Developer To Break Ground This Fall On 22story Condominium Tower Overlooking Biscayne Bay
By Susan Stabley
With special permits to build a tower overlooking Biscayne Bay, A.R. Development Group plans to break ground this fall on Platinum, a condo project.
The 22-story, 119-unit tower at 480 NE 30th St. is the first of three planned by A.R., which is working in collaboration with Maysville Inc.
An apartment building is now on the property that has been owned by the Redondo family, which owns A.R., for 17 years. Alex Redondo, head of the local company, said tenants will leave by the end of November and demolition soon will follow.
Mr. Redondo said his company is in talks with lenders but has not finalized terms.
"Everything goes according to presales and financing," said Mr. Redondo. "Everything’s tentative. We have 30% sold and need 50% to get financing in place."
Miami city commissioners approved the project’s multi-use special permit in May. Platinum will be fully residential, but the developer needed a special permit to allow a streetside yard along Northeast 29th and 30th streets to be 5 feet less than the standard setback, according to city documents.
A.R. added three units on its ground floor after the city requested that the lower level be more pedestrian-friendly, said Mr. Redondo. The added units will help cover a five-floor parking garage that will offer 195 spaces.
Seven ground-floor units will be loft-style units with 27-foot ceilings. Platinum will include units with one, two or three bedrooms priced from $240,000 to $500,000 and from 828 square feet to 1,692 square feet. Penthouses will have 12-foot ceilings; other units having 9-foot ceilings.
The project has been designed by Fullerton Diaz Architects, which also designed Murano and Bristol Towers.
The project will cost about $38 million, according to city documents, employ 100 workers during construction and create about 13 jobs. The project should generate $544,968 annually in tax revenue, according to documents.
A grand-opening reception for the Platinum sales center at 2300 Biscayne Blvd. is at 7 p.m. today (6/12). Kamany Realty is sales agent.
The Redondos hope to capitalize on growing appeal of Miami’s Design District and the new Performing Arts Center.
"This is the right time for the area," said Jhosmar Redondo, media director for the project.