The first tower will be an approximately $42-million glass tower with 118 luxury residences, plus 12 lofts. Plans call for Onyx 2 to have 122 units. The number of stories planned was not available. Onyx 2 is being developed on the 1.5-acre former site of the historic Bliss Residence and will have 270 feet of bay frontage. BAP-GGM is buying the land from Intrepid Realty and plans to close on the purchase April 15. Pointe Bank is providing the acquisition financing.
BAP-GGM Developers, a joint venture between BAP Development and GGM Developers, is developing both towers. BAP Development is headed by Willy A. Bermello and Luis Ajamil, and Gustavo Miculitzki heads GGM Developers. Bermello, who co-owns the architecture firm B&A, anticipates construction of Onyx 2 to begin in January.
"With the remarkable response to Onyx, we are confident that Onyx 2 will fulfill the demand for attractively priced urban condominiums in Miami," Miculitzki said in a statement.
Onyx was more than 70% sold within the first four weeks of sales. Those prices range from $345,000 to $1.9 million. Developers are planning to start selling Onyx 2 around June, when the ground-breaking for the first Onyx tower is planned--earlier than the originally planned ground-breaking date of September. Developers have not yet confirmed prices for Onyx 2; but the plan is for Onyx 2 to have larger units, with fewer units per floor, and pick up where the first tower left off, therefore being a little more expensive, according to a spokesperson for the project.
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