Ross’s Comments – What you Need to Know about Aria
Edgewater has experienced considerable development over the past 10 years and is now a popular residential neighborhood in east Miami.
The developer of Aria, Melo Group, has constructed a number of residential towers in the immediate neighborhood.
Unfortunately, the water views from most of the units will be impacted by an existing 39-story rental building to the south and the 1800 Club across the street on the north side.
An attractive feature of the residences are the deep and expansive balconies ranging from 200 to over 600 SF (18 to 56 m2) on the corners.
With many buildings in the area realizing a median price of $400 per SF, such as at Quantum and 1800 Club, and a median price close to $700 per SF at Paramount Bay, the pricing structure of Aria is attractive for a new product.
The typical rental price in the area ranges from $2.50/sf to $3/sf for a higher end product such as Paramount Bay (2020 N Bayshore Dr.).
Rental Policy - No lease shall be for a period of less than six (6) months; Leases are subject to association approval.
BUILDING QUALITY +
RENT FRIENDLY +
DESIGN & EFFICIENCY +
PET FRIENDLY +
UNIT SIZES 813 – 2,365 sq. ft (76 – 220 m²)
UNIT TYPES 1, 2, 3 and 4 bedrooms
# OF UNITS 647
# OF FLOORS 53
# OF PARKING LEVELS 12
DEVELOPER Melo Group
PET POLICY Pets allowed, subject to restrictions
2 Curved Sunrise/ Sunset pools
Children’s Pool, Teen Lounge & Kids Playroom
Expansive sun deck and lounge area
High speed wireless internet in social spaces
24 Hour concierge
Controlled entry garage with assigned parking
State of the art Gym and Yoga Studio
Outdoor fire pit with custom seating
BBQ area with summer kitchen features
Great room with social areas including pool table and flat screen TV’s
Private spa and massage treatment areas
Game room and library
Screening room/ theatre
Business center with conference room and offices
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.