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
2 months ago

Miami’s on fire

Anonymous
2 months ago

CALL 911!

Anonymous
2 months ago

Or better said – Miami Winning.

Azarius
2 months ago

The market is HOTTT!!!

Anonymous
2 months ago

Get an AC!

Anonymous
2 months ago

GET A HOSE!

Anonymous
2 months ago

Plenty of “hoes” around

Anonymous
2 months ago

This tower reminds me of a typical Vancouver high rise.

Anonymous
2 months 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
2 months ago

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

Anonymous
2 months ago

They want to make the apartments look bigger. Duh!

Anonymous
2 months ago

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

Anonymous
2 months ago

I have my reservations on this news!

Metromover to Wynwood
2 months ago

Okay get pilings in the ground already

Anonymous
2 months ago

Hopefully Aria announces more infill like this soon

Anonymous
2 months ago

Yotel pad still isn’t open ??!

Anonymous
2 months 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
2 months ago

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

Anonymous
2 months 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
2 months 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
2 months ago

Reserved…

Anonymous
2 months ago

Great!

Anonymous
2 months 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
2 months ago

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

Anonymous
2 months ago

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

EJS
2 months ago

I find this very hard to believe.

Anonymous
2 months ago

Yo quiero Taco Bell.

Anonymous
2 months 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
2 months ago

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

Fern
2 months ago

Pienso lo mismo

Anonymous
2 months ago

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

Anonymous
2 months ago

Que paquete..

Anonymous
2 months 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
2 months ago

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

Anonymous
2 months 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
2 months ago

Source.

Anonymous
2 months ago

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

Anonymous
2 months ago

lol…

T.San
2 months ago

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

Anonymous
2 months ago

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

Azarius
2 months ago

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

Anonymous
2 months ago

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

Anonymous
2 months 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
2 months 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
2 months ago

theres clearly retail on the ground floor of this project

ZachJ305
2 months ago

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

Anonymous
2 months 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
2 months 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
2 months ago

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

Anonymous
2 months ago

They are from Fort Lauderdale🤣

Anonymous
2 months ago

It’s literally by Miami Worldcenter