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Icon South Beach

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Neighborhood: South of Fifth

Year Built: 2005

# Units: 281

# Floors: 42

# Parking Levels: 5

ROSS100 Condo Index Ranking +

13

out of 100

COST RATING: +

2.98 out of 5

LIFESTYLE RATING: +

3.75 out of 5

Ross’s Comments – What you Need to Know about Icon South Beach

Rising 423 feet over South Beach, the ICON was developed by the Related Group with Sieger Suarez as the architects and Philippe Starck as the designer.

True to Philippe Starck’s other South Beach creations, such as the Delano Hotel, the ICON has a dramatic lobby and common areas that emphasize “arts, classical, nature and minimal”.

Recently, the building completed a full renovation of all the semi-private elevator lobbies and toned it down from pop colors to wallpapered walls with a faux wood veneer look and marble floors.

Consisting mostly of 2 bedroom and 3 bedroom units, it offers dynamic city and bay views from lines 01, 03, 05 and 07 on the bay side of the building.

In late 2012, PH2 was sold by coal mining heir and billionaire, Wayne Boich Jr., and fetched a record price of $21 million, or $2,623 per SF.

BUILDING QUALITY +

MANAGEMENT +

LOCATION +

RENT FRIENDLY +

ACCESSIBILITY +

FINANCING +

DESIGN & EFFICIENCY +

AMENITIES +

WALKABILITY +

PET FRIENDLY +

PARKING +

SECURITY +

RECENT PRICE/SQ FT $1,148

RECENT PRICE/M² $12,357 

MAINTENANCE COST/SQ FT $0.75 – $0.99

2 BEDROOM PRICE RANGE (2014-2015) $1,150,000 – $2,630,000

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UNIT SIZES  851 – 2,158 sq. ft (79 – 201 m²)

UNIT TYPES  1, 2 and 3 bedrooms

# OF UNITS  281

# OF FLOORS  42

# OF PARKING LEVELS  5

ARCHITECT  Sieger-Suarez

DEVELOPER  The Related Group

PET POLICY  Pets are allowed, subject to restrictions. 

24-hour concierge, valet & security

20-foot ceiling lobby designed by Philippe Starck

Business, media, recreation and event rooms

Common areas designed by Philippe Starck

State of the art fitness center and spa

Housekeeping, laundry and dry cleaning service

Cafe

Heated lap and infinity edge pool

SOUTH OF FIFTH

As with many of Miami’s historic neighborhoods, the South of Fifth “SoFi” neighborhood in Miami Beach enjoyed its heydays in the 1950′s. Miami Beach had a reputation as the “American Riviera” with its beaches, hotels, tropical weather, mobsters and star power. However, the area was ethnically divided with SoFi as home to a thriving, mostly Jewish community, while the areas to the north and even some hotels had little tolerance for diversity. A number of hotels had “restricted clientele” rules and some properties transferred with deeds prohibiting “Hebrew blood.”

By the 1970′s, however, SoFi had become a haven for Jewish retirees and the younger generation stopped moving in. As the area declined, the city formed what was known as the “Committee to Keep Greater Miami Beach Young.” In an effort to eliminate most of the structures south of Fifth Street, the city created the South Shore Redevelopment Area in 1973. The city leader’s imagined that the $400-million plan would completely revitalize the area. Unfortunately, it all but guaranteed the area’s decline.

Many theories exist as to why the plan failed so dismally, but clearly it influenced property owners to stop taking care of their existing buildings. As the neighborhood was so cheap, it attracted the poor and crime and drugs became rampant. Unfortunately, things continued to get worse and it was not until the mid 1990′s that interest re-emerged to invest in the SoFi area.

Today the SoFi neighborhood represents the success that major redevelopment can produce. The area is very safe, it boasts a highly ranked elementary school, South Pointe Park, many successful businesses, restaurants, hotels, nightclubs and some of the most expensive real estate in Miami. Every weekend the beach is packed with locals and tourists. There are several iconic luxury condo projects in the SoFi area, including the Apogee, Murano Grande, Icon, Continuum North and South, Portofino Tower, Murano at Portofino, in addition to several currently under construction.

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