Coral Way gets a new condo building, designed by the same architect behind Brickell Flatiron and Santa Maria.
The eight-story Ambienta will rise at the corner of Coral Way and Southwest 31st Road, a short walk from Doggi’s Arepa Bar and a 25-minute walk from the heart of Brickell, said Ambienta Executive Vice President Carlos Balart. The project received design approval from the city’s Urban Design Review Board on Wednesday. The $ 20 million project will be designed by Luis Revuelta, founder of Coconut Grove-based Revuelta Architecture International.
The building will house 79 units, ranging from a 600-square-foot layout with one bedroom and one bath to a 1,200-square-foot floor plan with three bedrooms and two bathrooms, Balart told the Miami Herald. Prices will start at $ 390,000.
Facilities will include a gym, party room and swimming pool with cabanas and an outdoor kitchen. The building will include two retail spaces, one of which, Balart said, is already booked by an undisclosed local restaurant.
The project will replace two existing rental buildings, a two-story building constructed in 1954 and a one-story project completed in 1969.
Coral Way has grown in popularity over the years. Wrapped under a banyan canopy, Coral Way is the main artery connecting Coral Gables, Brickell, Key Biscayne and other neighborhoods. It is dotted with popular restaurants, offices and shops.
The condo will appeal to condo buyers working in the surrounding neighborhoods, especially Brickell, said Balart. “You are minutes from Brickell, Coral Gables, Coconut Grove and Key Biscayne,” he added.
The development company plans to launch presales later this year and then begin construction in 2022, Balart said. The project is expected to be completed by the end of 2024.
This is the company’s second development in the Miami area. There is another – Ambienta Bay Harbor Islands – in the works. And more projects are planned, Balart said, highlighting demand for condominiums.
The number of condo sales exceeded that of single-family homes due to the amount of inventory and the price difference. Miam-Dade County has six months of condo inventory and a median selling price of $ 325,000, and 2.2 months of inventory for homes and a median selling price of $ 500,000, according to the latest. Miami Realtors Association sales report.
Some real estate experts predict that the condo frenzy will slow down in the months to come after the Champlain South Towers collapse in Surfside as more buyers opt for newer construction.