Kar properties CEO Shahab Karmely told the WSJthat the location of his upcoming condo project on the Miami River ‘drives up our pricing by a minimum of 15 to 20 percent.’
Pricing at the project, One River Point, will range from $800,000 to over $12 million. Sales haven’t started yet.
Next door at The Mint, condos that have been closed on in the past year have averaged just over $400 per square foot, according to MLS data. That building was completed in 2008.
Other area projects such as Zaha Hadid’s One Thousand Museum have successfully sold units at a significant premium compared to neighboring buildings. Karmely has previously said that architecture by Rafael Viñoly Architects would boost the value of his units. The developer is also adding other luxury features such as soundproofing and private elevators.
The developer compared the Miami River to ‘London’s Thames, Paris’s Seine or Tokyo’s Sumida.’ He said that he was adding a wider Riverwalk behind the property than required by code, along with a waterfall and cafe with Wi-Fi.