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Front Page » Real Estate » New residential developments meet demands in Midtown

New residential developments meet demands in Midtown

Written by on October 31, 2017
New residential developments meet demands in Midtown

Developers in Midtown are meeting the increase in demand for residences by building new developments such as Hyde Midtown and Midtown 8, industry experts say.

With such developments underway, experts point to a higher demand for rentals in the Midtown area.

“The amount of supply in Midtown is a lot less compared to other markets,” said Carlos Rosso, the president of Related Group’s condominium development division. “There is a big demand for rentals, especially in the Midtown area, because residents get to have an urban lifestyle while being in walking distance from the hottest restaurants and shops.”

Hyde Midtown in particular, Mr. Rosso said, which is co-developed by The Related Group and Dezer Development, is expected to be completed by the beginning of the year and will offer 395 luxury condominium residences varying between 681 and 1,595 square feet, depending on the residence type.

“Rents will be high,” Mr. Rosso said, “but the amenities, proximity to premium retail shopping, fine dining and urban lifestyle make up for it.”

As for Midtown 8, Jennifer Llop-Noy, an architect at Stantec said, “We are a quarter of the way through construction and have completed seven or eight floors out of the 28.”

“We expect,” she said “to complete construction by early 2019 and will offer residents a variety of amenities, retail and more.”

As for other towers going up after Midtown 8, Ms. Llop-Noy said, “to my knowledge I haven’t heard anything about any other towers going up after Midtown 8.”

Assessing the market as a whole, Jay Steinman, a partner at Duane Morris LLP, said, “The residential market in Midtown continues to grow and has witnessed an escalation in prices over the past few years.”

However, he said, due to developers building up Midtown, condo prices have begun to decrease and flatten.

“It’s a temporary situation due to the overabundance of new condos,” he said, “but I think the market will straighten out in the next 12-18 months, causing values to rise once again.”

Looking forward, he predicted Midtown will continue to a be residential hot spot due to its proximity to prime retail and dining options, making it a place to live, play and work.

2 Responses to New residential developments meet demands in Midtown

  1. Kevin Sprague

    November 2, 2017 at 10:55 am

    As a resident of Midtown it would be a smart move for the developers at this point to work with the city on adding some stoplights and crossings to both 29th st/midtown blvd and 36th st by Target – Midtown is basically closed off on either side by these two streets which are currently lethal to pedestrians and causing tremendous traffic backups. Adding thousands of more residents without addressing these access points is negligent at this point.

  2. Walmart at Midtown

    November 5, 2017 at 10:38 am

    City of Miami elected officials and planners approved a Super Walmart for the SW section of Midtown between NE 29th and NE 31st Streets. Walmart, through its consultant, Kimley Horn, promised to kill at least 31 mature trees on NE 31st Street. Obviously, a large Walmart would be a disaster for Midtown. Traffic? Gridlock? Is anyone doing anything to stop Walmart?