Article
Courtesy of The Miami Herald
By Nicholas
Nahamas
Published February 13, 2016
Soaring prices for oceanfront land on Miami Beach have
led luxury developers to seek other spots to build on the barrier island.
The latest such project to launch is
an eight-story, 78-unit tower at 3900 Alton Rd. in Mid-Beach
overlooking Biscayne Bay. Called 3900 Alton, it will be the
first residential building in the U.S. by award-winning
Spanish architect Ricardo Bofill.
Units range from 927 square feet to more than 2,100 square
feet. Prices start at $790,000 and go up to about $2.8
million.
Developer Camilo Miguel said lower land costs allow units at
the new building to sell for an average of $950 per square
foot, compared to between $2,000 and $3,000 per square foot
for oceanfront properties. |
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A rendering shows the Biscayne Bay views from a
planned, eight-story condo at 3900 Alton Rd. in Miami Beach.
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“From a price point, it’s an incredible opportunity for
someone to live a Miami Beach lifestyle,” Miguel said. His company, Mast
Capital, paid about $17.1 million for the 1.8-acre site last year.
Amenities include a pool deck, children’s playroom, business center, gym and
high-end fixtures and finishes.
Other developments on the Biscayne side of Mid-Beach include the
Ritz-Carlton Residences Miami Beach, an ultra-luxury condo project on the
site of the old Miami Heart Institute. Prices start at $2 million.
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