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
12 days ago

Miami’s on fire

Anonymous
12 days ago

CALL 911!

Anonymous
10 days ago

Or better said – Miami Winning.

Azarius
12 days ago

The market is HOTTT!!!

Anonymous
12 days ago

Get an AC!

Anonymous
12 days ago

GET A HOSE!

Anonymous
12 days ago

Plenty of “hoes” around

Anonymous
12 days ago

This tower reminds me of a typical Vancouver high rise.

Anonymous
12 days 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
11 days ago

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

Anonymous
11 days ago

They want to make the apartments look bigger. Duh!

Anonymous
11 days ago

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

Anonymous
12 days ago

I have my reservations on this news!

Metromover to Wynwood
12 days ago

Okay get pilings in the ground already

Anonymous
12 days ago

Hopefully Aria announces more infill like this soon

Anonymous
12 days ago

Yotel pad still isn’t open ??!

Anonymous
12 days 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
11 days ago

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

Anonymous
11 days 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
11 days 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
12 days ago

Reserved…

Anonymous
12 days ago

Great!

Anonymous
12 days 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
12 days ago

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

Anonymous
12 days ago

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

EJS
12 days ago

I find this very hard to believe.

Anonymous
11 days 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
11 days ago

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

Anonymous
11 days ago

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

Anonymous
11 days ago

Que paquete..

Anonymous
11 days 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
12 days ago

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

Anonymous
12 days 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
12 days ago

Source.

Anonymous
12 days ago

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

Anonymous
11 days ago

lol…

T.San
11 days ago

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

Anonymous
12 days ago

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

Azarius
12 days ago

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

Anonymous
12 days ago

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

Anonymous
11 days 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
12 days 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
12 days ago

theres clearly retail on the ground floor of this project

ZachJ305
12 days ago

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

Anonymous
11 days 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
12 days 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
12 days ago

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

Anonymous
12 days ago

They are from Fort Lauderdale🤣

Anonymous
11 days ago

It’s literally by Miami Worldcenter