Neighborhood: Midtown-Edgewater
Year Built: 2007
# Units: 435
# Floors: 16
# Parking Levels: 4
Ross’s Comments – What you Need to Know about Cité on the Bay
Cité Condos consists of three low rise buildings (185 units) facing Biscayne Boulevard and a mid rise tower (250 units) and pool deck facing Bayshore Drive and Margaret Pace Park.
The low rise and mid rise towers offer a combination of loft and flats units that are connected by the 4-story parking structure.
The majority of units have high ceilings and either a street level or “garden” view, with a few of the units on Bayshore Drive facing the open bay.
While the design of most units are supposed to be “lofts” with exposed concrete ceilings, the concept struggles with some wall partitions not reaching the ceiling and smaller windows in most of the bedrooms.
The community pool for the mid rise buildings is situated in an inner courtyard, and therefore, it does not receive a fair amount of direct sunlight.
BUILDING QUALITY
MANAGEMENT
LOCATION
RENT FRIENDLY
ACCESSIBILITY
FINANCING
DESIGN & EFFICIENCY
AMENITIES
WALKABILITY
PET FRIENDLY
PARKING
SECURITY
RECENT PRICE/SQ FT $302
RECENT PRICE/M² $3,251 SEE PRICE HISTORY
MAINTENANCE COST/SQ FT < $0.75
2 BEDROOM PRICE RANGE (2014-2015) $260,000 – $399,000
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UNIT SIZES 505 – 1,475 sq. ft (47 – 137 m²)
UNIT TYPES Studio, 1, 2 and 3 bedrooms
# OF UNITS 435
# OF FLOORS 16
# OF PARKING LEVELS 4
ARCHITECT Cohen, Freedman, Encinosa
DEVELOPER MCZ/Centrum
PET POLICY 2 pets per unit subject to other restrictions.
24-Hour Concierge, Valet and Security
Resort swimming pool
State-of-the-art fitness center overlooking pool deck
Club room with gourmet kitchen and entertainment center overlooking pool
2-story lobby
20,000 sf of on-site ground floor retail
MIDTOWN / EDGEWATER
The trendy areas of Edgewater, Midtown Miami, Wynwood Arts District and the Miami Design District, have quickly emerged as the next center of cultural, arts, commercial and residential growth just outside of the Downtown Miami district.
Major construction is already underway to further transform the Miami Design District into a destination for fashion, design and culture. In 2014, luxury fashion brands such as Givenchy, Miu Miu, Tom Ford, Fendi, and Dolce & Gabbana among others, will be opening in the Design District. The new development will also include buildings by renowned architects Sou Fujimoto, Aranda/Lasch, Iwamoto Scott and Leong Leong.
In what used to be the manufacturing district of Miami, over the past few years local developers have rehabilitated warehouses and other unused buildings into the Wynwood Arts District. Today, Wynwood consists of numerous art complexes, galleries, performing art spaces, restaurants and cafes.
Due to its strategic location and availability of waterfront property, Edgewater is currently realizing the largest growth of these submarket areas with over 2,600 new residential units under construction. According to a study released by the Miami DDA, this is a 67 percent increase over the current size of the market. This, combined with the development opportunities surrounding the Arsht Center for Performing Arts, present the most potential for long-term growth in the Greater Downtown Miami Market.
Based on the historical absorption of new residential units (since 2001) and the anticipated annual delivery of new units, we expect that there will still be considerable residual pent-up demand for new construction condos in the area over the next four or five years.
#8 PARAMOUNT BAY |
#4 ST REGIS |
#1 APOGEE |