Ross’s Comments – What you Need to Know about Onyx on the Bay
While the immediate neighborhood (Edgewater) surrounding Onyx is experiencing a major new wave of residential and commercial development, it still has quite some way to go before fully gentrifying.
Towards the end of the last condo construction boom, Onyx on the Bay was introduced with a massive party, sushi was served on exotic models, and celebrity showings.
Located directly on Biscayne Bay, most loft or flats units offer amazing water views, and with only 5 units per floor, this building is very private and quiet.
The pool area is located on the east side of the tower facing the bay and there is also an eighth floor sunset garden on the west side of the tower.
One of the drawbacks in the design is that many of the terraces facing the bay are shallow and only about 3 to 4 feet deep.
BUILDING QUALITY +
RENT FRIENDLY +
DESIGN & EFFICIENCY +
PET FRIENDLY +
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UNIT SIZES 886 – 3,359 sq. ft (82 – 312 m²)
UNIT TYPES 1, 2, 3 and 4 bedrooms
# OF UNITS 118
# OF FLOORS 28
# OF PARKING LEVELS 5
ARCHITECT Bermello, Ajamil & Partners
DEVELOPER BAP Development & GGM Developers
PET POLICY 2 pets per unit subject to other restrictions.
24-Hour Concierge, Valet and Security
Infinity-edged pool and whirlpool
Every unit has a direct bay view
Fitness center with cardio-theater
Poolside barbecue grill and bar
32-seat movie theater
Climate controlled wine cellar
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.