China City Construction and partners are proposing an 18-story condo tower on the oceanfront land of Miami Beach.
This proposal is made four months after a 1-acre development site at $38.5 million deal in Miami Beach is closed. The Real Deal says that the planned tower is indeed timely, considering that China's economy is declining, not to mention the U.S. economy which is speculated to be heading into recession in the latter part of this year.
Recent reports forecast that this oceanfront land of Miami Beach is a perfect place for a new condo tower.
"One of the last vacant oceanfront properties on Miami Beach -- one of the hottest real estate markets around the globe -- the site is a prudent investment with immeasurable potential," said R. Donahue Peebles, Chairman and CEO of The Peebles Corporation.
Records show that Miami has been drawing investors since the South Florida real estate cycle began. In 2010, a property in Miami Beach worth $4.6 million was purchased by developer R. Donahue Peebles, CBRE United States reported. Moreover, China City Construction and partners also paid nearly $75 million in December 2014 for a development site in the Brickell Avenue, Greater Downtown Miami. Since 2011 as well, about 51 new condos with over 2,030 units will take shape in the island city of Miami Beach, according to CraneSpotters.com, a website that caters to preconstruction condo projects.
In fact, on March 8, CCCC Miami Beach LLC, an entity based in Brickell Avenue is slated to announce its development plans to the Miami Beach Historic Preservation Board, declaring its proposed 42-unit condo tower to take shape at 6700 block of Collins Avenue, Miami Beach government records show.
As of 2016, there have been 13 new condo buildings with over 385 units built in Miami Beach. Currently, another 17 new condos with 515 units are under constructions. The CCCC Miami Beach project of 42-unit condo tower plus an additional 21 new condos, amounting to 1,125 units all in all, are now up for presale. There are 57 new condo buildings with over 4,300 units that have already been constructed in the Miami-Dade, Palm Beach, and Broward, the tri-counties of South Florida, as per CraneSpotters.com.
The Miami Beach area is in the ranks of the most active condo units market, even ranks seventh, as per The Real Deal. Meanwhile, research shows that the beach front will always be conducive to the real estate business.
"This beachfront site is ideally situated in one of the nation's most sought-after real estate markets, a top-performing hotel market and a place where residential sales top $2,000 per square foot," said CBRE Senior Vice President Robert Taylor via CBRE United States.
