Met Miami, Everglades on the Bay, Highrise Updates

[MIAballinboi]

Met Miami teaming up with the Heat
http://specialsections.miami.com/newspapers/miami/sections/20040611_8231/001_20040611_8231/310511.jpg http://specialsections.miami.com/newspapers/miami/sections/20040611_8231/articles/128215.gif http://specialsections.miami.com/newspapers/miami/sections/20040611_8231/articles/128325.gif http://specialsections.miami.com/newspapers/miami/sections/20040611_8231/articles/128326.gif

Everglades on the Bay
http://specialsections.miami.com/newspapers/miami/sections/20040611_8231/003_20040611_8231.jpg http://specialsections.miami.com/newspapers/miami/sections/20040611_8231/003_20040611_8231/310654.jpg http://specialsections.miami.com/newspapers/miami/sections/20040611_8231/articles/128234.gif http://specialsections.miami.com/newspapers/miami/sections/20040611_8231/articles/128235.gif http://specialsections.miami.com/newspapers/miami/sections/20040611_8231/articles/128236.gif

[MIAballinboi]

CORAL GABLES, FL-At a time when condominium developments and conversions are abundant here, locally based GFS Corp. is in the process of developing or purchasing more than 1,600 such units in the area. Scott A. Greenwald, in real estate for 50 years, heads J. Max Development, the development arm of GFS Corp., a full-service real estate investment and development company.

Among the projects on the company?s plate is the development of a 50-story building on Biscayne Boulevard in Downtown Miami. This project will consist of nearly 500 condo units plus 25,000 sf of commercial space, according to Michael Entel, an assistant with GFS Corp. At press time, the project was called 330 Biscayne. The developers expect to break ground on this project in a year, he says, and a sales office should open in about six months.

[detroitboy04]

Man why did they have to downsize Met 3? It was 72 floors before!

[MIAballinboi]

i know it sucks, some say its cuz of a "density" restriction?

i think the design will change of the other towers, hopefully!

[MIAballinboi]

MORE UPDATES: found by bobdreamz

CONRAD OPENING: Conrad Miami is scheduled to open July 1 at Espirito Santo Plaza, 1395 Brickell Ave. The hotel's lobby will share the 25th floor of the $180 million mixed-use building with a restaurant and lounge. Hilton Hotels Corp. and Hilton International, which own the 203-room hotel and 16 other Conrad hotels worldwide, plan to open three more Conrads in the US in the next two years. Details: www.conradhotels.com.

QUANTUM LEAP: Developers of Quantum on the Bay closed a $14.1 million loan with Fremont Investment & Loan, broker Andrew Elfmont of Elfmont Associates said Tuesday. Terra-ADI International Developers, led by attorney Pedro Martin, plan 698 units and 11,635 square feet of commercial space at North Bayshore Drive and Northeast 19th Street near Margaret Pace Park and the Miami Performing Arts Center.

NEARER INFINITY: Infinity at Brickell will include 459 condo units and two additional floors following approval from city commissioners. A consortium of developers needed permission to make the changes, prompted in part by market demands. Thirteen planned two-bedroom units have been changed to one-bedroom, 26 units were added, parking increased from 585 spaces to 590 and 13,400 square feet of office space was added. The project is to cost $89.8 million and employ 840 construction workers, according to city documents, and add $1.27 million in annual tax revenues.


great updates, i heard infinity was gonna gain floors yet become shorter, hopefully it will actually get taller!

[MIATrumpster]

I just discovered this website and find it amazing... Honestly i didn't know people were as into the development of Miami esp. downtown as I was! There's great info and pics which is awesome. Just wanted to start off with a random thought..
I believe that The Everglades Downtown is one of the best projects offered to date as far as design is concerned. Also there hasn't been a better building to enter the Miami skyline than the Espirito Santo Plaza since Bank of America Tower.

Please share your thoughts! Glad I foudn this place

[Style™]

welcome to the forum! :)

[brickell]

I believe that The Everglades Downtown is one of the best projects offered to date as far as design is concerned. Also there hasn't been a better building to enter the Miami skyline than the Espirito Santo Plaza since Bank of America Tower.



I'd have to agree with both of those thoughts. I can't wait for the Everglades building to go up and Espirito Santo quickly became my favorite building in Miami.

Welcome.

[MIAballinboi]

welcome to the form, we both have the same 3 first letters in our s/ns,

i agree with your thoughts, but i think the 4 seasons also played a major role in developing the skyline, i was at the miccosukke hotel, on the top and i can see the skyline and how the 4 seasons is shining and how graceful and tall it is, and i can also see the nice arc on the esp.

[Rx727sfl2002]

METROPOLITAN MIAMI: Developers of Metropolitan Miami want to increase the project's non-residential floor area from 227,625 square feet to 736,700 and cut parking spaces from 4,284 to 3,716. Changes are to go before city commissioners for approval today (6/24).


(Don't be surprised if they make it even bigger then the renderings)

[streetscapeer]

that would be awesome!!! which of the phases have non-residential space though?? In other words, would that increase the height of one tower? two? or all three?

[mike18]

METROPOLITAN MIAMI: Developers of Metropolitan Miami want to increase the project's non-residential floor area from 227,625 square feet to 736,700 and cut parking spaces from 4,284 to 3,716. Changes are to go before city commissioners for approval today (6/24).


(Don't be surprised if they make it even bigger then the renderings)


Now are they increasing the size of the office space after the new rendering or are they increasing the office space in order to make the project the new rendering? ( i know its difficult to understand)

[Rx727sfl2002]

websites are up and running...

http://www.evergladesonthebay.com/

http://sitiodigital.com/clientes/theplaza/

[ChuckScraperMiami#1]

Now are they increasing the size of the office space after the new rendering or are they increasing the office space in order to make the project the new rendering? ( i know its difficult to understand)
True Mike :) , they have changed alot, but they did end up with a 35-Story OFFICE Tower for the second Building. Seems like Office Towers are coming back to view for the Future of Downtown Development. :cheers:

[smiley]

HEy, I like that whole Swampwoman motif for the Everglades website intro. Very nice.

And the best rendering yet:
http://www.evergladesonthebay.com/images/NewRendering.jpg

Now that I really see how it fits in, I like it a lot more.

[nimbyhater]

are there new renderings for MET miami now that met 2 has been changed to offices and met 3 has been downsized?

[ChuckScraperMiami#1]

are there new renderings for MET miami now that met 2 has been changed to offices and met 3 has been downsized?
YES NIMBY, GO TO www.metropolitanmiami.com IT HAS THE SCALE of this PROJECT, ITS EXACTLY THERE, IT WILL BE BUILT as Shown in the PICTURE, Check IT OUT, it has MUSIC TOO. I still believe the WHOLE PROJECT WILL BE BUILT in 5 YEARS, 2010 Completed. :)

[Dale]

Apparently the Met website needs to be updated. The more recent pics show Met 2 as an office tower and two additional condo towers in the place of Met 3.

[streetscapeer]

^^^Where'd you find the more recent renderings, Dale?.....Can ou post them online!

[Dale]

^^^Where'd you find the more recent renderings, Dale?.....Can ou post them online!

Street, sorry but I saw them in Ocean Drive Mag. Met 2 the office tower actually looks pretty sweet. And then there were two additional towers on the Met 3 plot that looked to be placeholders.

[streetscapeer]

Street, sorry but I saw them in Ocean Drive Mag. Met 2 the office tower actually looks pretty sweet. And then there were two additional towers on the Met 3 plot that looked to be placeholders.


Oh, Cool...has the design changed drastically for met 2? does it fit nicely with met 1?


Also in general, I thouroughlly support the idea of met 2 as an office tower, not only will the core of downtown look more "official," it leaves many residents vying for the only met left, met 3, which should be a monster...I think the offices make the prospect of a met 3 (a tall one) more sound!

[Dale]

Oh, Cool...has the design changed drastically for met 2? does it fit nicely with met 1?


Also in general, I thouroughlly support the idea of met 2 as an office tower, not only will the core of downtown look more "official," it leaves many residents vying for the only met left, met 3, which should be a monster...I think the offices make the prospect of a met 3 (a tall one) more sound!

It's drastically changed ! It is a bit of a flatiron, triangular (I think) with a cylindrical edge. It appears to be glassier. It looks more like an office tower. And it looks closer to 600 feet.

[streetscapeer]

It's drastically changed ! It is a bit of a flatiron, triangular (I think) with a cylindrical edge. It appears to be glassier. It looks more like an office tower. And it looks closer to 600 feet.



Wow...sounds good to me!

[ChuckScraperMiami#1]

THIS IS GREAT, :) EVERYONE !, MET 1 TOWER Has Started, WOW the Noises of Tall Cranes POUNDING Rebar into The Ground at the site, TODAY, its Great, The Sales Trailers are closed up and moving to the MET 3 SITE One Block Away. If you were in my shoes Today and standing on S.E. 3rd AVE and In Front of the OLD DUPONT PLAZA HOTEL, " My Eyes have seen the Glory of the Coming of the BOOM !!! " and Boom Boom and Bang , Bang, All you hear, Trucks Blocking Traffic, lost and looking for their site, WHICH ONE IS IT ??, could it be ONE MIAMI, MET 1, Dupont Plaza, Carbonell Towers, ITS all Here !!! :cheers:

[south florida dave]

good news. it's about time those parking lots were developed.

i'll always miss seeing the orange bowl parade floats on those lots, though.

[MIAballinboi]

which ocean drive is the rendering in, the october one or the fall edition??

the october one is the newst i just got it yesterday?

lemme check again

[renner01]

Proposed condo returns customers' reservations

Citing increased construction costs, Miami condo project Everglades on the Bay returned reservations deposits to buyers.

BY MATTHEW HAGGMAN

mhaggman@herald.com

Leonard Sklar wanted to live in the new downtown Miami being promised by developers. So on Dec. 30 the Aventura resident and Broward County teacher plunked down $15,000 for a reservation on unit 1610 in the proposed 49-story condominium, Everglades on the Bay.

But some seven months after signing the reservation agreement, on July 30, builder Cabi Developers canceled Sklar's reservation. His deposit plus interest -- $15,611.51 -- was quickly refunded.

Sklar was not alone. Some 40 reservations were returned by Everglades, said sales and marketing director Nicholas Grossi.

Cabi's decision to rescind the reservations reflects a growing pressure confronting the South Florida condo market. Before this year, developers rarely -- if ever -- returned reservation deposits for fear of losing credibility with the buyers and the broker community. But now real estate professionals predict that deposits will be returned like never before.

TREND PREDICTED

''In my 26 years, no developer canceled reservation contracts,'' said Craig Studnicky, a principal with Aventura-based International Sales Group. ``What you saw at Everglades, you will absolutely see more. I have no doubt.''

Over the past year, construction costs have rocketed upwards at a clip of some 20 to 30 percent -- steel, cement and drywall are significantly more expensive. The problem emerging is that as developers rushed many months ago to enter South Florida's sizzling condo market, they offered reservations to potential buyers at prices they now realize leave them little to no profit.

''Some developers have found their margins for profit have shrunk a lot with rising construction costs,'' said Pedro Martin, a lawyer and developer with Terra Developers in Miami, who added that he has not returned reservations on any projects. ``They took reservations six months ago and can't live with them now.''

Increasingly, developers are confronted with a choice: Cancel reservations and risk damaging your reputation or go forward with a project that has slim profit margins and, due to the unpredictable costs of construction, could well become a money-loser.

''I have had conversations with developers who are considering returning reservations,'' said Gary Saul of Greenberg Traurig in Miami, who is widely considered one of the leading condo lawyers in the state. 'We are trying not to do it. But a lot of developers' pricing models are not as rosy as they were at the time they took reservations.''

Amid South Florida's unprecedented condo boom, reservations are a widely used tool. Buyers pay a percentage of the purchase price to get a reservation. The agreement is not binding on buyer or seller, but the expectation is that a binding contract and condo documents will follow.

Developers like reservations because they allow them to market a product and quickly grab market share by effectively locking in buyers while simultaneously undertaking the time-consuming process of winning construction permits, bidding out contracts and getting condo documents approved. Reservations also allow a developer to gauge interest for a product.

COLD REALITY

But the zeal to quickly begin marketing a product and selling reservations is running into the cold reality of higher construction costs. Some observers also cite the rash of inexperienced developers in South Florida and also old-fashioned greed.

In the case of Everglades, which is at 244 Biscayne Blvd., Grossi said the company started selling reservations to prospective buyers in December before getting its permit to build from the city or even finalizing pricing with its contractor.

''By the time we got our approvals and were able to go to contract, it was June,'' Grossi said. ``From December to June there was a substantial change in construction costs.''

JUST CONTRACTS

Everglades is no longer offering reservations, just contracts, Grossi said.

For Leonard Sklar, he no longer has dreams of buying a condo in downtown Miami. He said he phoned Everglades several times to buy a new unit but never heard back.

''For who is that new urban lifestyle?'' said Sklar, 53. ``Not for native Floridians or the upper working-class person. I thought they would be sending those documents. Instead I got a breaking of the agreement. Is that the new trend in real estate?''
http://www.miami.com/mld/miamiherald/business/9902309.htm

[streetscapeer]

DAMMIT.....stupid construction costs ruin everything...it's china chomping down on the world's concrete resources!

At least this Sklar guy made a profit from the interest on his deposit!

I wonder how much more each unit costs....did they go up That much?!!

[MarkyMark]

The article says that only 40 reservations were canceled....I guess this means that any developer can selectively choose which reservations to cancel so they can maximize their profit$$.......so if you get in there and reserve a unit on day one......you might actually be worse off because they are more likely to cancel your reservation when it comes to turn it into a contract!! Geeze!!! That just doesn't seem fair.

[south florida dave]

this kind of sh!t is problematic. i think it's outrageous that the company would cancel a reservation that has been in place for months just because they screwed up & didn't anticipate correctly. what kind of business does that?

i'd like to know what kind of "profit margins" they originally expected & what they're expecting now. this kind of crap really bothers me. there are times that condo developers are practically begging for buyers, so to cancel reservations like this is just ridiculous.

it'll be interesting to see if both towers get built & how much this sort of thing happens with other projects. & if it does happen elsewhere, will it be publicized?

[MarkyMark]

I heard that the REAL REASON why the developers of the Everglades had to refund the deposits to about 40 units is because they had over reserved some of the units....so ended up canceling the lower priced reservations. These people are so inexperienced.......it's ridiculous. Welcome to Miami!! :/

[Rx727sfl2002]

these guys really covered their A** they accepted reservations and didnt even cash in the checks they held it in a filing cabinet thats what i was told would happen when i went to purchase a unit back in april-may of this year.

so no biggie the ones who lost out on all that equity are the 40 returned reservations they should have signed a contract or insisted on one.

[Roark]

I heard that the REAL REASON why the developers of the Everglades had to refund the deposits to about 40 units is because they had over reserved some of the units....so ended up canceling the lower priced reservations. These people are so inexperienced.......it's ridiculous. Welcome to Miami!! :/
True, this is really unfortunate. CABI certainly is going to take a bit of heat for this, but the Herald article (not surprisingly) is skewing the issue. For example, the Herald writes, "Developers like reservations because they allow them to market a product and quickly grab market share by effectively locking in buyers while simultaneously undertaking the time-consuming process of winning construction permits..." Effectively locking in buyers? Buyers aren't locked, nor are sellers locked. Reservations are not binding on either the developer or the buyer. If the cost of cement increases then the developer can cancel, if the cost of a, lets say for talking purposes, a divorce goes up then the buyer can cancel. Fair is fair.
Of course in a perfect world the developer would gauge the market and costs perfectly, and in that same world people honor each other through sickness and health! :)
The "victim" in the Herald article made 8% on his money. Not bad. The real cost would be the opportunity cost of not buying in a different project. That is pretty significant considering the many great projects that are going on in the area.
It is truly a mistake for the developer to be marketing with prices before getting permits or "guaranteed maximum pricing" committments from suppliers/contractors as the article suggests.
Most experienced developers deal with average price ranges from reservations, then quote specific prices only when apartments are allocated and purchase agreements are available. This is very often annoying to buyers, but that is the way that it is. Getting a purchase agreements and condominium documents approved in Tallahassee and printed is a time consuming process. This is all the more reason not to promise exact prices until purchase agreement time.
It is surprising to me to see this happening in such a large building, and I truly hope that this doesn't continue.
Regardless of this bump in the road, I doubt that the people that buy those 40 apartments in the Everglades will be unhappy in 3 years from now.

[MarkyMark]

Something tells me that this is not the end of this matter, despite the attemps of the developer to keep this one quiet.

[Nicrothstein]

Do you think the cost of materials to build (steel,cement,etc.) is the main reason for returned deposits? You would think Cabi would be a bit more experienced...
It was a little strange when deopits were being collected but didn't really need to be collected in order to make a reservation...that was the story I was feed when I spoke to the sales team...who by the way should all be educated on what their selling...they don't have a clue what is going on...


QUOTE=Rx727sfl2002]these guys really covered their A** they accepted reservations and didnt even cash in the checks they held it in a filing cabinet thats what i was told would happen when i went to purchase a unit back in april-may of this year.

so no biggie the ones who lost out on all that equity are the 40 returned reservations they should have signed a contract or insisted on one.[/QUOTE]

[Rx727sfl2002]

Quote:
Originally Posted by Dale
Street, sorry but I saw them in Ocean Drive Mag. Met 2 the office tower actually looks pretty sweet. And then there were two additional towers on the Met 3 plot that looked to be placeholders.


HAVENT SEEN ANY ON OCEAN DRIVE

[Dale]

July/August issue in Perfect Places to Live supplement.

[MIAballinboi]

^^

so its anothe magazine called "Perfect Places to Live"?/ or is that the ocean drive just special name

[Dale]

No, it was a supplement in the July/August issue of OCEAN DRIVE.

[ChuckScraperMiami#1]

DALE :) , You have to see the NOVEMBER Isue Of OCEAN DRIVE, its HUGE and has more pics, and its All About JORGE PEREZ, Read HIS STORY on PAGE 336. :cheers:

[Dale]

DALE :) , You have to see the NOVEMBER Isue Of OCEAN DRIVE, its HUGE and has more pics, and its All About JORGE PEREZ, Read HIS STORY on PAGE 336. :cheers:

I'll look for it. Is it the one with Jenna Bush on the cover ? :wink2:

[ChuckScraperMiami#1]

DALE :) , its the One After with the Beautiful IMAN on the COVER , SHES GREAT !!!, Its the New NOVEMBER , 2004 ISSUE, its Huge and Bigger. :cheers:

[MIAballinboi]

darn im waiting for my ocean drive to come in the mail... hurry up!!! lol

[The Mad Hatter!!]

does it have any info on 500 brickell phase 1 and 2

[ChuckScraperMiami#1]

Uptown-Midtown :) , NOTHING at all, I looked at ALL 468 PAGES, Including the BACK PAGE, LOL., Just in the JORGE PEREZ :) Story about HIS APOGEE Condo Mid-rise Tower Project, HIS SMALLEST, Because of the NEW MIAMI BEACH Restrictions :bash: and ZONING RULES :bash: of 22 FLOORS ONLY, and They want ART DECO in each Project, ITS TOO TOUGH , Perez SAYS MIAMI BEACH :bash: is SLOWING DOWN THE GROWTH on Construction, But thats all he said. Great Story ,too, on PAGE 336 of the NOVEMBER, 2004 ISSUE with that Babe IMAN on the Front, Her Interview and PICS are Great, too. :cheers:

[ChuckScraperMiami#1]

ANYONE SEEN the November ISSUE of OCEAN DRIVE MAG Yet with IMAN on the Front Cover ?

[MIAballinboi]

I JUST GOT IT 2DAY!! GREAT ONE

big onyx 2 ad, and thats a great article with jorge perez and the awesome related group!!!

[MIAballinboi]

dont forget the night shot of 50 biscayne in the skyline, man this is the same exact shot as the older columbus center, which was 38 floors office, same night skyline shot for it, u can compare them go to the 50 biscayne thread and i put the columbus center office renderings and it also has the night shot!

[ChuckScraperMiami#1]

MIAballinboi :) and Everyone :) , CARBONELL Condo Tower on Brickell KEY has Completed its TOP-OFF :) With a HUGE Palm Tree at the EAST Part of the ROOF, You can see the Palm Tree in the Herald Webcam From the Four Seasons TOWER, its at the Top of the Tower to the Right of the PIC.
It should take about 6 months now for the Tower to be Completed for residents to move in. :cheers:

[MIAballinboi]

great news i knew carbonell was one of the quickest and first to top off, but bor is on its tail, great week in mia!!! couple of condos topping out, then park place is next to topp!

[ChuckScraperMiami#1]

great news i knew carbonell was one of the quickest and first to top off, but bor is on its tail, great week in mia!!! couple of condos topping out, then park place is next to topp!
TRUE MIAballinboi :) , PARK PLACE Condo Tower # 1 is next, DID you see the Palm Tree on top of the Carbonell Condo Tower, TODAY ?, its there blowing in the wind., I"M still hoping to see the TREE TOP of the Brickell on the River Tower #1, WOW, Just think All These Towers Were Talking About , Have Second Towers to follow, Well Almost All, LOL. :cheers:

[MIAballinboi]

wow i see the carbonell in the cam, nice tree!

[ChuckScraperMiami#1]

wow i see the carbonell in the cam, nice tree!
YES YES MIAballinboi :) , YOU can SEE the Palm TREE to the Right of the TOP of the Carbonell TOWER ? , its Great. :cheers:

[streetscapeer]

Everglades Hotel


http://www.bigfoto.com/sites/galery/florida/florida_miami-2.jpg

[The Mad Hatter!!]

thank god its going down,bankatlantic and southtrust should go with it

[nimbyhater]

hate to see this one go, mite not b the prettiest, but i can be fixed up, and itll only b a matter of time b4 it is, and i hate to see miami lose one of the few pieces of history it has, id keep this over everglades any day

[ChuckScraperMiami#1]

NIMBY :) and Uptown-Midtown :) , Those Old Buildings Have to GO Sometime :bash: , BETH DUNLOP of the Miami Herald IS Probably PISSED, shes the ART Preserve Lady of OLD Buildings :bash: , Especially the BELL TOWER :bash: of the EVERGLADES HOTEL :bash: at the TOP, She Wanted THAT Preserved. :runaway:

[ChuckScraperMiami#1]

thank god its going down,bankatlantic and southtrust should go with it
TRUE Uptown-Midtown :) Knocked them all down :bash: and REBUILD :) Downtown MIAMI TALLER and ALL GLASS TOWERS, lol. :cheers:

[ChuckScraperMiami#1]

Everyone :) , NOW , :) THE LOFT Downtown #1 TOWER is on its 12th FLOOR Behind the FUTURE, 2 -TOWER, 49 -Story, Everglades On The BAY Condo Towers, and Going UP FAST at one FLOOR a Week !!! :cheers:

[ChuckScraperMiami#1]

great news i knew carbonell was one of the quickest and first to top off, but bor is on its tail, great week in mia!!! couple of condos topping out, then park place is next to topp!
TRUE MIABallinboi :) , THE PARK PLACE 1 HAS TOPPED OUT :) , Fantastic News, Which TOWER is NEXT to Top Out ? :cheers:

[The Mad Hatter!!]

bor,or one miami,probably bor first

[MIAballinboi]

one miami was slow @ the beginning but now its rising pretty quick , 2 towers @ once great, double the density!!