Located here at 1 S. River Dr., in the city's Riverside District, the new development will front the east bank of the Miami River at the crossroads of Flagler St. and South River Dr. River House Lofts will include 806 residential lofts, 205,000 sf in office loft space, 64,000 sf in restaurants and 112,000 sf in open-air space.
Tower one will house 156 residential lofts, 45,000 sf in office lofts, 12,000 sf of air-conditioned restaurant space and 30,000 sf of open-air space. The second tower is slated to have 150 residential lofts, 40,000 sf in office lofts, 12,000 sf of restaurant space and 12,000 sf of open-air space.
Tower three will include 250 residential lofts, 60,000 sf in office lofts, 20,000 sf in restaurant space and 40,000 sf of open-air space. The fourth tower also is planned for 250 residential lofts, 60,000 sf in office loft space, 20,000 sf in restaurants and 30,000 sf of open-air space.
Additionally, the project calls for a world-class spa, a beach club, pools and recreational facilities, five-star riverfront restaurants, boutique retail and entertainment centers, and a gourmet Latin quarter-style marketplace. Two new riverfront parks will also be created along with two River House City Park Piers with boat slips and docks.
The 33-story first tower is scheduled to start demolition in mid-March and begin construction in November. Ground-breaking for the second tower is set for June 2004, while ground-breakings are scheduled for June 2005 and June 2006 for the third and fourth towers, respectively.
The residential lofts will range in size from 950 sf to 1,500 sf and will sell for an average of $350 per sf. Penthouse lofts will range from 3,200 to 5,000 sf and sell for an average of $500 per sf. The office lofts will range from 1,500 sf to 7,500 sf and go for an average of $300 per sf.
Restaurant spaces will range from 4,000 sf to 20,000 sf. Waterfront prices will start at $500 per sf, while park-front and plaza-front prices will begin at $400 per sf.
The River House Lofts reservation center is scheduled to open Jan. 15, and the sales center and showrooms are set to open by March 15.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
