Short-term rental condos in North Miami Beach begin sales
Fortune International Group and Blue Road have kicked off sales of Nexo Residences, a short-term rental condo project in North Miami Beach, The Real Deal has learned.
The project joins a growing pipeline of South Florida condominiums that will have little to no rental restrictions, designed to attract investors directly. Still, this may be the first planned for North Miami Beach.
Prices at Nexo, a 16-story, 254-unit development planned for the non-waterfront site at 13899 Biscayne Boulevard, will start in the $400,000 range and climb to just over $1 million, the Fortune CEO said. Edgardo Defortuna. Units will range from studio condos to four-bedroom townhouses, with 525 square feet to 2,190 square feet, according to a statement. They will be delivered finished and furnished.
Miami-based Fortune will handle sales and marketing through Fortune Development Sales. Bay Harbor Islands-based Blue Road is led by directors Jorge Savloff and Marcelo Tenenbaum.
The developers are under contract to buy the 1.7-acre site from Tomaja LLC, according to a spokesperson for the project, along with property records.
The developers will be accepting reservations and then plan to convert to contracts in about two months. Construction could begin by the end of the year, Defortuna said.
Buyers will have the option of living in their units or renting them out for any period. Units will have smart key access, a self-service pass system, lockable closets for owners and large balconies. The pet-friendly building, designed by architect Carlos Ott and Frankel Benayoun Architects, will also feature a two-story lobby and lounge; a rooftop observation deck, cafe, coworking spaces, and business center; children’s playground, club room, fitness center, pool terrace and summer kitchen.
“We think investors in Latin America will be very tempted” to buy units, Defortuna said, adding that the smaller units are meant to appeal to the price-conscious buyer.
Defortuna said the North Miami Beach project may also have an EB-5 component, but said it would launch at a later date.
Nexo was originally planned as a traditional condominium building, but a proliferation of new developments with short-term rental options is already clustered in Miami’s greater downtown area.
Near separate city North Miami, Turnberry Associates and LeFrak are working on SoLé Mia, a massive mixed-use development that is expected to eventually include 12 residential towers totaling 4,000 units.