Letter from Miami: riding the residential real estate boom in 2017

When it comes to Miami, the real estate quip about ‘location, location, location’ might well be appended with unreasonably sunny weather and easy access to the sea. This trifecta helps explains, we think, the residential real estate boom currently sweeping through the city.

From South Miami Avenue and Edgewater to Midtown, the hoardings are coming down to reveal sparkling luxury condominiums and mixed-used developments, a great many designed by blue-chip studios like OMA, Lissoni Associati and Zaha Hadid Architects.

‘Miami’s rapid growth is leading to a significant influx of new residents who might have previously opted for cities like NYC or LA,’ says Carlos Rosso, president of The Related Group’s Condominium Development Division, which is behind a sweep of new developments including Park Grove, SLS LUX and The Paraiso District. ‘This is, in turn, leading to more and more high-paying employers, hotels, cultural institutions, and world-class culinary options.’

Each of the city’s different neighbourhoods, he adds, ‘has developed a truly unique personality, which resonates with different groups of people and residents. Someone who is interested in a slower, more village-like experience might gravitate towards Coconut Grove, whereas someone looking for a live/work/play lifestyle might be more interested in South Miami Avenue or Midtown. There is more diversity and choice than ever before.’

Camilo Miguel Jr, CEO of Mast Capital which just completed Louver House is equally bullish about Miami’s real estate boom. ‘Though this is a young city compared to other US metropolises, it has long been considered the gateway to Latin America, but we’re seeing this reputation evolve into something new. The growth of arts and culture in the local community is attracting buyers from new and unexpected international markets, so this is creating an exciting opportunity to create and shape the identity of emerging and even established neighbourhoods.’

Herewith, our pick of the choice residential addresses to consider moving into.

One Thousand Museum by Zaha Hadid Architects
Rising a dizzying 62-stories, One Thousand Museum is Zaha Hadid’s first (and, unfortunately, only) residential skyscraper in the Western hemisphere. Harnessing the late architect’s exoskeleton design, the 83-unit pleasure dome also features the city’s only private rooftop helipad. Completing in late 2018.

Echo Brickell by Carlos Ott and YOO Studio
On Brickell’s buzzy east side of Brickell, the willowy silhouette of Echo Brickell is the work of architect Carlos Ott and YOO Studio. Set to open in autumn 2018, its 180 residences are paired with bracing views of Biscayne Bay, South Beach and Downtown Miami.

Hyde Midtown Suites & Residences by Arquitectonica
The Related Group and Dezer Properties tapped Arquitectonica to create their 31-storey, 395 luxury condominium residences project in heaving Midtown, within striking distance of Wynwood and the Design District. David Rockwell, meanwhile, worked on 60 suites that are available for daily rental. Projected to complete in early 2018.

Louver House by Rene Gonzalez
Architect Rene Gonzalez’s titular louvres provide welcome shade, but also subtly demarcate public spaces while casting eye-catching patterns on the stonework of this three-storey, 12-residence property in Miami Beach’s South of Fifth Street neighbourhood of Miami Beach. Launched September 2017.

One River Point by Rafael Viñoly
Rafael Viñoly’s first Miami project strikes a head-turning pose at the edge of Miami River, its hollowed triangular silhouette capped by an extraordinary 800ft-high glass sky-bridge that holds loft residences.

The Paraiso District
It’s difficult to overstate just how ambitious this project is. Sprawling over 11 acres, The Paraiso District in East Edgewater comprises four residential towers, the first of which is due to complete in early 2018, alongside seven pools, a private marina and beach club. Headlining the project are bold-faced creatives like Piero Lissoni, Meyer Davis and Enzo Enea.

Park Grove by OMA
The three-towered Park Grove’s credentials are impeccable. The first US residential project by OMA/Rem Koolhaas is complemented by interiors by Meyer Davis Studio and a two-acre sculpture park by Enea Landscape Architecture. The first two towers are due to complete in early 2018.

SLS Lux by Ana Martinez
Set to open in early 2018, this 58-storey tower is by Arquitectonica, with a shimmering LED façade by Ana Martinez and interiors by Yabu Pushelberg. The 450 units, alongside 14 penthouses on the top three floors, are braced with views of Biscayne Bay and Miami’s skyscrapers. 

Wynwood 25 by Kobi Karp
It’s odd that Wynwood, a district long celebrated for its artists, restaurants and boutiques, still lacks a bona fide boutique residential development. Happily, ground has just broken on architect Kobi Karp’s low-slung horizontal tower, the 289 micro-units (studios and one-bedrooms) due to be completed in 2019.