Key Points on new Micro Designation: Minimum residential unit size reduced to 275 SF…
1. Vice Tower –> renamed, xMiami
Address: 230 NE 4th St, Miami, FL
Status: topped off, June 2017
Completion: Fall, 2018
Developer: PMG Group
Start at 450 SF studios → $1,600 / month
To 3 bedroom,1,400 SF → $4,200 / month
Part of national roll out, dubbed PMGx.
Rolling out 5,000 units nationwide, pitched at millenials and young professionals in Miami, Chicago, Denver.
To include co-working spaces and tons of amenities.
2. Wynwood 25
Address: 227 NW 24th St, Miami, FL
Status: broke ground, July 2017
Size range: 400 SF – 1,200 SF
Average 730 SF
Collaboration: East End Capital and Related Group.
400,000 SF development.
31,000 square feet of ground floor retail.
80% of units to rent for under $2,000.
Starting at $1,400.
Most will be studios and one bedrooms
Fitness center, yoga, work-from-home spaces, coffee lounge adjacent to 12,000 SF courtyard, dog wash facilities, rooftop terrace with pool, bar, barbecue, movie screen and work areas.
Designed by Kobi Karp and Meshberg Group designing interiors.
Bank of Ozarks – $58M construction financing.
3. Wynwood 29
Address: 2929 NW 1st Ave
Status: proposed micro condo project.
Micro condos ranging from 416 – 900 SF, from $200K – $500K.
182 residential units.
19,726 SF retail | 26,600 SF office space | 283 parking spots.