Shahab Karmely: Location Of One River Point Adds 20% To Price Of Units

Kar properties CEO Shahab Karmely told the WSJ that 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.

 

 

PreviouslyUnits At Twin-Tower Project On Miami River Will Be Among The Most Expensive In Downtown Miami

 

28 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
Anonymous
6 years ago

Know what’s also a river? Da Nile

Anonymous
6 years ago

Nice!

Anonymous
6 years ago

Soundproofing between units should be part of the basic building code not a luxury item.

Really???
6 years ago

The building code has a minimum level for sound transmission that you have to meet. I believe the STC minimum rating is 50. However most people would recommend 55 as the minimum. 65+ is usually high quality.

So it’s not really an issue of soundproofing vs no soundproofing. There is a certain level of soundproofing in all buildings by code some just go above and beyond and pay for more soundproofing which is what I think they are suggesting here.

Anonymous
6 years ago

Interesting. Does the Mint, or any other riverfront project, sell at a 15% to 20% premium, or is the 300 feet of riverfront at ORP very special? I would suspect that the riverfront “premium” might be offset by a location discount, being on the wrong side of the river.

Anonymous
6 years ago

A cafe with wifi..?? Wow, that is so amazing….hehehe.

Danny
6 years ago

Who wants to bet that the waterfall is off most of the time.

Jim
5 years ago

That waterfall is going to be noisy – you will have to scream for valet to get you car or groceries from the trunk

Jim
5 years ago

more like not even there…this project will never get built

Anonymous
6 years ago

What’s a 20% premium on Zero?

Jim
5 years ago

Exactly – developer is working it for his own pocket

Anonymous
6 years ago

no chance this is happening

Anonymous
6 years ago

Good design, star architects, seems like where Miami is going and I’m all for it.

Anonymous
6 years ago

This site is entirely to small for a twin tower design, units will be looking into one another and blocking each others views, if they wanted to bring a premium they should have designed a single superthin tower with far less units. This project as currently planned will not bring any premium, even with Starchitect. Send Viñoly back to the drawing boards

Anonymous
6 years ago

Yeah Premium for looking at your twin tower neighbor

Anonymous
6 years ago

The natural shape of the land is made for two buildings not facing each other! I don’t understand the design here!

Jim
5 years ago

The design is restricted and you will be looking into the neighbors condo instead of Miami’s beautiful skyline

Jim
5 years ago

Now giving 20% off pre-construction purchase shows Shahab the developer is desperate, who would buy or live in a building where the views are restricted in seeing the skyline. The architect Vinoly is a genius but he missed the Miami idea on this design. Asking price psf $1000 is double of next door property called Mint, this project is a BUST and not a Boom. It’s obvious if your smart this project is a ridiculous scam and the developer and brokers are desperate.

Dev1
6 years ago

I repeat…this guy has never built anything!

Anonymous
6 years ago

you talk like you know him

Anonymous
5 years ago

Be careful if your an investor, do your homework on this one! You are wasting your time on something that will never be built!!

Anonymous
6 years ago

Agree with this. All major cities – price on rivers/waterfronts are much higher- think 20% sounds reasonable- can’t wait for this to be built

Anonymous
6 years ago

Its hard to consider the river ‘water front’ in Miami when the bay, with the views people really want, is just a few blocks east.

Anonymous
6 years ago

And the units with those views are cheaper than this. I like this project, but this pricing seems untenable.

Anonymous
5 years ago

The pricing is way too high psf – who are these people kidding. This project will never get built even if they cut the price in half

Anonymous
5 years ago

developer is a scam man – hasn’t built much prior, it all just doesn’t make sense on paper

Anonymous
6 years ago

This pricing is a value pound for pound when considering what you will get in this building for your money.

Anonymous
6 years ago

You must know something about getting money for this building.