Friday, August 2nd, 2019 August2nd2019

Sell for More Trivia: Are condos being built with skyports for flying cars?

Published on August 2nd, 2019

Sell for More Trivia is a weekly blog series that playfully presents a trivia question about commercial real estate.

 

The answer is yes.  You can now find this futuristic amenity in one of the craziest cities on the planet…Miami, FL. The first residents moving into a 60-story downtown condominium next month will be greeted with perks including a boxing ring, an outdoor soccer field and a space that converts into a skyport for flying cars.

Paramount Miami Worldcenter developers are planning for the future in the $500 million condo tower that just received a certificate of occupancy. Closings on units in the 569-unit building begin this August.  The project has reached nearly $500 million in sales, with 90% of the units under contract, according to developers Dan Kodsi and Miami Worldcenter Associates.

Kodsi and Miami Worldcenter Associates said they expect to close at least 150 units the first month.  Prospective buyers in the condo represent 56 countries and the average unit price is more than $1 million.

Paramount at 129 NE 8th Ave. is part of the $4 billion Miami Worldcenter, one of the largest mixed-use projects in the country. Plans also call for apartments, shops, restaurants, two hotels and an office tower. Its sales results are getting attention in real estate circles across the country because Miami condos became the first major U.S. property market to signal the start of the Great Recession more than a decade ago.

The boxing ring and soccer field will be part of the Paramount’s amenity deck, the largest of any residential project in the nation, according to developers. The deck can be transformed into a skyport for flying cars.  Other U.S. developers are starting to incorporate skyports into their projects too. In reality, flying cars that builders are designing for are, at this point, more along the lines of small helicopters.

“The flying vehicles will use airspace to alleviate transportation congestion and traffic on the ground for quicker daily commutes, and cleaner air around the world,” Kodsi said in a statement. “These vehicles are more like a helicopter, but much quieter, run electronically and are environmentally friendly.”

Still, Paramount is opening at a time when Miami is facing a large oversupply of units, and analysts say price declines loom large for the market.

 


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About Beau Beach, CCIM

Beau is a tenacious Commercial Real Estate Broker, author and adoring father of four. His clients appreciate his no-nonsense demeanor and his legendary work ethic.

Beau leads Beachwood which is a commercial real estate broker for sellers in the Nashville, Milwaukee, South Florida and Chicago markets.

He’s the author of the books The 3 Reasons: Why Most Commercial Properties Don’t Sell and True Wealth: What Every Seller Should Know About 1031 Exchanges.

Beau can be reached at 800-721-3287, click to schedule a call or Beau@ProwessIRES.com