Donning purple construction helmets and holding shiny shovels amid purple confetti, we broke ground Thursday on YOTELPAD Miami!
The Downtown Miami project is the first development in South Florida to reach the 50 percent sold mark in only six months, reported OneWorld Properties President and CEO Peggy Olin.
“Our team has sold over 18 units per month over the last six months — that is 111 units and counting,” Peggy says of the milestone.
“Buyers understand the value and freshness of the YOTEL brand and are looking for flexibility and a prime location. Miami serves as a significant gateway to global markets and has one of the largest financial districts in the U.S. Our team was able to take all the incredible elements of this project and the Downtown area to deliver the right product for this market.
“We heard what the community wanted, what the people wanted. We know what Miami wants.”
Aria Development Group with joint venture partner AQARAT is the developer of the 31-story project with 231 residences and 222 hotel rooms. Stantec is the lead architect, interior designer, and engineer.
Prices for the studio, one- and two-bedroom residences range from the $300,000s to the $500,000s.
“It’s the first time a global hospitality brand will offer luxury living at an attainable price point,” says David Arditi, founding principal of Aria Development Group.
More than 40 percent of buyers are investors from Mexico and China with a substantial amount of investors also coming from Argentina, Colombia, and other South American markets.
OWP has dominated the international real estate market for the past decade with $3 billion in residential sales. Transactions from international buyers account for 80 percent of our sales of U.S. properties.
“You should change OWP to WOW because you guys have done a phenomenal job selling the project, and it really means a lot to be collaborating,” says David.
Peggy’s sales and marketing team includes Sergio Mannarino, Vivian Cepero Atherton, Luis Chacon, Yan Paoli Sanchez, Melissa Pardo, Mabel Lam, Daryl Morillo, Rebecca Feito, and Lulu the Yobot. Together with another robot, Lulu will make deliveries to and assist residents while a third robot will serve hotel guests.
YOTELPAD Miami is YOTEL’s first luxury condo/hotel on the East Coast. In January YOTEL also broke ground on YOTELPAD Park City, which is being developed by Replay Destinations.
Located at 227 NE 2nd St., YOTELPAD Miami offers clever and adaptable floorplans and flexible rental options. Amenities include concierge services, secure bike storage, gourmet matcha bar, full-service restaurant and bar with outdoor seating and private dining, state-of-the-art fitness center, co-working space, lounge, pool deck, and pet salon. Each urban-chic PAD will come with a dedicated storage unit.
It is slated for completion in early 2021. The sales gallery, open from 10 a.m.-6 p.m. Monday-Friday and by appointment Saturday and Sunday, is located at 501 NE 1st Ave., 786-636-3055. See yotelpadmiami.com.