Developer Rishi Kapoor started selling its co-living project in Miami Beach and plans to next start selling units in a Coconut Grove project.
Kapoor, CEO of Coral Gables-based Location Ventures, is aiming for an ambitious pipeline. He hopes to have 100 Urbin-branded homes across the country and abroad in the next decade, he said. Location Ventures has raised more than $ 100 million from investors including Terras David Martin, the Touzet family, Coastal Construction’s Murphy family, and others.
Urbin Miami Beach, 1260 Washington Avenue, has secured reservations for 60 percent of the units since sales and marketing began last month, Kapoor said. The developer plans to switch to contracts in the next two weeks.
Urbin Coconut Grove, 3162 Commodore Plaza sales will begin next.
Each project has less than 100 units.
One Sotheby’s International Realty is handling the sale, with studios in Miami Beach starting at $ 400,000 and covering 275 square feet. The multi-room apartments will have two to four bedrooms and be up to 1,334 square meters in size.
In Coconut Grove, units will range from 331-square-foot studios to 2,352-square-foot, six-bedroom condominiums.
Construction on both projects could begin in November and be completed within 20 to 24 months of the groundbreaking, Kapoor said. Location Ventures plans to complete a construction loan of approximately $ 35 million for the Miami Beach project and a loan of approximately $ 70 million for the Coconut Grove project, he added.
Kapoor said it is targeting end users and investors. The buyers who have previously reserved units of the Miami Beach project are exclusively investors who are planning to participate in the leaseback program. Buyers in the latter pool have access to their unit or bedroom for up to 90 nights per year.
Kapoor said Urbin’s goal is to deliver furnished apartments to people in urban centers who “spend a large part of their income on rent and are looking for another option.” Housing costs in South Florida have skyrocketed, especially in the last year.
Miami was recently ranked the second most expensive housing market in the US, overtaking Los Angeles. A report by RealtyHop found that a Miami household should expect to pay $ 2,653 a month in home ownership costs, or about 81.6 percent of median income.
Condominium projects with both short- and long-term rental components have performed well in Miami, including the sold-out YotelPad Tower in downtown Miami.
In Urbin, micro studio rents could start at $ 1,900 a month. Bedrooms in co-living units can be rented separately for $ 1,200 per month, depending on the market when the project is delivered.
According to a press release, the mixed-use development will offer short and long-term rentals, co-working spaces, wellness facilities, retail and a pool terrace with green areas and lounge areas. The units are delivered fully furnished
Touzet Studio, directed by Carlos Prio-Touzet and Jacqueline Gonzalez-Touzet, designs Urbin Miami Beach with interiors and common areas by Meyer Davis. The existing 33,488 square meter building is being renovated and Location Ventures is planning to build another 44,000 square meter building.
Arquitectonica and Paredes Architects are designing the Coconut Grove project near CocoWalk.
Contact Katherine Kallergis
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