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Aria Development Group, a New York and Miami-based real estate investment and development company, along with joint venture partner, AQARAT, one of Kuwait's leading real estate companies, has announced that YOTELPAD Miami is now 50% sold just six months after launching sales in June 2018. OneWorld Properties led by Peggy Olin is the exclusive sales and marketing team for YOTELPAD Miami. The mixed-use hotel and residential development, which will be the first YOTELPAD on the East Coast, is located in Downtown Miami and is slated for completion in early 2021. The development’s attractive short-term rental options without any restrictions and leaseback program offer owners flexibility. More than 40% of YOTELPAD Miami’s buyers are investors from Mexico and China with a substantial amount of investors also coming from Argentina, Colombia and other South American markets.
“Our team has sold over 18 units per month over the last six months – that is 111 units and counting. This is something we have not seen in Miami in a long time,” said Peggy Olin, president and CEO of OneWorld Properties. “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.”
“The realization of YOTELPAD is a major milestone for Downtown Miami,” said David Arditi, principal of Aria Development Group. “It’s the first time a global hospitality brand will offer luxury living at an attainable price point. The innovative PAD concept, with its clever and adaptable floorplans and flexible rental options, is being received with great enthusiasm by local and international buyers alike. We are excited to forge ahead with construction and bring this highly-anticipated project to life.”
Upon completion of the project, YOTELPAD Miami will incorporate three Techi robot butlers capable of delivering beverages, food, gifts, documents and more. Raising the standard for residential amenities, two robots will be available to residents and one will be designated to guests of the hotel. The robots can be programmed to speak a variety of languages, dialogues and play digital files with music and voice recordings. Other 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, a lounge, pool deck and pet salon. In addition, each PAD will come with a dedicated storage unit. Global design and engineering firm Stantec is the lead architect, interior designer and engineer for the project.
“As global experts in the residential real estate market, we believe in YOTEL’s new ‘live smarter’ PAD concept,” said Fahad Al-Shamlan, vice president of Investments & Acquisitions for AQARAT. “Our partnership with Aria Development Group on this project will transcend the boundaries of luxury in high-end resort destinations for the modern person.”
The 31-story YOTELPAD Miami, which is located at 227 NE 2nd Street and designed by Stantec, will feature 222 Yotel-branded “cabins” (hotel rooms), 231 “PADs” (condominiums) and amenities such as a Skytop Lounge, pool deck with restaurant and bar, fitness center, co-working space and pet spa. The hotel portion is located on floors 2-12 with the condominiums on floors 15-30. Condominium owners and residents will have access to exclusive amenities such as a 2,000 SF “Lounge in the clouds” with game area and chef’s kitchen. The high-tech units include studios to one- and two-bedrooms and range in size from 417 SF to 708 SF with top-of-the-line flooring and lighting, floor-to-ceiling glass windows, custom European cabinetry and Smeg brand Italian appliances. YOTELPAD Miami is scheduled for completion in early 2021.