A development firm says it will launch a luxury, 20-story condo in North Miami Beach, Florida, one of a handful of projects it has on tap for the area.
The 134 units at 72 Carlyle are priced between $1.8 million and $10 million, according to The Eklund Gomes Team at Douglas Elliman. Construction is set to start in 2027, developer Lefferts says on its website.
Housing analysts say they expect a wave of new condo developments across Miami-Dade County and the Sunshine State in the coming years as a result of a new safety law enacted following the collapse of the 12-story Champlain Towers South in Surfside, Florida, in 2021.
The legislation requires associations in older buildings to complete inspections and finance reserves for repairs, potentially pricing out some existing residents. The law doesn't apply to new construction.
The North Beach, or NoBe, neighborhood now has more than a 16-month supply of condo units for sale, said Peter Zalewski, founder of the Miami Condo Investment Club. A market balanced equally between buyers and sellers has a four- to six-month supply of units, industry observers say.
The neighborhood has a diverse, working-class population, so a luxury project is ambitious, especially "in a market where supply is growing and transactions are stagnant," Zalewski said.
Neighborhood shows promise
But Lefferts founder Mendy Chudaitov remains bullish on the area.
The firm, with offices in New York and Miami Beach, previously built 72 Park, a 22-story condo tower a block away that's the first North Beach condo to offer short-term rentals. Lefferts is also planning two additional developments in the vicinity.
“We believe the NoBe district is one of Miami Beach’s most promising destinations, and are committed to building its future as a luxury enclave," Chudaitov said in a statement.
The 72 Carlyle project, at 600 72nd St., would offer views of the Atlantic Ocean and Intracoastal Waterway. Italian designer Piero Lissoni and his American firm Lissoni Architecture are due to handle the interiors, the developer said.
The condo would also feature The Carlyle Club, a 45,000-square-foot amenity center that includes a pool with cabanas, fitness and yoga studios, a spa with treatment rooms and a private beach club.
Ruben Alvarez and Karla De La Torre head the project's sales team for Douglas Elliman. They recently returned to the brokerage after a stint at Continuum Realty.