10 bucks says that if MET3 even gets built it will not be condos

Unfortunately the bank doesn't see it that way. In order for a developer to get funding for a building from a bank they must sell a certain percentage of the units. This is the number 1 spot where projects fail. Especially the coolest ones like really tall buildings. If they had just started with MET3 first, they would have easily sold out all the units. Back then flippers were sleeping outside the sales office all night to get the chance to overpay for a foreclosure waiting to happen.

CalleOchoGringo said:

Unfortunately the bank doesn't see it that way. In order for a developer to get funding for a building from a bank they must sell a certain percentage of the units. This is the number 1 spot where projects fail. Especially the coolest ones like really tall buildings. If they had just started with MET3 first, they would have easily sold out all the units. Back then flippers were sleeping outside the sales office all night to get the chance to overpay for a foreclosure waiting to happen.

Click to expand...

Have to agree. That is very true.

Let's just wait until the end of the year before we jump to that conclusion about Met 3. I still have faith that it will be built with the current design, it was just planned to be the last tower built in the complex. However, I would actually prefer if it was redesigned as an office tower, as I think it's important for a very tall tower like that (76 floors) to have no balconies or concealed balconies. It already has them somewhat concealed compared with other condo towers, but no balconies and a more "office tower" look would be better, so I hope you're right in that respect, but I just hope construction gets started as soon as possible, whatever the primary use of the tower.

I think Four Seasons is already the tallest building in the world that has a certain percent of the space as a hotel. Met 3 will not be 100% hotel.....they already have a hotel at Met 2, and I doubt that they could ever use 76 floors worth of hotel space except during occasions such as the Super Bowl and such. Therefore, I think it's possible that part of the tower will be used as a hotel, and part office, like Four Seasons, or possibly even part hotel, part office, and part condominium, so that the 40% of current owners don't have to be refunded. I think they will still try and make a valiant effort to build Met 3 in the current design as a condominium building, and I actually see that happening. Just give it time, sometime between June and December of this year, (to be precise, whenever the cranes for Met 1 are removed from the Met 3 site and Met 1 is at the point that residents can start moving in. Trust me, Met 3 will get built....whether or not it sees a redesign, I don't know, but I'd place the higher odds on the current proposal of a 76-story, 828-foot condominium tower, since almost half of the units are already sold. It was in the original plan for the complex to start Met 3 after Met 2 and Met 1 (last in the complex), so I don't see why you all are so surprised that construction hasn't started on it yet.

And if it gets redesigned, I sure hope they keep it over 800 feet in height and over 70 floors......I think that will stay true because the project will lose a lot of its hype and merit if it's shorter, so I think the developers will build it at the current proposed height....and regardless of what I want or you want, we will just have to wait and see if they start later this year when what I said above comes true, and if they do, then we know it will be residential. If they redesign it, I think it could be many different things, but a pure hotel is probably not in the cards, possibly a majority hotel, but not 100% hotel for a 70+ floor building.....just look at Four Seasons, they couldn't make it all a hotel there, even know the tower gets its name after the hotel, the building has a decent share of hotel rooms, it just takes up only a fraction of the building because it has so many floors.

And here's another question for you all. What percentage of that 40% that bought are planning on actually paying for the condo they bought, and what percentage are just planning on walking away from their initial down payment in order to avoid foreclosure, or paying taxes and condo fees on a unit they have no intention of living in? Oh yes thats right people, pre-construction investors don't ever have to put up ALL the money up front for a unit when they buy. Only after the building is finished do they have to do that (otherwise the developer would never need to get a loan from a bank). Thats another problem some condo developers have been having lately in Miami. I wanna see this thing get built as much as the rest of you, I'm just a bit skeptical myself with the current market conditions. It's one thing for developers to continue finishing tall condo buildings that they have sunk multi-millions into construction already. It's another to start on one they haven't yet put a significant amount into.

CalleOchoGringo said:

And here's another question for you all. What percentage of that 40% that bought are planning on actually paying for the condo they bought, and what percentage are just planning on walking away from their initial deposit? Thats another problem some condo developers have been having lately in Miami. I wanna see this thing get built as much as the rest of you, I'm just a bit skeptical myself with the current market conditions. It's one thing for developers to continue finishing tall condo buildings that they have sunk multi-millions into construction already. It's another to start on one they haven't yet put a significant amount into.

Click to expand...

I don't see how the status of the owner is any concern of MDM's. Seems to me that a sold unit is a sold unit.

If you change large aspects of the design/use of the building, those 40% can cancel their contracts and get refunds. They put deposits on a building for residential condos only, and if you tell them now you're going to share the building with tourists and hotel guests many will walk away. They would have to start sales over back at 0%.

interesting topic calle ocho

Thank you for creating a quality thread. I would be very happy to see Met 3 get built as planned.

You got me thinking though ---if Met 3 changed over to office ---- we would really have an awesome spread in the CBD of............office towers!

Wachovia, Met 2, Met 3, 100 S. Biscayne, BOA, and hey I also kinda like the
Citibank building (please no criticism lol)
Dupont/Epic has a good amount of residential.........but looks first-class to me. When I think of this core of buildings in the CBD, the abundance of balconies in other parts of downtown/brickell doesnt bother me that much --if at all.

You know residential buildings don't really bother me that much. Yeah, office towers are awesome but too many of them and downtown is left dead after hours. For me, it's more important to have residential towers to bring life and retail to the area. Density is where it's at IMO and if residential towers can do that, perfect!

Four Seasons

Coruna

I think Four Seasons is already the tallest building in the world that has a certain percent of the space as a hotel.

Click to expand...

Where are you ascertaining this information? There are several hundred other much taller hotel/office/residence buildings in the world.

Brad

HialeahBred said:

Coruna



Where are you ascertaining this information? There are several hundred other much taller hotel/office/residence buildings in the world.

Brad

Click to expand...

FS Miami is still around the top 150 tallest buildings in the World. It is close to the tallest if not the tallest completed residential building in the U.S. outside of Manhattan. I believe it may be the tallest building containing a hotel in the U.S. However the Burj Al Arab is in the top 25 tallest worldwide and the building is specifically used as a hotel; it also has the tallest atrium in the world. The Grand Hyatt at the top of the Jin Mao Building is the "highest" (as in above ground level) hotel in the world. The Jin has a large section of offices in the 5th tallest building in the world, but it has many more hotel rooms than FS Miami. JM also has one of the tallest atriums behind the Burj. It also has the world's longest laundry shoot. This will be surpassed when the new tallest in H.K. opens with a Ritz Carlton at the top. Oh, the hotel at FS Miami goes to the 36th floor (about as high as the top floor of the Espirito Santo), floors 40 through 70 are residential.


Sorry, I don't have anything to add about Met 3.