Miami’s Proposed 50-Story Natiivo Tower Already Half Reserved, Will Break Ground This Year

Pre-sales are strong at downtown Miami’s proposed 50-story Natiivo tower.

In just a few months since sales launched, there are already reservations for 50 percent of Natiivo’s 412 units, and reservations are now being converted into contracts.

Buyers will be able to rent out their units short term on any home sharing network.

“Natiivo Miami is outperforming the market, and sales are ahead of construction. We are going to contract, with 50 percent of the units presold” said Alicia Cervera Lamadrid, Managing Partner of Cervera Real Estate. “The pace at which this project is selling speaks volumes to how strongly the flexibility of home sharing resonates with buyers.”

The project has already been submitted to Miami’s Planning & Zoning Department, and groundbreaking is expected this year. There will also be 200 hotel units, in addition to the condos.

Amenities will include an exotic resort pool with pool-side cabanas, co-working space, private meeting rooms with a terrace, a state-of-the-art fitness center, a Peloton studio, a yoga lounge and a street-front restaurant with an outdoor dining terrace.

Completion is scheduled for early 2022.

Arquitectonica is the architect, with interiors by Urban Robot. Newgard Development Group and Crescent Heights Co-Founders Russell Galbut and Bruce Menin are the developers.

 

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Anonymous

I like this project, from the simple super scale that will compare nicely to 10 Museum Park nearby, to the brick bottom that integrates into old downtown ideas, to that pretty cool looking pool deck. This will also help connect south downtown to Worldcenter, getting us closer to some cohesive streetscapes. Very sharp design rationale.

outdated condo docs

I think the fact that buyers can rent out on short term with homesharing networks helps with sales. Many older condos (their Boards) get obsessed against this practice. I find that developers know what they are doing with the new projects allowing this practice in the condo docs. Also, they understand being dog friendly which many condo are against. The bottom line is that we are in 2020 and not 2005, and the condo declarations written to reflect today’s market reality of 2020 will garnish higher sales – Home sharing renting apps, and pet friendly (not too restrictive on size). It is a difficult reality for some older buildings to embrace and they miss out on a lot of lost market value, yet complain and ask why their prices are not higher. – in my opinion.

Anonymous

Time Share City.

Anonymous

You are absolutely correct, however, everything has two sides. The reason why many condos are against these practices is because when a building allows short term rentals it attracts people who do not care about their surroundings and treat the place like it is a Hotel or worse yet as a Hostel. I do like the fact that this project is not hiding what they will allow up front for everyone to know what to expect. Best of luck to them.

Anonymous

Exactly, so this project is good, to let the people who want to do this, have a place for it. And other buildings that want to remain without short term, can do so as well. Everyone wins.

Anonymous

Just as the owners know that they will be paying higher maintenance fees in order to upkeep the facilities. Just take a look at 50 Biscayne, it’s a shame how that building has degraded due to short term leasing.

Anonymous

..or the ability for extra revenue offsets the enormous costs to maintain these new type of buildings that demand so much more amenities than in the past. Old buildings deteriorate because members do not want fees to go up and to fully fund reserves as the building ages. This extra revenue works the other way. Welcome to the new world.

Anonymous

Helps ??!! That’s the PRIMARY mover just like the other one with the same short term rental policy.

Anonymous

Very true! And this is why I believe the newer buildings with condo docs written for the age are worth more and will go up in value more versus the old stodgy rules and regs that don’t apply in today’s world.

Anonymous

Transients and barking dogs–just what normal people in condos want as neighbors NOT

Anonymous

Then the “normal people” will move out, and not be part of downtown living.

… in an AirB&B building…

Anonymous

…and you will be left with transient degenerates and crapping barking dogs. Enjoy!

Anonymous

…and your market prices will continue to fall and not reap any price appreciation from the changing market place as new buildings continue to come to market with condo docs that reflect the new market trends.

Anonymous

OK boomer

Anonymous

Continue to fall lmao…..in a pet unfriendly bldg that has seen prices rise more than any legal investment outside of the stock market.

Anonymous

The condos that are very strict with pets as well as rentals are INFINITELY better than those that are loose with the rules. Been there, done that and will be really careful about the next condo purchase. Not everyone loves dogs or the crap that they create and the barking. It’s the pet owners lack of consideration – not the dogs. And not everyone wants to experience a hotel situation with their neighbors. Serious buyers, only investors will flock to these buildings. No thanks.

Anonymous

From what I read in the SFBJ:
70% of melennials have dogs.
Melennials outnumber baby boomers in 2019.
There are probably more people with dogs these days than not.
Home sharing apps.
Completely understand the nusiances, but outdated condo docs and ideology will kill you. Even serious buyers come into play. If Fideo is not welcomed into the building because of size, that building wouldn’t even make it on the list look at from that affluent buyer.

Anonymous

Geez from what I “read” 50% of “melennials” have sex with their dogs. Lets keep reading….

Anonymous

We own a second home townhouse in a ski resort area out west. Our HOA docs do not allow any rental less than 60 days. The issue has come up a couple times and the vote is always against 8-1. Older group of owners and even the few younger ones don’t want partying next door when they go home. To each his own.

Anonymous

Exactly, this whole conversation has to do with age. When people are young they don’t mind living in Dorms or Hostels, it is viewed as an adventure, not to mention the possibility to hook up with someone who will only be there for a limited time. However, as we get older that perception changes. If it is for an investment, who cares? Let the tenants do what they want but if it is for a primary residence most people will not vote to have it be like a Hotel. I can guarantee you that the 20 and 30 somethings writing the comments here today will have a completely different opinion 20 to 30 years from now.

Anonymous

I am in my 50s and I wrote the original post. You miss my point. The world has changed with mellenials outnumber the baby boomers, everyone has a dog, and we are in a technological age of apps – home sharing. Even some buildings now have a hotel program where you can put your unit in a pool to be used as a hotel if you are not using it. The homeownership rate has also changed, and people don’t live in the same place for a long time because of job relocations. It is not an age thing. It is today. If you want to maximize your condo values you need to bring your docs into 2025, not 2005 or 1985. You limited your sales to 25% of the marketplace with that approach.
Get aggressive with rule nuisances enforcement, but do not limit your condo docs on lease terms or pet restrictions.

Anonymous

Surefire way to create a future section 8 building. Maybe in low buck chuck $180K condos on Bird Rd that’ll fly but nobody looking to live in a $500K+ condo wants transients and barking dogs. That desire transcends age and time.

Anonymous

Statistics don’t support that at all.
Why do you think all the new high end buildings have all the pet amenities? I recall reading a blog the other day on someone astonished at reading “pet gym with pet exercise equipment” on an article. You are not living in reality.

Anonymous

…ALL the new high end buildings….Everyone has pets…man you sure make plenty of ASSumptions and absolutes

Anonymous

I agree with you regarding pets, probably because I have a biased opinion since I love pups more than I do people. Having said that you are combining two different points into one. I have been doing real estate for the last 15 years and my clients range from early 20’s to old timers in their 50’s. I think I have helped one or two couples in their 60s in my entire career. Most people do not want to spend hundreds of thousands of dollars to live in building that resembles a Hotel. The point you don’t seem to address is the fact that short term stays equals people not taking care of the unit or the building. This is a major problem and you cannot sweep it under the rug. I deal with it everyday from investors. Sound like you have a stiffy for a building like this and I am happy for you but do not try to force your way of life to people who want to put their hard earn money into a HOME not a quasi time share.

Anonymous

The word you were reaching for, champ, was “garner.” Garnish is what a line cook does in the kitchen. But I guess you gotta do you.

POLO

I like the bottom of the tower with all that brick look. It’s unlike anything in Miami today.

peej

Nice looking project, but why bother with the fake park shown to the north in the primary render? The 6th photo is far more realistic…

Anonymous

Wouldnt mind having that park there instead of Luma tower, just saying.

MiamiArchi

I have to say one of my favorite designs from arquiteconica in a long while. Looks different and the podium is very nicely proportioned compared to what you usually get.
And I’m really liking the interiors. The kitchen design is actually really nice in my opinion.
Here’s hoping it all doesn’t get VE’d to death.

Anonymous

Wow, between this, Luma, the citizen M Hotel in MWC, and 400 Biscayne, the skyline gap might be a thing of the past in just 2 years!

Anonymous

still some gaps to fill, but you are right.. downtown is filling up and eliminating those surface parking lots, with beautiful buildings and people

Anonymous

hope the stylized N on the roof lights up….would look nice

Anonymous

Meanwhile some developers are saying the market isn’t good right, yet this project is half reserved in months. It really depends on marketing and if the developer actually wants to build it.

Anonymous

Not a real condo – just someplace for investors to park money with a hope of a return. The new slums of the 2020’s.

Anonymous

Marketing is key, but a good project that makes sense is more important.

Anonymous

Get the google maps at the bottom of your articles again

Anonymous

Love the concept for the snowbirds.

Anonymous

Love the brick… Hope we see more of that on other new buildings. Makes the stucco look we see so much feel old.

Anonymous

Great project, I love Miami

Anonymous

Investment opportunities and grows the Miami economy (jobs, jobs, jobs).

Shawn Kouri

Oh my gosh! I can’t wait until this is built!!! Miami needs more hotel rooms and Vacation rental friendly condos.

Shawn Kouri

Is Peloton opening a third studio with instructors in Miami.

Anonymous

Nice

Anonymous

That Pool image is TOTALLY FAKE….they eliminated the Freedom Tower and the AA Arena and the 3,400 square foot digital display that will look like a big TV with constant commercials playing….OOPS….

Anonymous

All the images are fake… they’re called renderings. This place does not exist yet!

BFB

of course the images are simulations or renderings as you call them. The point being that they are rendered to represent what it would in fact look like when the project is complete. The prior comment aptly pointed out that the marketing team decided to not place true landmarks nor any other buildings in that pool rendering because the reality would be that the pool would not be as attractive and enviting nor have a long view to Biscayne bay and Miami Beach. Their goal is to sell a false narrative and idealize their project and lure ppl to buy units.

Anonymous

MWC project is transforming downtown Miami

Anonymous

Wow – across from the arena.

Anonymous

The base is nice, that’s it. The tower is a giant box, and no light feature at the top will change it.

Anonymous

What’s the exact location of this project? I didn’t see a map or address…?

Anonymous

Its on 6th street next to the MDC wolfson parking garage.

Anonymous

Who is the General Contractor on this project??

Anonymous

I like it, with the exception of the base which has the factory looking windows.

Jesus

That park to the left in the first shot looks nice! But will it be there? The world remains on the edge of their seats to find out!

Anonymous

Talk to peej

Anonymous

Why should it? Walk literally one block and cross the street and you’re in parks.

Anonymous

It will not. Block H and Luma Tower of MWC are both under construction in the middle of that “park” right now.

Anonymous

This design is nothing to write home about.

Please developers, get some Asian architects to design your buildings for a change.