flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

A new luxury high rise reflects a resurgent condo market in Miami Beach

Multifamily Housing

A new luxury high rise reflects a resurgent condo market in Miami Beach

GLASS is one of several residential buildings in the works in that city’s hot South of Fifth neighborhood.


By John Caulfield, Senior Editor | November 17, 2015
A new luxury high rise reflects a resurgent condo market in Miami Beach

GLASS tower in Miami Beach, Fla. Renderings courtesy Terra Group.

An 18-story oceanfront condo tower in Miami Beach with only 10 full-floor residences, which started receiving occupants last month, could be seen as a bellwether for this market’s development and sales environment.

The building, called GLASS, was one of the first new residential developments to be completed in the City of Miami Beach in almost five years, and the last high-rise to be built in the desirable South of Fifth neighborhood because of zoning restrictions.

Rene Gonzalez Architect designed GLASS, whose construction was started in December 2013.

Its design is representative of the low-density approach of its developer, Terra Group. “We could have built up to 45 units on this site,” says Terra’s president David Martin, who owns the 14-year-old company with his father Pedro. “But our belief that ‘less is more’ in real estate, coupled with the design of Rene Gonzalez and Raymond Jungles [who did the landscape design], has delivered a stronger finished product.” 

The first five floors of GLASS are common areas that include the lobby, pool, and fitness center. The building’s amenities include an onsite estate manager, pool and valet services, housekeeping and maintenance, 24-hour security, and a resident beach club. The building’s elevator, designed by artist Ivan Toth Depeña, contains an interactive installation that mimics the transition from water to sky.

Each of the residence floors offers an all-glass 360-degree view. With compositional use of fritted patterned glass, the building’s exterior blends into the atmosphere by reflecting and capturing the natural landscape. 

 

Living room in a residence at GLASS.

 

Terra Group confirmed that all 10 units had been presold prior to construction, and those sales were closed in late October and early November. The selling price averaged around $2,700 per square foot, and the units (excluding the penthouse) range from 3,977 sf to 5,400 sf (including outside terraces).

South Florida Business Journal reports that GLASS’s three-story, 7,000-sf penthouse recently sold for $20 million. The founding family of Ohio-based Majestic Steel Properties paid $7.3 million and $7.9 million, respectively, for two units in GLASS, according to the Real Deal, which tracks real estate news in South Florida.

Miami Beach, which during the last recession was awash in unsold condos and townhouses, appears to be back on the saddle again in terms of residential building. The Real Deal reports that with the completion of the GLASS project, developers have constructed 48 new condo buildings with more than 3,715 units east of I-95 in the tri-county South Florida region since 2011. Developers have announced plans to build 11 new condo buildings with nearly 150 units in the South-of-Fifth neighborhood alone.

 

Related Stories

Multifamily Housing | Jun 21, 2022

Two birds, one solution: Can we solve urban last-mile distribution and housing challenges at the same time?

When it comes to the development of both multifamily housing and last-mile distribution centers, particularly in metropolitan environments, each presents its own series of challenges and hurdles. One solution: single-use structures.

Sponsored | HVAC | Jun 14, 2022

Healing the urban fabric: The surprising impact of MagicPak HVAC

The Legends at Berry active adult housing complex in St. Paul, Minnesota helped transform a former industrial site into a thriving residential campus.  MagicPak All-in-One® HVAC Systems provided the energy-efficient heating needed to handle extreme Minnesota winters while enabling architects to create an inviting home environment—and even qualify for additional funding incentives.

Multifamily Housing | Jun 9, 2022

Cityview's Adam Perry on multifamily housing innovation in the Western U.S.

Adam Perry, SVP of Development and Construction Management with developer Cityview, chats with Multifamily Design+Construction Editor Rob Cassidy about the latest design and construction innovations for multifamily housing in the West. 

Hotel Facilities | May 31, 2022

Checking out: Tips for converting hotels to housing

Many building owners are considering repositioning their hotels into another property type, such as senior living communities and rental apartments. Here's advice for getting started. 

Multifamily Housing | May 25, 2022

9 noteworthy multifamily developments to debut in 2022

A 1980s-era shopping mall turned mixed-use housing and a mid-rise multifamily tower with unusual rowhomes highlight the innovative multifamily developments to debut recently.

Legislation | May 20, 2022

Arlington County, Virginia may legalize multifamily housing countywide

Arlington County, Va., a Washington, D.C.-area community, is considering proposed legislation that would remove zoning restrictions on multifamily housing up to eight units in size.

Multifamily Housing | May 11, 2022

Kitchen+Bath AMENITIES – Take the survey for a chance at a $50 gift card

MULTIFAMILY DESIGN + CONSTRUCTION is conducting a research study on the use of kitchen and bath products in the $106 billion multifamily construction sector.

boombox1
boombox2
native1

More In Category




halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021