Ross’s Comments – What you Need to Know about Opera Tower
Located in the southeastern corner of Edgewater, which is now a very desirable location for residents with even a new Publix shopping center across the street on Biscayne Boulevard.
The recreation deck of the property is situated on the eleventh level of the oval shaped building which contains 16 studio, one bedroom and two bedroom units per floor.
Due to slow sales in the tower, the developer has been offering a 3 year sale / lease back program that guarantees a 6 percent rental yield per annum.
Some units on high floors (40+) offer dynamic big views over the bay and city.
While residents love the location of this tower, many have complained of poor management, parking, elevator, and other related issues.
BUILDING QUALITY +
RENT FRIENDLY +
DESIGN & EFFICIENCY +
PET FRIENDLY +
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UNIT SIZES 503 – 1,048 sq. ft (47 – 97 m²)
UNIT TYPES Studio, 1, and 2 bedrooms
# OF UNITS 635
# OF FLOORS 56
# OF PARKING LEVELS 10
ARCHITECT Corradino Group Architects
DEVELOPER Florida East Coast Realty
PET POLICY 2 pets up to total 50 lbs, other restrictions apply
24-Hour Concierge, Valet and Security
Large swimming pool/whirlpool spa
State-of-the-art fitness center
Residents’ lounge and social center, equipped with bar & kitchen service
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.