Icon Bay - Update

One of the most anticipated condominium projects is finally set to break ground in the next month or so.  Icon Bay, the latest residential landmark from world-renowned developer, The Related Group, is a 40-story architectural marvel that will follow the success of the Icon line of condominiums in Miami including Icon Brickell and Icon South Beach.  With magnificent, panoramic views from every residence and a high attention to detail, Icon Bay is set to be one of the most sought after addresses in all of Miami real estate.

The Icon Bay Team

At the helm is Miami developer, The Related Group, one of Miami’s most successful commercial and residential developers of projects like Apogee, 500 Brickell, My Brickell, One Ocean and so many more.   Jorge Perez, the CEO of the Related Group, is a real estate genius and known for his “iconic” and recognizable buildings in Miami and South Florida.

Arquitectonica is the architectural partner that is designing Icon Bay.  In business for over 25 years, it is the name behind other successful Related Group projects as well as the American Airlines Arena, Museum of Modern Art and South Miami Cultural Arts Center.

The landscaping around Icon Bay as well as the adjacent waterfront park being constructed adjacent to Icon Bay is under the direction of ArquitectonicaGEO, a Coconut Grove based “green-friendly” landscape architectural firm with projects like Sonesta Key Biscayne and the Miami Science Museum under their belts. 

Location of Icon Bay

Located in the heart of “new Miami,” Icon Bay is located at 460 NW 28^th Street.  Directly between Midtown and the Wynwood Arts District, the building is situated on Biscayne Bay.  Its locale in the up and coming Biscayne Corridor is ideal as it is five minutes from Brickell, a few blocks from the Design District and only a 10-15 drive from Miami International Airport and South Beach.  Icon Bay is set apart from the booming areas of Midtown, Wynwood, and Design Districts but still in the middle of the excitement.  Homeowners can enjoy privacy and a quiet environment while being close to tons of shops, dining and entertainment.

The Design District is a fabulous part of Miami real estate that is growing in popularity by leaps and bounds.  Many high-end shops such as Hermes, Christian Dior and others are relocating Bal Harbour to this chic part of town. 

Icon Bay

The first word that comes to mind when seeing renderings of Icon Bay is WOW!  The exterior façade compliments the water with a woven or checked like contemporary design.  This masterpiece is 40 stories tall with 300 units and features a grand three-story lobby intended to showcase the fabulous artwork that is a passion of Jorge Perez. 

With only eight units per floor, the plan is for all of the one, two and three bedroom residences to have beautiful bay views.  In terms of size, the residences range in size from slightly more than 900 square feet to over 1500 square feet (penthouses are over 2,000 square feet). 

Amenities

The Related Group is known for its affinity of luxury amenities.  Because the Icon line features only the best in their properties, residents at Icon Bay should expect only the best.

Community Amenities.  Amenities will be plentiful around the grounds of Icon Bay.  Residents will have access to 24-hour valet, concierge and security; a state of the art fitness center with top of the line equipment as well as cardio and other group classes, and floor to ceiling windows that showcase the bay front and pool area; a beautiful infinity resort-style pool that overlooks Biscayne Bay and features towel service and luxury cabanas; a coffee lounge and kids and teen lounge; clay tennis courts over the garage and so much more. 

Waterfront Park.  Probably the most amazing part of the project will be the small community park just south of the condominium.  This green space will feature art and sculptures from Miami’s up and coming artists and have areas for running and exercising as well as a dog park and play fountain. 

Residence Amenities.  Residences will be spacious and designer-ready for home owners to select fixtures and finishes.  Other details will include private elevator entrances to a private foyer for each residence; nine-foot ceilings; imported porcelain tile; elegant kitchens with European cabinetry; impact-resistant windows and rails framing large terraces; one assigned parking spot with additional available; and more.

 

Real Estate Information at Icon Bay

From the time the announcement was made presenting Icon Bay, there has been a lot of chatter about the project.  Because of the location and the popularity of other Icon properties, sales were wildly successful out of the gate.  In fact 50 percent of the building had reservations within a month of the announcement. 

Currently, with the exact groundbreaking still being determined, there are only six units (all one-bedrooms) available for sale all of which are located on lower floors.  The pricing of the available units is as follows:

Unit #	Type	AC/SF	List Price	Price/SF
304	1BR/2BA+Den	1,096	$455,900	$415.96
305	1BR/2BA+Den	1,190	$490,900	$412.52
306	1BR/2BA+Den	1,055	$438,900	$416.02
307	1BR/2BA+Den	1,003	$420,900	$419.64
502	1BR/1.5BA+Den	964	$448,900	$465.66
902	1BR/1.5BA+Den	964	$456,900	$473.96

When comparing the price/square foot of the one-bedrooms versus those at the announcement of sales, the current amounts are slightly lower than in August 2012.  With all the remaining units priced below $500K, this is a phenomenal opportunity to live in one of Miami’s most iconic buildings. To be part of the excitement, following is the current payment schedule to purchase property at Icon Bay:

• 20% at contract (now)
• 20% at Ground breaking (approximately March 2013)
• 10% at Top off (approximately March 2014)
• 50% at closing (approximately beginning 2015)  

To compare to similar sales, newly constructed Paramount Bay Condominium which is located in the same area and also designed by Arquitectonica, features original sales with the price per square foot falling between the upper-$400s and upper-$700s.  Resale numbers show that the price per square foot has increased with the range from the mid-$500s to well over $800K.

Icon Bay’s Success

The success of Icon Bay definitely shows that the Miami real estate market is back in play.  With only six units available for sale, this is an excellent opportunity for investors and buyers who want to live in such a hot part of Miami.