In recent years, Miami has seen a dramatic shift towards the development of buildings that offer flexibility via short term rentals. Owners of these types of property are allowed to rent out their units free of rental restrictions. In comparison to 3 years ago, when none of these types of projects were underway, the number of flexible living units coming to market in Miami is now in excess of 4,000+ units. From turnkey, fully furnished residences that are purposely designed, built and licensed to be shared, to buildings with built in Airbnb platforms, these new projects are expertly targeting the new generation of homeowners and investors looking to cash in on South Florida’s booming real estate market and soaring rents. Below are a few of the newest projects tapping into the bourgeoning sharing economy.
The first ever Standard Residences in Midtown Miami is the area’s first true pied-a-terre building with studio, 1 and 2 bedroom units allowing rentals for as few as 30 days, offering flexibility but maintaining exclusivity. From the creators of the world-renowned Standard Hotels and pioneering developer Carlos Rosso, the 12-story building is designed by Arquitectonica and will rise at 3100 Northeast 1st Avenue in the heart of Midtown. The mixed-use project will feature 228 residences ranging from studios to two bedrooms, with interiors by Urban Robot Associates, thoughtfully designed social spaces and 34,000 square feet of amenities including a rooftop with a sunset pool and signature restaurant, a state-of-the-art sweat room and fitness center, an infrared sauna, a karaoke bar, co-working spaces, an indoor pickleball court, yoga and stretch studios, and a pet spa. The ground floor will have 10,000 square feet dedicated to retail uses. The Standard Midtown is set to break ground this year with completion expected by mid-2023,
Lofty Brickell was created for buyers seeking a modern way to own, live and monetize luxury real estate. The flagship property’s turn-key, fully furnished residences are purposely designed, built and licensed to be shared, with no rental restrictions. Being built by Newgard Development Group, the developer behind the highly successful Natiivo, another short-term rental development of 51 stories underway in Downtown Miami which sold out before construction even began, Lofty Brickell will rise 42 stories at 99 Southwest 7th Street, which sits directly on the south side of the Miami River. The building is designed by Arquitectonica with landscaping by Urban Robot Associates, offering studio, one- and two-bedroom units with interiors by New York-based INC. With 40,000 square feet of shared spaces, amenities include a private marina, invitation-only speakeasy, waterfront restaurant, resort pool deck plus separate rooftop with infinity edge pool, co-working spaces, cigar lounge, game areas, fitness center with yoga studio, sauna/steam rooms and cold plunge, owners lounge & social club, car service, juice bar, personalized app and on-site hospitality management. YIMBY opes to see the project break ground this year, estimated to reach completion by 2024.
The Crosby is another project that was just recently announced as a 31-story short-term rental tower set within Downtown Miami’s $4 billion, 27-acre Miami Worldcenter, addressed as 601 North Miami Avenue. The mixed-use development is a joint effort between Related Group and Merrimac Ventures, poised to deliver 450 turn-key residences, free of rental restrictions, designed by Miami Lakes-based Cohen Freedman Encinosa & Associates. Floor plans are designed to fit a range of lifestyles, with turn-key studio, one- and two-bedroom residences curated by AvroKO. Owners have access to over 22,000 square feet of amenity spaces spanning multiple floors. Amenities include saunas, plunge pools, a dedicated space for yoga and mat workouts, a spacious co-working center, a clubroom featuring billiards, a theater and a private dining area. Museum-quality art adorns nearly every space, indoor and out. Related and Merrimac plan to break ground in Q1 of 2023, lasting approximately two years to complete with an expected delivery date in Q1 of 2025. Units will start from $300,000.
Nearly sold out before breaking ground, the 37-story District 225 is the last short-term rental project on our list, also being developed by Related Group. Addressed as 225 North Miami Avenue in Downtown Miami, the 394-feet tower is designed by Sieger Suarez Architects and will offer 343 fully furnished, flexible residences with a first-of-its-kind, built-in Airbnb program for monetized home-sharing; interiors will be handled by Meshberg Group. On site staff will seamlessly handle all aspects of the hosting process, from listing to check-in and cleaning. The units can be rented out for as few or as many days as the owner wants. Building amenities include a rooftop pool, museum-quality artwork, an indoor basketball court, professional-grade racquetball court, 28-foot-tall rock-climbing wall, state-of-the-art training center and yoga/spinning studio, dedicated co-working space and resident’s lounge with cinema and billiards table. YIMBY expects ground breaking to occur some time this year, with an estimated completion date in 2024.