Monday, March 24, 2014

Real estate project seeks to develop the City of Doral

In West Miami-Dade County , taken form a new sophisticated urban center with several towers of luxury condominiums, townhouses, apartments , office buildings , shops , restaurants, a charter school, a public park with a pavilion art and a center of government .

Downtown Doral, a development of 120 acres of Codina Partners, attempts to transform the labor -industrial world Doral a true residential city .

The goal, said Armando Codina , CEO of Codina Partners, is to create a community to " live, work , learn and play " where families can enjoy the fruits of urban life , while spending less for housing than they would in other enclaves of Miami -Dade .

" This is not a project, it is a city," Codina said, sitting in a conference room of a downtown sales center of Doral. The community, which extends between 70 and 87 Avenues Northwest , and from Northwest 54th Street to Trump National Doral Miami, will be created in stages , with the most complete parts in five years, he added .

Downtown Doral is the largest investment ever made by Codina Partners - over $ 1,000 million. It also marks the first project Codina has taken from the beginning to the end with her daughter , Ana -Marie Codina Barlick , 37, who on Saturday was appointed the chief executive of the company.

Codina, 67, a pioneer in South Florida best known for suburban office and industrial park developer , has reshaped much of Miami -Dade for decades. He risked almost 30 years ago in what today is Doral, when he built the Beacon Center . In 2006 , merged his former company, the Codina Group, Florida East Coast Industries, and sold the company in 2007 to Fortress Investment Group, based in New York.

Only left with an asset: the Downtown Doral property.

Jack McCabe, real estate consultant , Codina called " one of the best known and capitalized developers in Florida."

" Undoubtedly, this will be a great benefit to the Doral " McCabe , CEO of McCabe Research & Consulting in Deerfield Beach said.

Downtown Doral , which has been planned for several years, comes to fruition amid a flurry of new residential construction in South Florida. The recession and the recent collapse of the mortgage market are now distant memories simple , while property values ​​rise again - and developers are rushing to bring new projects to the market.

" Undoubtedly, in the last 18 months confidence builders and developers is extremely strong," McCabe said. " The developers expect the positive market conditions to continue for at least five to seven years , and have seen larger developments with thousands of new units - 175 new condo projects with more than 24,000 units in South Florida."

Most of these new projects are located east of I- 95, near the ocean or in downtown Miami. Only a handful have been announced in the suburbs, said Peter Zalewski, principal of Condo Vultures LLC, a real estate consultant .

The basic concept of Downtown Doral will have 2,840 luxury housing units - the vast majority , more than 2,100 condominium units spread over eight or nine towers, each 20 stories up . In addition, the project will have three buildings with 454 apartments to rent them , plus over 90 family houses.

" The Doral has never seen anything like this," Codina said. Residents will also have nearby facilities such as golf at Trump National Doral Miami.

Codina , who has shunned condominium projects in the past, brought to Oswaldo Betancourt in September as executive vice president for development and construction , to oversee the development of condominiums in Downtown Doral. Betancourt was previously vice president in the division of condos Related Group .

For the first and second towers, Codina Partners has hired renowned architects Charles Sieger Miami based and Jose Suarez, Sieger Suarez Architectural Partnership , which designed as luxurious Related projects like Apogee , Murano at Portofino and the Murano Grande in Miami Beach, and St. Regis Resort & Residences in Bal Harbour. The designer Adriana Hoyos creates luxurious interiors and are available fully finished floors , kitchens and bathrooms , to move in immediately.

The pre-construction sales for the first tower opened to the public earlier this month. Construction is scheduled to start in six months, and the building will be ready by the end of 2015.

The condos range from $ 200,000 for one bedroom lower , at $ 600,000 per unit with three bedrooms with a study , and $ 800,000 for a penthouse , Betancourt said. Luxury condominiums are expected to compete with towers in urban areas like Briskell Corridor , but at lower prices . A unit that costs $ 370 per square foot in Downtown Doral could cost between $ 550 and $ 600 per square foot in Brickell, added.

" If a developer is able to achieve more than $ 350 per square foot in Doral, cause a wildfire in the residential condominium in Doral ," Zalewski said.

The Doral, a suburban area / Industrial west of Miami International Airport , has become a center for Venezuelans and other Latin Americans. For those perspectival buyers, as well as other locations that Desen live close to work or family in Doral, affordability will be key , analysts said.

" The price level will be very important," McCabe said. "They will need to have price levels that are affordable for Floridians of the working and middle classes."

Undoubtedly, the volume of day laborers in Doral is huge - more than 150,000 according to the city, and rising. The Doral is home to major employers such as Univision , Carnival Cruise Lines, the Federal Reserve Bank of Miami, the U.S. Southern Command and Blue Cross Blue Shield of Florida and The Miami Herald. It is the number one warehouse / offices in the region , according to real estate analyst David Dabby , director of Dabby Group Advisors in Coral Gables market.

However, the city says it has a population of just 46,000 and the property is somewhat limited. While there are other planned or under construction residential projects, Codina Partners is by far the most ambitious .

Overall, the Doral area is dominated by single family homes and rental units old , " Zalewski said. " And most of what you see is the beginning of a niche construction condominiums and single-family units , to allow people to enter the market , because the economy is very strong there."

Other projects underway are two residential rental Related Group : Doral View Apartments, a project of 260 units of garden apartments with 14 three-story buildings , and CityPlace Apartments, adjacent to CityPlace Doral , which have more than 330,000 square feet retail sales .

With its central location , Dabby says he expects Downtown Doral " will fill the demand for its residential component ... People do not like to drive , they would be happy to live close to their offices ," he said . " Whenever you get the right price, it's a winner ."

So far , we have booked 42 condominium units in the first tower . The urbanizares are requiring a deposit of 20 percent at contract signing , 20 percent when you start to build , 10 percent when the closure is completed and 50 percent, Betancourt said. The condos are marketed both locally and in Latin America, including Venezuela , Brazil, Mexico and Argentina .

Ingrid Sanchez , a real estate agent in the Keyes Co. Doral, has so far sold 15 units condomino all Venezuelans , who were attracted to the project scope - entertainment, restaurants and schools - as well as price she said.

" It is a new product in Doral ," Sanchez said. "It's totally different from what we had seen before."

No comments: