This Week in Miami Real Estate: Breaking ground, setting records and more

57 Ocean breaks ground

Developer Multiplan Real Estate Asset Management broke ground on an 18-story boutique condominium, 57 Ocean, on Millionaire’s Row in Miami Beach. The project will feature two, three and four bedroom units, ranging from 1,200 to 3,600 square feet, along with two penthouses and two beach houses. Amenities will include expansive terraces, marble countertops, 10-foot ceilings, natural stone floors and private elevator entrances. “This is a proud moment,” said Managing Partner of Multiplan Real Estate Asset Management Marcelo Kingston at the April 4 groundbreaking ceremony. “Even before putting shovels in the ground, the response from the market has been tremendous.”

Merrick Manor finishes in Coral Gables

Developer The Astor Companies has completed their Merrick Manor project in Coral Gables, the largest residential development built in Coral Gables to date. The 10-story development features 227 residences and 20,000 square feet of retail and restaurant space. “This is a special moment for our company, my family, the project team and everyone who supported Merrick Manor along the way,” said President and CEO of The Astor Companies Henry Torres. More than 65 percent of units are already under contract with prices for remaining residences ranging from $374,990 to $2.6 million. Unit amenities include Italian cabinetry, white quartz countertops and large terraces. The development also features 24-hour valet parking, a lobby lounge area, a business center, and a resort-style pool.

YOTEL sets new sales record

OneWorld Properties has sold 75 percent of their YOTELPAD Miami development in nine months, breaking the record for fasting-selling project in Downtown Miami. The development, set to be completed in 2021, will be a mixed-use hotel and residential property that will be the first of its kind on the East Coast. YOTELPAD plans to incorporate the use of tech-robots with the ability to deliver food, beverages and documents. Other amenities will include a full-service restaurant with outdoor seating, a fitness center, co-working space and pool deck. “Reaching this sales milestone speaks to the strength of the YOTEL brand and the strong international network we have tapped,” said CEO of OneWorld Properties Peggy Olin. “Sales at this rate is not something you see in Miami every day.”

Sklar Team host panel on new construction

The Rose and Dean Sklar Team with Coldwell Banker hosted a new construction symposium titled, “Are You Ready To Move East and Transition From The Empty Nest?” The event took place at the Midtown Athletic Center Weston in Weston, FL on April 11th and included information about local real estate such as downsizing, career and life transitions, and market trends. It was moderated by Dave Warren, of Channel 4 CBC, and featured a panel of experts: CEO of READYSETMORE Jo-Aynne von Born and Coldwell Banker Residential Real Estate’s regional vice president for Southeast Florida Nancy Klock Corey. “I’ve had clients who are empty-nesters or simply looking to downsize to something more comfortable but with the luxuries of a new home, and with new construction on the market, it’s essential to have the best representation when selling or purchasing a home,” said Rose Sklar.

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