Address: 90 Alton Road, Miami Beach
Neighborhood: South of Fifth
Year Built: 1999
# Units: 362
# Floors: 34
# Parking Levels: 5
Ross’s Comments – What you Need to Know about Yacht Club at Portofino
Similar to the Floridian condo in South Beach, the Yacht Club has 12 units per floor with the odd numbers facing bay and even numbers the city.
Traditionally the most affordable waterfront option in South of Fifth with big bay views.
The building leases 115 parking spaces from the City of Miami Beach on a 101 year term lease that expires in the year 2099.
A big plus of owning in this building is that they have a flexible rental policy for absentee owners that wish to rent on a monthly or seasonal basis.
BUILDING QUALITY
MANAGEMENT
LOCATION
RENT FRIENDLY
ACCESSIBILITY
FINANCING
DESIGN & EFFICIENCY
AMENITIES
WALKABILITY
PET FRIENDLY
PARKING
SECURITY
RECENT PRICE/SQ FT $700
RECENT PRICE/M² $7,535 SEE PRICE HISTORY
MAINTENANCE COST/SQ FT $0.75 – $0.99
2 BEDROOM PRICE RANGE (2014-2015) $509,250 – $980,000
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UNIT SIZES 740 – 3,215 sq. ft (1,980 – 184 m²)
UNIT TYPES 1, 2 and 3 bedrooms
# OF UNITS 362
# OF FLOORS 34
# OF PARKING LEVELS 5
ARCHITECT Cohen, Freedman, Encinosa and Assoc.
DEVELOPER The Related Group
PET POLICY 2 pets up to 50 lbs each, other restrictions apply
24-hour concierge, valet & security
2 story lobby with waterfall
Bay-front swimming pool & jacuzzi
Tennis courts
Business center
Fitness Center
Sun deck
Entertainment room
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.
