50-Story Condo Project To Rise Along Biscayne Bay

MIAMI-A small tract of local land–0.6 acres–has been sold, and a 50-story, $80-million-plus, 320-unit condominium project is in the preliminary planning stages for the property, near Margaret Pace Park and along Biscayne Bay.Cameo Apartments Ltd. of Miami Beach bought the 28,000-sf site for $4.5 million. The seller was Ader Properties. Madison Capital Group LLC arranged the sale of the development site, at 1825 and 1837 N.E. 4th Ave.In the early planning stage, the project is yet unnamed, according to Frederick A. Neustein, director of Madison Capital Group in Miami. It would be “a very unique building,” as the site on which it will be developed is small, and would rise 10 stories above Quantum on the Bay, a 750-unit, two-tower, $90-million luxury condominium project Terra Adi International Developments is developing immediately to the east.The Cameo Apartments Ltd. project would have unobstructed views to the north and south, Neustein says. Currently, the project–which has a development potential of approximately 500,000 gross sf–was beginning the master use special permit process, which typically takes six to 10 months in Miami, Neustein says.Although the area is home to several projects under development, Neustein says the demand is there. “I think Miami is one of the hottest markets in the country right now,” he says. “Every day, we have between 800 and 1,000 people move to Florida.”While there is significant supply in the development pipeline for Miami, this market is quite unique by virtue of the fact that there are so many different dynamics involved…between the snowbirds, retirees, Europeans, Latin American Investment [flight capital when times are bad and investment capital when times are good]. Miami is the gateway to Latin America. Many Latin investors would prefer to own an empty condo unit here instead of investing in the stock market.”The recently refurbished, eight-acre Margaret Pace Park, just to the east of the site, will provide additional amenities to the planned project. The park features new public tennis courts, pedestrian promenades, playgrounds, and soccer, baseball and cricket fields.