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An affiliate of Aria Development Group has proposed a 40-story condo with mostly smaller units in downtown Miami.
The city’s Urban Development Review Board on June 16 will consider plans for 501 First, planned on the 0.48-acre site at 501 N.E. First Ave.
Aria 501 Acquisition LLC, an affiliate of Miami-based Aria Development, purchased the property for $8.25 million in 2015. It currently has a 24,593-square-foot commercial building, which would be demolished to make way for the project.
It’s located on the west side of a Miami Dade College parking garage.
The project would total 393,912 square feet, with 448 condos, 3,127 square feet of commercial space, and only seven parking spaces. Its proximity to mass transit, including the Brightline passenger rail station and the College North State Metromover stop, allows the developer to forgo building a parking space for each condo.
Peggy Olin, CEO of Fort Lauderdale-based OneWorld Properties, said she started brokering sales at 501 First in late May and sales are off to a great start. The building is designed for people who want a second home in Miami and could rent it out while they aren’t staying there. The building will allow short-term rentals through companies such as AirBnb, she added.
Olin recently helped Aria Development sell out YotelPad in Miami and another developer sell out the Legacy Hotel & Residences. Both of those projects allow short-term rentals and most of the sales were to investors in Latin America
“There’s a desire of the Latin American investor to be in Miami and to have a little safety deposit box in the sky at a specific price point,” Olin said. “Anything under $1 million has proven to be the correct price.”
Units at 501 First would range from the $300,000s to the mid $800,000s, with an average price around $450,000, Olin said. The price per square foot will be in the $800s, she added. The developer is requiring 50% deposits, paid in stages.
The site plan shows 184 studios ranging from 384 to 541 square feet, 216 one-bedroom units ranging from 553 to 604 square feet, and 48 two-bedroom units of 877 square feet.
The condos would be on floors four through 36. There would be amenities on floors three and 37, including an indoor and outdoor fitness center, coworking space, a pet grooming station, and personal storage lockets. There would also be a pool deck and grilling stations on the roof.
Olin said potential buyers will want coworking spaces in their building so they can work remotely. The developer plans to partner with an established coworking brand.
The project was designed by Revuela Architecture. Attorney Iris Escarra represents the developer in the application.