As the real estate market makes a comeback in Miami,
developers are in the building mood, which is just what they are doing with new Miami condominiums. With several projects underway or about to
begin, Paraiso Bay is the next big thing about which everyone in Miami real
estate is talking. With the construction
tentatively set to begin during the winter months (we know...what winter?), the
Related Group may have outdone themselves with Paraiso Bay.
This new tropical paradise
(Paraiso) will be set on five acres that will include a beautiful new park. There are going to be two 55-story towers
housing approximately (345) one, two, three and four-bedroom units ranging in
size from about 1,000 square feet to about 2,500 square feet. All of the residences have gorgeous bay views
as there are only a maximum of seven units on each floor lined up across the
building.
Location of Paraiso Bay
Paraiso Bay will be located on the bayfront in the
Edgewater neighborhood. In the past Edgewater
was one of Miami’s questionable areas, but with the real estate surge in
development and construction as well as the revitalization of the Design
District and the Wynwood Arts District, it is quickly turning the tides and
becoming one of the revitalization projects.
More and more shops are setting up shop in Edgewater as well as the
addition of more high-rise and mid-rise condominiums.
Edgewater is a perfect area for this type of change as it is
surrounded by popular and up and coming areas and is in close proximity to so
many other parts of Miami. Miami
International Airport is just 15 minutes away while South Beach is just across
the Tuttle Causeway which just happens to be a few blocks to the north of
Paraiso Bay.
The Plans for Paraiso Bay
Paraiso Bay is destined for greatness with the people at the
helm of this project. Jorge Perez,
President and CEO of the Related Group, is the brains behind Paraiso Bay. As the premiere developer in Miami, in return for adding a
park with playground equipment and more, Perez was able to permanently close
off 31st Street. As with
other recent condominiums like Icon Bay and Icon Brickell, Arquitectonica is
putting Perez’s ideas in motion with the architecture of the property. As for the details inside and out, United
Design of London will take on the interior design while Enzo Enea handles the
interior design.
Amenities and Features
Where to begin with the amenities is the big question. The plans for Paraiso Bay call for private
elevators for each unit, a massive pool deck that is elevated 40 feet and
surrounding a 100-foot diameter “lagoon” style pool that faces Biscayne Bay, a
relaxing outdoor massage area and spa, state of the art fitness center,
half-acre park with playground, exercise area, walking paths and sculptures by
artists from the National Young Arts Foundation, and other amenities at the
base of both towers that are still being determined.
Inside each residence, each unit will be decorator-ready and
face Biscayne Bay with amazing views of South Beach via flow through units,
high-end appliances by Subzero and Bosch and beautiful European kitchen
cabinets, nine-foot ceilings, faceted glass railing balconies and more.
Real Estate at Paraiso Bay
While still in the pre-construction phase, there are one,
two, three, and four-bedroom units planned at Paraiso Bay. With only seven units on each floor,
penthouse floors will be available.
Until construction begins, buyers can put down deposits as a reservation
to hold a unit until they go to contract.
Following are general list prices:
Unit
#
|
Type
|
Square
Feet
|
List
Price
|
Price/
SF
|
View
|
|
808
|
1 Bed/1.5 Bath
|
918
|
$396,900
|
$432
|
NW Corner
|
|
2308
|
1 Bed/1.5 Bath
|
918
|
$438,900
|
$478
|
NW Corner
|
|
3508
|
1 Bed/1.5 Bath
|
918
|
$475,900
|
$517
|
NW Corner
|
|
|
|
|
|
|
|
|
607
|
1 Bed/ 2 Bath + Den
|
1004
|
$464,900
|
$463
|
NE Corner
|
|
1007
|
1 Bed/ 2 Bath + Den
|
1004
|
$479,900
|
$478
|
NE Corner
|
|
1807
|
1 Bed/ 2 Bath + Den
|
1004
|
$497,900
|
$496
|
NE Corner
|
|
2907
|
1 Bed/ 2 Bath + Den
|
1004
|
$530,900
|
$529
|
NE Corner
|
|
3307
|
1 Bed/ 2 Bath + Den
|
1004
|
$542,900
|
$541
|
NE Corner
|
|
3602
|
1 Bed/ 2 Bath + Den
|
1061
|
$603,900
|
$569
|
E
|
|
4102
|
1 Bed/ 2 Bath + Den
|
1061
|
$603,900
|
$569
|
E
|
|
703
|
2 Bed/3 Bath + Den
|
1324
|
$664,900
|
$502
|
E
|
|
|
|
|
|
|
|
|
3506
|
2 Bed/3 Bath + Den
|
1244
|
$712,900
|
$573
|
E
|
|
4006
|
2 Bed/3 Bath + Den
|
1244
|
$727,900
|
$585
|
E
|
|
2404
|
2 Bed/3 Bath + Den
|
1311
|
$731,900
|
$558
|
E
|
|
2905
|
2 Bed/3 Bath + Den
|
1312
|
$743,900
|
$567
|
E
|
|
3803
|
2 Bed/3 Bath + Den
|
1324
|
$768,900
|
$581
|
E
|
|
4405
|
2 Bed/3 Bath + Den
|
1312
|
$791,900
|
$604
|
E
|
|
|
|
|
|
|
|
|
3001
|
4 Bed/4.5 Bath + Den
|
2234
|
$1,292,900
|
$579
|
SE Corner
|
|
3901
|
4 Bed/4.5 Bath + Den
|
2234
|
$1,336,900
|
$598
|
SE Corner
|
|
4701
|
4 Bed/4.5 Bath + Den
|
2234
|
$1,343,900
|
$602
|
SE Corner
|
As for deposits, there is a tentative payment schedule:
- 10% with Reservations
- 10% at Contract – December – January 2014 (tentative)
- 10% at Groundbreaking (mid-2014)
- 10% at Completion of Floor 10 – Around the End of 2014
- 10% at Top Off – mid-2015
- 50% at Completion mid-2016
Paradise
in Miami
For those who live
in Miami, every day is paradise in Miami.
At Paraiso Bay, this will be paradise in the truest sense of the
word. With so many cool areas around
Edgewater, this Miami condominium is an excellent investment that will pay off.