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MIAMI | X Miami | 354 FT | 31 FLOORS

http://i.imgur.com/hUQr1fz.jpg

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A new downtown Miami rental tower will have a cool name, and architecture to match.

PMG has revealed plans to build the luxury apartment building, called Vice, on the former Empire World Towers property. Young professionals will be the target market.

The developer plans 464 small but expensive units, with the apparent goal of achieving a rental rate of $3 per square foot. Studios that are 530 square feet would rent for $1,650 per month, while one-bedrooms would be 600 square feet and rent for $1,800 per month. New York-style Junior 4s, as well as two and three bedroom residences will also be offered.

PMG’s Ryan Shear told the Herald, “If somebody’s okay living in that space in New York, why would they not want to live in that space in Miami?”

Vice is one of three high-rise buildings in the works for the block, and the only one not directly on Biscayne Boulevard. Plans for a 1,049-foot tower at 300 Biscayne Blvd. that will likely be a luxury condo project were submitted by PMG earlier this year. Another developer submitted plans for a 77-story, 960-foot tower called the World Trade Center of the Americas at 340 Biscayne Boulevard, currently a Holiday Inn.

Construction on Vice will begin by the end of the year. CFE Architects is the architect.

A separate, luxury condo tower is planned for the Empire World Towers site on the portion fronting Biscayne Boulevard. PMG will release those plans in the first quarter of 2016.

Update: PMG Principal Ryan Shear shared his thoughts on Vice with TNM:

“The concept behind Vice is three-fold.

First, Miami has a distinct lack of true Class-A multifamily options. By that, I mean look at cities like San Francisco, Manhattan, Boston, Portland, etc., and you will find cutting-edge rental properties – communities, really — that are directly tailored to young professionals. These high-end, high-tech properties provide a much better product, from better finishes in the units to weekend trips to local attractions. There is a dramatic difference between renting at a property like that, where it is managed by a major professional management company and offers unique, useful, and desirable amenities & services versus renting a condo directly from a landlord who lives out of the country, isn’t responsive, and isn’t constantly thinking of ways to improve your living experience. The market has just become so accustomed to the latter in Miami that most renters don’t even realize what they are missing. In Downtown and Brickell, the only true multifamily properties are tired and dated and don’t fulfill the need that we recognize.

All that being said, our second angle is pricing. Some will comment that our prices are high because on a per square foot basis, they are above $3. However, the typical young professional renter in Miami does not view the process that way; they have a budget of what they can and cannot afford to pay every month. We did some focus groups through ULI with members of the target demographic and we really learned a lot (it also helps that half of our office comes from that demographic). They know they want to live in Downtown/Brickell, they know they want to be in the scene at a trendy building, but the average monthly rent for a 1-bedroom in a high-end building is at least $2,000 a month. And then when you factor in all the different fees and restrictions from the condo buildings and owners (e.g., the small fortune you have to pay up front, are pets allowed?, etc.), it just becomes so difficult for most self-sufficient millennials to make it work. Our bet is that if you can shave several hundred dollars off of their monthly rent and give them a much cooler building with better finishes, amenities, and services, the smaller unit sizes won’t be an issue. Particularly once our floorplans are revealed, it will be clear that this makes sense. It’s worked extremely well in other major cities and we are betting that it will here as well.

Finally, the third part of this equation is the location: Downtown. We own and are developing properties all over South Florida, from Hollywood Beach to Aventura, Sunny Isles Beach, and Brickell. We love all of these areas and each brings its own set of positive characteristics; but, Downtown is the one brewing with the most potential. It is the epicenter and it’s really on its way to living up to its name. With all that is happening from Miami World Center to the All Aboard project to the Flager re-development to the new museums, Skyrise, etc., there is just so much on the way. You look at what’s happened in Wynwood, Design District, Midtown, Brickell, etc. and you have to recognize that it makes most sense here. Businesses are already here and now the rest of the pieces are coming. We like to refer to our site as the hole in the donut.

Once you see the tower we are proposing for the Biscayne-fronting acre of our site, and you combine it with Vice and hopefully the World Trade Center at some point, and this will be an unbeatable location.”

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http://www.thenextmiami.com/index.ph...d-towers-site/

With a name like Vice I would have expected something more interesting.

^ At the very least a pastel T-shirt with a white blazer and pants hiked way, way up.

Demo is occurring:

http://i.imgur.com/VfCoC01.jpg
Credit: NXT

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Originally Posted by chris08876 (Post 7114171)

Demo is occurring:

http://i.imgur.com/VfCoC01.jpg
Credit: NXT

^This demo is not for this project though since it sits on Biscayne Blvd. This is the building from the front that is getting demolished.

http://i.imgur.com/zmOg9hF.jpg
http://i.imgur.com/zmOg9hF.jpg

^ The Holiday Inn is immediately to the right which is to be demolished also and where the planned 77-story tower called World Trade Center Of The Americas at 340 Biscayne Boulevard is to be built at a height of 953-feet | 290 meters.

http://i.imgur.com/eySoGrJ.jpg

The VICE tower will rise on this parking lot instead:

http://i.imgur.com/sKqivDv.jpg

http://i.imgur.com/sKqivDv.jpg

This tower was approved by the FAA at: 395 Feet

Slight revision in height and floors.

One tower will be 354 feet and 31 floors. For now, the second and third tower is unconfirmed. The unconfirmed one being a super tall and anotherone possibly a mid range (500').

Remember, this being a three tower project. The title just reflects one tower as the others are ? for now.

Hopefully this project rises before the bust. Well, if there is a bust. I hope they are wrong in their projections. More units for the region, more buyers, the better.

http://pubsys.miamiherald.com/static...lEstate-01.jpg
http://pubsys.miamiherald.com/static...lEstate-03.jpg
Credit: http://www.miamiherald.com/news/busi...e39189630.html

Super tall at 300 Biscayne Boulevard. From the same developer.

PMG is on fire.
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PMG Will Build Miami’s Tallest Tower After Getting FAA Approval :cheers:

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Developer PMG received approval today from the FAA to build a 1,049-foot tower at 300 Biscayne Boulevard, and they fully intend to build to that height.

PMG principal Ryan Shear told TNM that the developer “has full intention to use every foot.” The tower would be the tallest in Miami.

The approved height is 1,041 feet above ground, or 1,049 feet above sea level. At that height, it will be taller than the 93-story Empire World Towers project that was once proposed for the same site.

Details of the project haven’t yet been revealed, but it is expected to include about 500 luxury condos.

PMG’s tower will be taller than the Empire World Towers once proposed for the same site:

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http://www.thenextmiami.com/tallest-...d-towers-site/

PMG put together a team of millennials to spearhead the 464-unit “Vice” rental apartment tower. How would you describe the desires and needs of the young professional?

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We do focus groups and focus groups with friends. What I do is take 20 of the youngest people in the office and 20 of their friends. I want a study of 300 people living in Miami ripping apart our plans. Which parts they like and where the problems are. It’s as real-time data as you can get. We try to involve and listen to what is current and recognize that on a weekly basis this stuff is evolving. For example, we think millennials care less about the size of their apartment and care more about the type of the building, common space, price and location.

When is the Vice tower due to hit the market?

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We break ground in the end of April. It’s a two-year build and we start pre-leasing in the first quarter of 2018.

How much are you expecting those rental units to go for?

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Our one-bedrooms start at $1,800. We underwrote what current rents are for a unit that size. Another company just opened a building down here. Their one-beds start at $2,400.

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http://therealdeal.com/miami/issues_...human-economy/

Construction Underway At PMG’s 464-Unit Vice

By TNM Staff on May 25, 2016

Construction crews have broken ground on the 36-story downtown rental known as Vice (a new name is expected to be announced soon).

When completed in summer 2018, the project will include 464 units. Prices will be above $3 per square foot, or $1,800 for a one bedroom.

Each apartment will have a bluetooth system to place phone calls and play music and Apple TV, according to The Real Deal. There will also be a double-decker pool deck and an oversize 7,000 square foot gym.

To launch the property, developer PMG will hold a Downtown Block Party Bash at 243 Northeast Third Street, the site of the project. The event is taking place Thursday, June 2nd from 7-10pm and will include live bands, beer gardens and food trucks.

http://i.imgur.com/oKaGWdQ.jpg

http://i.imgur.com/ykES3jv.jpg

http://i.imgur.com/gvvuS0w.jpg

http://www.thenextmiami.com/construc...464-unit-vice/

As rental market heats up, PMG turns to luxury sector for downtown Miami project

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New York-based Property Markets Group is about to break ground on its rental tower in downtown Miami as it works on securing $110 million in financing for the amenities-laden, luxury apartment tower, principal Ryan Shear told The Real Deal.

As planned, the property at 300 Biscayne Boulevard will include condo and rental components. As it’s tentatively named, Vice, a 464-unit “New York-style” apartment building, will be part of an “entirely different product set” from other multifamily product in the pipeline, Shear said.

“Our buildings are jammed with amenities,” he said. “It’s designed to be social.”

The rental building, at 243 Northeast Third Street, will offer 60,000 square feet of common amenities, a double-decker pool deck and a gym that spans up to 7,000 square feet. Units will offer techy features like in-unit speakers – so that music on your phone connects automatically when you step into your apartment – and Apple TV.

He called other new projects, like Melo’s Melody Tower, a new 38-story apartment tower in Miami’s Arts & Entertainment District, “the diametric opposite of what we’re building.” PMG will likely partner with a brand for the apartment tower, he said.

One-bedroom units at PMG’s project will average about 550 square feet and start at around $1,800 a month. At Melody, for example, a one-bedroom goes for about $1,650.

Delivery of the building is slated for the summer of 2018. It will include studios, one-, two-, and three-berooms, as well as Junior 4s, the latter of which is a New York City-style one-bedroom apartment with a separate dining room or office.

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TRD

Construction Starts at Miami's Vice

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A plot of Miami land acquired by New York-based Property Markets Group in 2014 is seeing some action, as a large drilling rig now occupies the location of a future 32-storey apartment tower called Vice. Designed by CFE Architects, the development would stand on the western section of the property and contain 464 units, 7,000 square feet of retail, and 670 parking spaces.

Under Construction Part II .... the sequel of a tower that is under construction but not moved.

https://c2.staticflickr.com/9/8332/2...d0f25277_h.jpg
Vice Construction by Phillip Pessar, on Flickr

300 Biscayne Rentals Is Going Vertical

http://www.goldenduskphotography.com...going-vertical