MIAMI-After a tragedy and plenty of delays, Paramount Bay is finally nearing its debut on the Downtown Miami condo scene. Following a consensual foreclosure by iStar and ST Residential, the 340-unit, 47-story project now has financing to move forward. The partners have invested millions to maximize the potential of the stalled project.
“The Paramount Bay condo tower is the last major greater Downtown Miami condo project built during the boom,” Peter Zalewski, principal of Bal Harbour-based Condo Vultures, tells GlobeSt.com. “The construction crane on the project—which suffered a delay following the deaths of some workers on the site—was removed in October 2008 as the US financial system was crashing. The subsequent foreclosure process initiated by the construction lenders only worked to delay the project's delivery even more.”
Nearly three years later, iStar and ST Residential has promised to raise the bar to create a unique product. The companies assigned veteran sales and marketing firm Fortune International, as well as retail specialist the Comras Company to draw restaurants and retailers to the mixed-use project. The project still awaits an interior designer, but the amenities have been outlined. Paramount Bay will offer a beach club, private elevators, multiple swimming pools, a waterfront promenade, and a full-service spa and fitness concept.
“The biggest challenges for the Paramount Bay's success are the massive unit size where the smallest condo is more than 1,200 sf, the location in an untested neighborhood of greater Downtown Miami, and the remaining 3,200 developer units—more than 10 percent are located in the Paramount Bay—that are still available for sale as of March 31, 2011,” Zalewski says.
Paramount Bay directly overlooks Biscayne Bay and Margaret Pace Park in Downtown Miami, offering views of the city, bay and South Beach. Paramount Bay is surrounded by the Wynwood Arts District, the design district, and the city's cultural epicenter. With time and patience, Zalewski says the Paramount Bay will be populated and successful. How long that will take in a market with condo financing a challenge remains a question. iStar and ST Residential have not set a grand opening date.
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.
