There is busy, and then there is busy like the Related Group gets busy! In the span of a three-hour period in late July, 2014, the developer did something that other companies could only dream of doing. They began construction on three new condos in Miami. At the same time, they entered the presale phase for yet another high-rise in downtown Miami. If that weren’t enough, consider that this was just a week after they nearly finished work on two other towers in the area. These other towers, ICON Bay, a 43-story tower with 299 units and Baltus House, a 15-story complex with 167 units, are already extremely popular in the area.
The New Projects
Related Group held their groundbreaking ceremony in Brickell Heights to celebrate starting construction on a pair of towers in the area. One of the towers will have 46 stories, while the other will be slightly larger at 49 stories. Combined, they will have 696 units. The towers will be going up on the 800 block of South Miami Ave, along the west side of the avenue. They held their groundbreaking at 10AM on July 31.
Just an hour later, they hosted another groundbreaking ceremony. This new tower is the Paraiso Bay, and it will be 53 stories high and have 368 units. The tower will go up along the north side of Northeast 31st Street in the 600 block. It is important to note that this tower is just the first in what the Related Group hopes will be at least four in the Paraiso family of towers. They want to develop other towers between Northeast 31st and 32nd street, and they hope to have close to 1,400 units between all of these different towers. While these are not in the groundbreaking phase yet, it’s a good way to get an idea of what Related Group plans to do and how rest is certainly not on their schedule.
Approximately an hour after the Paraiso Bay groundbreaking, they will start their presale phase for another of the towers in Paraiso. Paraiso Bayviews will have 44 stories and 388 units. The actual build phase of this project will likely begin sometime in early 2015.
This type of activity is nothing new for the Related Group. They have always been very active when it comes to building new properties in the area. Right now, they have plans for a large number of new towers – at least 34 – between themselves and their partners. This will account for nearly 8,400 units. Already, they are responsible for around 24% of the units in the South Florida area. Take a moment to consider exactly how many units this is already and how many they will be adding in the coming years.
One thing is certain. The Related Group is one that is never satisfied to simply rest on their laurels, and they continually look for new opportunities. However, to remain successful, the company needs to continue doing well on all of their presales to hit their targets.