Many firsts are coming to Midtown, a Miami neighborhood that struggled as a result of the housing crash, as Dezer Properties LLC, the Related Group and hotel management firm sbe prepare to break ground in 2015 on a new condominium development at the store-lined, pedestrian-friendly corner for Hyde Suites and Residences.
On the list of first for the area are, the area’s first hotel, tennis court and some of its first major investments since the economic recession that caused the area to flatline. The new condo and hotel project is located at 3401 NE First Ave. south of the Design District, in the heart of a submarket targeting young middle-income residents who want the amenities of Miami’s urban center without the escalating prices.
“This is something Miami always needed,” said developer Gil Dezer. “We had it in South Beach in the ’80s, but South Beach has become expensive. This brings it back in an accessible way.”
Average rents still hover around $250 per sq. ft. compared to Brickell’s $270, and selling prices typically range from $450 to $600 per sq. ft. for compact units laden with amenities.
Hyde overs a more affordable price range from $249,000 to $900,000 compared to $600,000 to $5 million at its sister property, SLS Brickell. The development has plans for a 400-unit project with 60 condo hotel rooms furnished by David Rockwell, a spa, heated pool, tennis court, concierge services and valet parking.
“It’s a different type of product for a different type of buyer,” Rosso said. “It’s a little bit hipper, a little cooler for buyers who don’t want to come to Brickell.”
Marketing Hyde
Midtown’s reputation as a trendy neighborhood with chic restaurants and upscale retail will help Dezer and his partners launch the mixed-used real estate development next month.
Additionally, as a community that embraces the arts, Miami-Dade hosts more than 70,000 attendees at its much heralded Art Basel festival where Midtown—and Hyde—will be in the spotlight and showcase all the project has to offer.
“It’s a very important moment for us,” Rosso said. “We’re expecting 25,000 people to walk in front of our sales center into the art fair. It’s our opportunity to shine and show the world our projects.”
Currently, prospective buyers for Hyde have submitted 300 letters of intent within three months. With plans to break ground in 2015, the project is expected to be ready for occupancy in early 2018.