate them.

Not Anonymous
28 days ago

This isn’t Hollywood or Hallandale, this is the heart of Downtown. you can’t compare the views, services, and therefore land values.

Anonymous
27 days ago

^are you for real? ocean views>>bay views any day of the week

No Jobs
28 days ago

Hey it’s better than those shoebox studio condos selling for $500k in Wynwood.

Anonymous
28 days ago

Airbnb rentals allowed = Crap, – ROI

Yeet
28 days ago

This is good! Glad they are switching it up.

Anonymous
28 days ago

Yes, this is great news. There are a lot of apartments in the works. We need more condos.

Anonymous
28 days ago

“We?”

Anonymous
28 days ago

“We” meaning current and future residents of Miami. 😃

Anonymous
28 days ago

But, you and anybody else can relocate to any city in or clean outta the state any time you want to because of whatever reason.

Not Anonymous
28 days ago

?

Anonymous
28 days ago

It means that the so-called “residents” of these condo towers don’t owe any allegiance to the city/county or can be made to stay in the city/county, so I don’t know what difference it makes what the developers of these projects build to rent or buy in these towers.

Stupid Comment Warrior
28 days ago

Is there a city where residents do owe an “allegiance to the city” to stay in the city? I’m confused.

Anonymous
28 days ago

^
No, not in the United States of America. That’s why developers spend their money on what makes THEM more money. And the word “we” doesn’t amount to a hill of beans to them because it makes no difference if people are renting an apartment or buying a condo, they’re still gonna make their money.

Anonymous
28 days ago

This building has always looked beautiful to me (not spectacular, but above average, I mean), in a great location and with wonderful views of the bay, the harbor, Miami Beach and the Miami waterfront itself. It will be a bestseller.

Anonymous
28 days ago

The location warrants a far better-looking building, especially after the slopped crown was cut from the final product of X Miami. The “crown jewel” so to speak, of stacks boxes doesn’t cut it.

realtore2
28 days ago

If all of these projects get completed by ’23/24 it will make 08 look like a walk in a park. Hold your ca$h

m m
27 days ago

More AirBnB’s? Lame.

Anonymous
28 days ago

What’s the price point?

Anon
28 days ago

$1300/sq ft

Anon
28 days ago

It’s the new normal.

realtore2
28 days ago

not surprised nykers are moving back, NFT/crypto crowd is hurting, and these 100k corporate jobs are done moving here already, nobody is going to rent a studio for 2k anymore, but you can certainly still sell a dream especially to foreigners…

Anonymous
28 days ago

You are so out of touch if you think $100k is a high salary or $2k is a high monthly rent. I’m assuming you live in Hialeah with your parents?

Anonymous
27 days ago

lol…

hialeah
27 days ago

LOL hows that NFT collection down 50%, what a f loser…

Anonymous
27 days ago

you are the one out of touch, kid

g678
27 days ago

yeah all of these cocky crypto bull market “geniuses” are walking with their tail down these days…

Anonymous
28 days ago

The final product looks nothing like the renderings, it turned out to be pretty blah

Anonymous
28 days ago

“The final product looks nothing like the renderings, it turned out to be pretty blah”

But – its – not – finished – yet

Ciparoo
25 days ago

Airbnb has its place but I would never want to live in a building that is predominantly airbnb short-term rentals

Anonymous
25 days ago

And nobody is making you!

pork rinds
28 days ago

key point=studios….airbnbs….

Melo is not beta nor soft
28 days ago

Awesome! That way foreign investors will just hog up all the condos and artificially dry up the very little inventory available in Miami. F*ing sellouts.

Anonymous
28 days ago

Allowing Airbnb into your condo covenants will increase values. The older buildings need to amend/update their condo docs accordingly and bring their communities into the new era.

Anon
28 days ago

Everyone is paying premiums for short term rental buildings. Too many will devalue that market.

Anonymous
28 days ago

Too many will devalue the market???
If there becomes too many they will not be offered for rent short term.

Bob
28 days ago

Sounds like an insurance, association fees and bylaws nightmare

Magazine
28 days ago

That’s insane and short term thinking. How are values at the Opera? Worst performing building in Edgewater precisely because of Air bnb. I don’t want to hear from any politicians talk about housing affordability while they allow existing or future housing inventory to be zoned for STR / Air BnB.

Brooklyn
28 days ago

Values may be down but actual ROI/Cashflow from the ability to rent out may not be so bad.

Anonymous
28 days ago

I wouldn’t say the worst performing building in Edgewater, but certainly in the ranks.

Anonymous
28 days ago

Hello Airbnb slumlord.

Anonymous
28 days ago

Airbnb increases property values, just like lockdowns work on COVID, or printing and spending trillions doesn’t increase inflation.

No Jobs
28 days ago

What’s wrong with Opera. I was actually thinking about buying there. It’s the only thing my broke ass can afford :/

Anonymous
28 days ago

There are shootings there all the time. Drug dealers, vacationers, and OnlyFans galore. Proceed at your own risk.

Anonymous
27 days ago

Never mind them man, move there if you want to. Some people who come on this site think everywhere should be like quiet suburban neighborhoods where you see houses with nice clean cut yards and kids named Peter and Sally along with their dog named Spot running inside of a white picket fence.

Anonymous
28 days ago

Lots of people buy condos to —suprise!–actually LIVE IN and they don’t want to be part of some Airbnb flophouse.

Airbnb condos….building the slums of the future today