ICON BAY - New downtown construction by The Related Group

The Related Group is getting ready to start selling a new waterfront condominium building in Downtown Miami called Icon Bay. It will be a bayfront building located east of Biscayne Blvd and NE 28 Street. 

You can see the renderings and location in the following Icon Bay video.

All units in Icon Bay will have bay views and they will also feature private elevators. The building will have approximately 300 units in total. 80% of the units are going to be 2bed/2bath and 2bed/2bath+DEN and 20% will be 1bed/1bath+DEN. You can get an idea of the views on the image shown below.

The price per square foot will start at $405 when they start sales. The 1bed/1bath+DEN units will start at $360,000. The 2bed/2bath units will start at $440,000. And the 2bed/2bath+DEN units will start at $500,000.

The payment schedule is in the process of being defined but most probably it will be similar to the payment structure of Millecento, another pre-construction project sold recently by The Related Group. In Millecento the payment structure was:

1) 10% of the price at reservation

2) 10% of the price at contract

3) 15% of the price when construction starts

4) 15% of the price when construction ends

5) 50% due at closing

There are three other bayfront buildings close to Icon Bay that were built 5 years ago. These buildings are Star Lofts, Onyx and Platinum. In addition, there is also Paramount Bay, where units are currently selling north of $500/foot.

In Star Lofts there are currently 7 units for sale from $269,000 to $1,650,000. The price per square foot ranges from $332 to $659. 

In Onyx on The Bay there are currently 6 units for sale from $242,000 to $480,000. The price per square foot ranges from $243 to $388.

In Platinum Condominium there are currently 10 units for sale from $180,000 to $496,650. The price per square foot ranges from $217 to $360.