Alta Developers is changing course on a Miami project it completed late last month.
The development firm is launching sales of a newly completed residential project near the Miami Design District that was originally planned as a rental building, called Quadro at Design District. Prices start at just under $400,000.
Rainmundo Onetto, principal and CEO of Alta Developers, said the 12-story building was designed with condo finishes. He believes the product stands out among its competitors because it’s already built and allows for short-term rentals.
“Everyone is talking about short-term rentals, but I think this quality of project, it’s a little bit different,” he said. “It’s oriented toward families, not only investors. They can come two or three times a year and use it.”
Other condo projects with short-term rental offerings, like YotelPad and Natiivo in downtown Miami, have not yet been completed.
Quadro, at 3900 Biscayne Boulevard, received its certificate of occupancy in November and has leased out about 30 units to renters for about $3.25 per square foot. That comes out to about $2,500 a month for a one-bedroom, and $3,200 a month for a two-bedroom.
The 198-unit project features two towers that connect and share a sixth-floor amenity level, featuring a pool deck with views of Biscayne Bay and the Design District. Fortune Development Sales is handling condo sales.
So far, Alta is keeping the short-term rentals in the north tower, though that could change once it starts selling units. Quadro has a minimum three-night stay for short-term rentals, which are managed by Nomada. Onetto said that 12 units have been listed on Airbnb since September, when the building received its temporary certificate of occupancy, with an 85 percent occupancy rate and an average nightly rate of more than $200.
Units range from 973-square-foot, one-bedroom condos to 1,280-square-foot, two-bedroom condos with terraces. Amenities include cabanas, a summer kitchen, a club room, yoga and spinning rooms and a gym. The units feature Nest thermostats, keyless entry, Italian porcelain tile, open kitchens and ceiling heights of up to 13 feet. The developer is offering furniture packages and color palettes for the units.
Onetto also invested in the building’s art, hiring a Chilean artist, Art with DNA, to create and install more than 540 art pieces inspired by the ocean, including a school of goldfish installed above the valet entrance. Behar Font & Partners was the architect.
The building has 26,305 square feet of ground-floor retail space, which is partially leased to Circa Lighting, furniture showroom Interlude and Yoga Six. The Comras Company is handling retail leasing.
Alta Developers has about 2,000 units in the pipeline in South Florida, including projects in the Dadeland area, South Miami, Flagler Village and Boynton Beach, Onetto said. The firm co-developed One Paraiso, one of the towers at Related Group’s Paraiso district nearby, in Edgewater.