Another new Sunny Isles Beach condo tower took a significant step toward being developed in the barrier island city in Northeast Miami-Dade County.
Earlier this month, the planned 47-story, 68-unit Muse condo tower slated to be developed on an oceanfront site in the 17100 block of Collins Avenue began converting refundable buyer reservations starting at $100,000 into nonrefundable presale contracts, with purchase prices totaling in the millions of dollars.
The conversion from reservations, which were first signed back in March, into presale purchase contracts with 50 percent deposits is a critical step in a new project’s evolution. During this process, developers quickly determine the total number of committed purchasers and find out who changed their minds after initially deciding to buy in a particular tower.
With more than half of the planned units reserved in the Muse condo tower, a high rate of buyer conversions from reservations to contracts would propel the project’s development team – New York City’s Property Markets Group with Kevin Maloney and Aventura-based S2 Development with J. Claudio Stivelman – toward launching construction by the end of the year.
A groundbreaking in December 2014 would put the Carlos Ott-designed Muse condo tower on track for completion in early 2017.