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Carless 31-Story Yotelpad Breaks Ground After Quickly Selling More Than Half Of Units

Yotelpad building is now under construction in Miami, becoming the latest building to break ground without a parking garage. A groundbreaking ceremony was held by the developers this morning.

It is selling fast, with more than 50 percent of units sold in six months. More than 40 percent of buyers are investors from Mexico and China, with a substantial amount of investors also coming from Argentina, Colombia and other South American markets.

“Our team has sold over 18 units per month over the last six months – that is 111 units and counting. This is something we have not seen in Miami in a long time,” said Peggy Olin, president and CEO of OneWorld Properties. “Buyers understand the value and freshness of the YOTEL brand and are looking for flexibility and a prime location. Miami serves as a significant gateway to global markets and has one of the largest financial districts in the U.S. Our team was able to take all the incredible elements of this project and the Downtown area to deliver the right product for this market.”

The project includes two components, with hotel rooms on the lower floors and condos on the upper floors. In total, Yotelpad will include 231 residential units (PADs) and 222 hotel rooms (cabins).

Only the residential units are being sold, located on level 15-31. Sizes range from 417-square-foot studios to 708-square-foot two-bedrooms, with pricing starting in the $300,000s and an average price of $650 per square foot.

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NXT