Miami Mortgage News

Related under-prices rival condos at Auberge Miami

Related Group has started pre-construction sales of condos at the Auberge Residences & Spa Miami at lower prices than many rival condominium developments. Auberge Miami is a 60-story, 290-unit building that Related plans to build at 1400 Biscayne Boulevard in Miami, near the Adrienne Arsht Performing Arts Center.

It is the initial phase of a three-tower project that would have 1,430 units and 13,280 square feet of retail space. Carlos Rosso, president of Related’s condo division, said the company is selling Auberge Miami units at an average price of $575 per square foot. Many condo developments in downtown Miami are selling at unit prices exceeding $700 per square foot.

“We weren’t planning on launching this job, but we had partners that said, ‘We don’t mind making a little less profit for the lower price. We want to get closer to getting the [construction] loan,” Rosso said. “It was a unique situation.”

He also said the first five days of sales produced 50 unit reservations, and Related needs reservations for 60 percent of the units, or 174 of them, to obtain construction financing and break ground. Related requires a 50 percent deposit to reserve a unit at Auberge Miami, 10 percent initially and the rest in stages as the development advances. Units at Arquitectonica-designed Auberge Miami range in size from 515 square feet to 1,964 square feet.

“Gran Paraiso and SLS LUX are suffering because we are going out at a great price on this project [Auberge Miami]. But we are fine with that because at those other jobs we already have met our pre-sales,” Rosso said. “Now if you sell condos, it has to be at an attractive price.”

SLS Lux Residences, Brickell Miami

Just steps away from upcoming Brickell City Centre, Miami’s newest and most extravagant shopping and lifestyle destination, SLS LUX offers residents ultimate access in an oasis of exclusive privileges. Sophisticated designer interiors, original works of art by contemporary masters, private rooftop pool terraces, celebrity chef restaurants, and limousine service to a chic private beach club are among the many features, amenities, and services designed to indulge the most discriminating clientele.

Building Features

• Located in the heart of Brickell between upcoming Brickell
• City Centre’s high-end retail and restaurants and the Mary Brickell Village shopping center.
• 57-story tower designed by internationally renowned architecture firm Arquitectonica, featuring the first LED façade by prominent lighting artist Ana Martinez.
• Interiors designed by Yabu Pushelberg.
• Museum-quality art in all common areas, including works by renowned artists such as Fernando Botero and Matias Duville, among others, and exterior art mural installation by Fabian Burgos.
• Ground floor restaurant by celebrated chef Katsuya Uechi and cocktail lounge by SBar.
• 450 luxury condominiums featuring private elevators.
• A limited collection of 12 Penthouse Residences on the top three floors with 12 foot ceilings, custom gourmet kitchens and panoramic skyline, Biscayne Bay, and Atlantic Ocean views.
• Two assigned self-parking spaces available for most units in secured parking garage, or optional complimentary 24-hour valet parking services.
• Rental program by sbe for designer suites.

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Related under-prices rival condos at Auberge Miami

Related Group has started pre-construction sales of condos at the Auberge Residences & Spa Miami at lower prices than many rival condominium developments. Auberge Miami is a 60-story, 290-unit building that Related plans to build at 1400 Biscayne Boulevard in Miami, near the Adrienne Arsht Performing Arts Center.

It is the initial phase of a three-tower project that would have 1,430 units and 13,280 square feet of retail space. Carlos Rosso, president of Related’s condo division, said the company is selling Auberge Miami units at an average price of $575 per square foot. Many condo developments in downtown Miami are selling at unit prices exceeding $700 per square foot.

“We weren’t planning on launching this job, but we had partners that said, ‘We don’t mind making a little less profit for the lower price. We want to get closer to getting the [construction] loan,” Rosso said. “It was a unique situation.”

He also said the first five days of sales produced 50 unit reservations, and Related needs reservations for 60 percent of the units, or 174 of them, to obtain construction financing and break ground. Related requires a 50 percent deposit to reserve a unit at Auberge Miami, 10 percent initially and the rest in stages as the development advances. Units at Arquitectonica-designed Auberge Miami range in size from 515 square feet to 1,964 square feet.

“Gran Paraiso and SLS LUX are suffering because we are going out at a great price on this project [Auberge Miami]. But we are fine with that because at those other jobs we already have met our pre-sales,” Rosso said. “Now if you sell condos, it has to be at an attractive price.”