325 S Biscayne Depressed sales?

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Permalink Reply by Alex (MUL) on March 3, 2009 at 10:20am

That is the address to One Miami (West Tower)... I heard there were a lot of foreclosures there. The prices have dropped significantly from the high point of the market.

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Permalink Reply by Antonios on March 3, 2009 at 10:31am

Well I hope the prices I'm seeing are foreclosures, that would certainly explain it. As far as I've heard there is or was only one foreclosure here in 50 Biscayne. I hope that continues to be the case.

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Permalink Reply by Alex (MUL) on March 3, 2009 at 10:36am

I don't think there have been many foreclosures here at 50 Biscayne. I talked to a very active realtor the other day and he said the building is pretty much full. Mostly renters, but at least that means the owners will most likely hold on to the units and pay the maintenance fees.

From what I've seen, 50 Biscayne has held up much better than most developments. It's a very popular building and it gets a lot of points due to one key characteristic: Location

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Permalink Reply by Antonios on March 3, 2009 at 11:07am

I agree; Once the retails spots open fill up and a few nice restaurants open up it will get better and better. Do you know if the Whole Foods is still planned for Met3? There's supposed to be a movie theater opening up in the met development too. Those two items would be huge for this area.

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Permalink Reply by Alex (MUL) on March 3, 2009 at 11:47am

Doesn't look like Whole Foods will be a part of this development:
http://www.miamiurbanlife.com/forum/topics/whole-foods-pulls-out-of...

But there is still some good news:

"MDM has begun construction on Met 2, its office and hotel phase that includes a 1,450-space garage. The 750,000-square-foot office building has the law firm Greenberg Traurig as its anchor tenant.

Met 2 also will feature a 358-room hotel with two Marriott hotel brands. Marquis will have 313 rooms, with luxury flag Hotels Beaux Arts serving 45 suites. Construction is expected to be completed by October 2010.

Met Square, the four-story entertainment complex located between Met 1 and Met 2, is slated to start construction in June, with a completion date of October 2010."

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Permalink Reply by Antonios on March 3, 2009 at 3:18pm

That does have some good news, WholeFoods in 5-7 years, better late than never. Greenberg Taurig in the met 2 office complex is great news, hopefully some of them will want to walk two blocks to go home.

I hope Met 3 gets canned...it would be ridiculous to move forward with that project in this environment. I be shocked if they were able to secure financing.

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Permalink Reply by Alex (MUL) on March 12, 2009 at 9:33am

Antonios said:

I hope Met 3 gets canned...it would be ridiculous to move forward with that project in this environment. I be shocked if they were able to secure financing.

What is slated for Met 3? I see they cleared out the land, but nothing has gone up yet.

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