Ross’s Comments – What you Need to Know about Vizcayne
Originally launched as Everglades on the Bay at the beginning of the crash in the condo market in 2008, this forced the developer to lease out the units as condo sales ground to a halt in Miami.
Two years later the project was acquired by a New York investment company, Rockwood Capital, that subsequently invested over $10 million in the common areas of the property and completed the resort deck.
Comprised of two identical towers (north and south), Vizcayne has one of the largest resort decks in Miami with four pools, a pool bar, and a separate 3-story 15,000 SF clubhouse and fitness center.
The lower levels of the towers have 10 units per floor, the mid level 8 units per floor (28 - 39th levels), and the top nine floors have only four units per floor (40 - 49th floors).
Some of the residences have smallish terraces and dead space, in particular, the corner 2 bedroom units with an interior den that has no windows.
BUILDING QUALITY
MANAGEMENT
LOCATION
RENT FRIENDLY
ACCESSIBILITY
FINANCING
DESIGN & EFFICIENCY
AMENITIES
WALKABILITY
PET FRIENDLY
PARKING
SECURITY
RECENT PRICE/SQ FT $415
RECENT PRICE/M² $4,467 SEE PRICE HISTORY
MAINTENANCE COST/SQ FT < $0.75
2 BEDROOM PRICE RANGE (2014-2015) $380,000 – $525,000
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UNIT SIZES 501 – 2,800 sq. ft (47 – 260 m²)
UNIT TYPES Studio, 1 ,2 and 3 bedrooms
# OF UNITS 869 – 2 towers
# OF FLOORS 49
# OF PARKING LEVELS 7
ARCHITECT Fullerton Diaz
DEVELOPER CABI Developers
PET POLICY Pets allowed subject to restrictions.
24-Hour Concierge, Valet and Security
Residents’ club on 8th floor Pool Deck level
Three-level Clubhouse with lounge, card room, billiards and catering kitchen
Movie theater for private showings
Fitness center with locker rooms, yoga, aerobics and Precor equipment
Spa & Wellness center with saunas, steam room and plunge pools
Swim Center with four heated pools, sun deck and outdoor bar & grill, tropical landscaping and bay views
DOWNTOWN MIAMI
After more than a decade of unprecedented public and private investment, downtown Miami has clearly turned a corner from what was once a strictly nine-to-five district into a 24/7 livable city. Since 2002, real estate projects with a value of close to $18 billion have been developed in downtown Miami, creating a strong base of commercial and residential development and serving as a magnet for new businesses and residents.
Downtown Miami is an urban residential neighborhood, and the central business district of the city of Miami and Miami-Dade County. Downtown is the historic, cultural, financial, and commercial center of South Florida, tracing its history back to the 19th century. With recent mass construction of high-rise residential buildings, several hotels and office towers, downtown continues to experience significant growth, with new shops, bars, parks, and restaurants opening up, attracting many new residents. According to the Miami Downtown Development Authority, Downtown Miami’s population has doubled over the past ten years and now has over 74,000 residents with a median household income of $70,800.
Downtown Miami is also the home of the vibrant Adrienne Arsht Center for the Performing Arts, American Airlines Arena, Perez Art Museum Miami, and Frost Museum of Science. The Perez Art Museum Miami is the new anchor of the 29-acre Museum Park overlooking Biscayne Bay and includes public gardens and sculpture installations. This vital downtown park is central to efforts to strengthen greater Miami’s momentum as an emerging global capital. A vibrant mix of green space and cultural offerings, in addition to the landmark new art facilities the park will also be the future home of the Frost Museum of Science.
In addition to the development and growth of the area in general, a massive $1.5 billion mixed use development dubbed “a city within a city”, the Miami World Center, is about to break ground. The mixed use development will consist of a massive 1 million SF shopping mall, 1,800-room Marriott Marquis Hotel, a 600,000 SF convention center, and three high rise towers with over 1,200 residential units.
