PMG is a partner with JDS Development in a project to build a tall, thin tower at 107 West 57th Street. along one of midtown Manhattan’s major east-west streets. The joint venture last year bought the Steinway piano building next door at 109 West 57th, and plans to use the air rights of that historic structure to go higher at the 107 location. Just how high is subject to negotiation.
“We are committed to keeping the Steinway building and the landlord committments,” said Maloney, whose firm has done scores of projects since it was founded in 1991. The developers, he added, want to keep the Steinway name on the building. The landmark structure includes an ornate rotunda that has served as an elegant showroom for Steinway pianos for decades.
At the Brickell site, PMG plans to feature a swimming pool that covers an entire floor about halfway up the building, with a gym and spa above it. The developers plan to offer various options for units, which will be move-in ready.
The Echo Brickell project comes as Miami’s downtown and Brickell area alone has some 23 other towers in various stages of planning and development, according to Peter Zalewski, principal of Condo Vultures. Eight buildings are under construction in the downtown and Brickell area.
But developers and Realtors insist that the market isn’t heading for another bubble because both the financing and the buyers are more solid than in the last go-round.
Maloney said there is little opportunity for flipping pre-construction contracts, a speculative practice that added froth to the last market. And buyers putting up hefty deposits aren’t apt to renege on deals like the investors who put down 20 percent did when the bottom fell out of the market last time.
PMG plans to employ the buyer-financed model that has recently defined the Miami condo market: Buyers will be required to deposit 20 percent of the purchase price at contract signing. Another 10 percent is due at groundbreaking; 10 percent more, when pool level is reached, and 10 percent when the building is topped off. The 50 percent balance is due at closing.
Shear said an appealing touch for buyers is the developer will pay interest on the deposits.