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The Real Deal
Yotel apartments coming to downtown Miami
Aria Development Group and Kuwaiti company AQARAT are going residential with their Yotel development in downtown Miami.
Four years after first launching plans for a Yotel tower on the site at 227 Northeast Second Street, the joint venture is unveiling YotelPad, a residential Yotel-branded project.
The Miami property will be the first YotelPad on the East Coast. David Arditi, principal of Aria, plans to break ground by the end of the year and deliver the 31-story, 250-unit building in 2020. He said he’ll finance construction with a roughly $75 million loan.
Unit prices will start at about $250,000. OneWorld Properties is handling sales of the units, which will range from 425-square-foot studios to 700-square-foot two-bedrooms, according to the project’s website. OneWorld Properties, led by Peggy Fucci, will handle sales.
Owners and hotel guests will have access to bike storage, a coffee bar, restaurant and bar, fitness center, co-working space, a lounge, pool deck and pet spa.