Another Downtown Miami Condo Tower Reaches 100% Reserved Before Groundbreaking

A developer has announced the sellout of a downtown Miami condo tower which launched just a few months ago.

The torrid reservations pace surprised even the developer of the project – and perhaps breaks a record for downtown Miami.

The 40-story condo tower, known as 501 First, only began accepting reservations in May.

By August, every single one of the 448 condo units was reserved, developer David Arditi told the SFBJ last week.

Reservations are now ready to be converted to contracts, Arditi said.

The sales pace is four times faster than the 231-unit Yotelpad tower, which is also being developed by Arditi’s Aria Development Group. In 2019, Aria claimed that project was downtown Miami’s fastest selling condo project ever.

The 501 First tower and the Yotelpad are both being built without a parking garage.

Completion of the Yotelpad tower is expected in late 2021.

A demolition permit is pending at the site of the 501 First tower. The project was submitted to the Urban Development Review Board in June but there does not appear to be a construction permit pending yet.

 

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Anonymous
1 month ago

Miami’s on fire

Anonymous
1 month ago

CALL 911!

Anonymous
1 month ago

Or better said – Miami Winning.

Azarius
1 month ago

The market is HOTTT!!!

Anonymous
1 month ago

Get an AC!

Anonymous
1 month ago

GET A HOSE!

Anonymous
1 month ago

Plenty of “hoes” around

Anonymous
1 month ago

This tower reminds me of a typical Vancouver high rise.

Anonymous
1 month ago

And that’s why I previously wrote that we see new apartment buildings designed for Miami without balconies while we see apartment buildings built in Canada with balconies, and they get cold!

Anonymous
1 month ago

Because not everyone wants or needs a balcony in Miami. During the summer it is almost unusable.

Anonymous
1 month ago

They want to make the apartments look bigger. Duh!

Anonymous
1 month ago

Good. Nice for a change in design instead of cereal stucco boxes.

Anonymous
1 month ago

I have my reservations on this news!

Metromover to Wynwood
1 month ago

Okay get pilings in the ground already

Anonymous
1 month ago

Hopefully Aria announces more infill like this soon

Anonymous
1 month ago

Yotel pad still isn’t open ??!

Anonymous
1 month ago

They’re puttering around on the site. They have a noise waiver to complete the street work until the end of December, so it doesn’t seem like there is any rush.

Anonymous
1 month ago

And that’s with 0 onsite parking. I’d say there’s definitely demand

Anonymous
1 month ago

This is great. More high-quality skyscrapers like this in downtown MWC area. Can’t wait to see Legacy, 11, Natiivo, and this one rise

T.San
1 month ago

This is a common sales tactic. If you tried to lease, they would tell you they only have a handful of units left. Lease now before they run out!

Anonymous
1 month ago

Reserved…

Anonymous
1 month ago

Great!

Anonymous
1 month ago

Who is the developer? Do they have to do anything with Miami WC / Paramount? I asked because I have seen some of their sale staff there, and I don’t believe a word of what they say. They are shady….

Anonymous
1 month ago

No.
David Arditi is a solid guy and solid Developer.

Anonymous
1 month ago

Wonder if I could announce a new building with no kitchens and sell out in 30 days? Maybe

EJS
1 month ago

I find this very hard to believe.

Anonymous
1 month ago

Yo quiero Taco Bell.

Anonymous
1 month ago

investing in miami’s urban core guarantees big profits, these buildings sell out very fast, i don’t know why we still have so many empty lots

Anonymous
1 month ago

Does everyone realize this is PAID advertisement, I work for one of the biggest developers in Miami…Pls……$$$$$

Fern
1 month ago

Pienso lo mismo

Anonymous
1 month ago

This also sits right next to the College North Metromover station.

Anonymous
1 month ago

Que paquete..

Anonymous
1 month ago

Do we know where all this money is coming from. Also. I don’t call this progress, as these projects just keep piling up more and more cement in the city. The heat is unbearable downtown. No more trees!

Anonymous
1 month ago

Lot’s of money going to be changing hands before a demo permit for the existing structure is approved.

Anonymous
1 month ago

The bottom will fall out. A lot of people will be burnt. Miami does not have the socioeconomic stance to support this growth.

Anonymous
1 month ago

Source.

Anonymous
1 month ago

His high school diploma and his “intennet resurch” skills!

Anonymous
1 month ago

lol…

T.San
1 month ago

Source: Median income in Miami is $22k/yr. This phony boom is being driven by temporary remote workers with Manhattan salaries.

Anonymous
1 month ago

In the heart of downtown with 0 retail space 🤪🤪🤪

Azarius
1 month ago

You’re crazy, they would be a block or two from major shoppes and restaurants

Anonymous
1 month ago

And plus, they’ll have a Metromover stop right outside their door.

Anonymous
1 month ago

I Don’t think people realize that metromover is full of crack heads and smells piss. I don’t know a single person around me who uses it

Metromover to Wynwood
1 month ago

Never every tower needs to be lined with retail. Across the street from 6th st there will be hundreds of thousands of sq ft of retail space.

Anonymous
1 month ago

theres clearly retail on the ground floor of this project

ZachJ305
1 month ago

There is going to be a ground level bistro/bar space according to the developer’s marketing materials.

Anonymous
1 month ago

I pray that’s what the tower is getting, as opposed to a damn Subway and/or 7-Eleven *cough* Loft *cough*. A bistro/bar would serve the nearby lawyer clientele well, and connect this area better to MWC. Leave trashy MDC retail on its own campus buildings.

Anonymous
1 month ago

Actually there is a Huge outdoor retail mall being built two blocks away a Miami World Center. I love how haters come to this website to always talk shit about Miami lol

Anonymous
1 month ago

Wait, do you really expect some of them to read?

Anonymous
1 month ago

They are from Fort Lauderdale🤣

Anonymous
1 month ago

It’s literally by Miami Worldcenter