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Paramount Bay

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Neighborhood: Midtown-Edgewater

Year Built: 2011

# Units: 338

# Floors: 47

# Parking Levels: 5

ROSS100 Condo Index Ranking +

7

out of 100

COST RATING: +

2.14 out of 5

LIFESTYLE RATING: +

3.58 out of 5

Ross’s Comments – What you Need to Know about Paramount Bay

Situated directly on the bay with most units facing either east or southeast, Paramount Bay offers impressive views over Biscayne Bay, the Venetian Islands, and Miami Beach.

With private elevator entrances, flow through floor plans, 10 foot ceilings, deep terraces, plus big bay views, Paramount Bay is currently the highest rated building in Edgewater.

The tower is easily distinguished by its walls of glass that are stacked from 37 to 47 floors at its peak, which allows for several penthouse units with fantastic private rooftop terraces.

With a variety of 1, 2 or 3 bedroom configurations, there are several attractive floor plans with inspiring living room and entertainment space, open kitchens and master suites.

BUILDING QUALITY +

MANAGEMENT +

LOCATION +

RENT FRIENDLY +

ACCESSIBILITY +

FINANCING +

DESIGN & EFFICIENCY +

AMENITIES +

WALKABILITY +

PET FRIENDLY +

PARKING +

SECURITY +

RECENT PRICE/SQ FT $669

RECENT PRICE/M² $7,201   

MAINTENANCE COST/SQ FT < $0.75

2 BEDROOM PRICE RANGE (2014-2015) $646,000 – $1,300,000

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UNIT SIZES  1,128 – 2,694 sq. ft (105 – 250 m²)

UNIT TYPES  1, 2, 3 and 4 bedrooms

# OF UNITS  338

# OF FLOORS  47

# OF PARKING LEVELS 5

ARCHITECT  Arquitectonica

DEVELOPER  Royal Palm Communities

PET POLICY  2 pets per unit subject to other restrictions. 

24-Hour Concierge, Valet and Security

Spacious open floor plans with 10-foot high ceilings

Main pool deck with 91-foot-long pool, featuring cabanas, ping pong, theater lawn, interactive splash fountain for kids, and fire pit

A second private sunrise waterfront pool

Grand lobby with 30-foot high ceilings and individual elevator banks

Two-story 6,000 sf spa and fitness center with a state-of-the-art equipment including Wii Fit, sauna, steam room, private treatment rooms, and featuring Decleor products

Business lounge featuring video conferencing and private meeting space

Separate Teen and Children’s area with live view webcams

Billiards room

Building-wide fiber optic backbone allowing for the fastest Internet possible

On-site car wash 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.

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Paramount Bay 25.796736, -80.188095 2020 North Bayshore Drive, Miami, FL, United States (Directions)

NOW TRENDING IN ROSS100

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