REAL ESTATE

Little Havana condo complex tries to extend investment boom west

 

A developer hopes to revive Little Havana’s residential market with a 320-unit condominium tower, where the units will start in the $190,000 and move into the $300,000s.

The $95 million InTown complex will consist of two 14-story towers at what is now a vacant lot at 1900 SW 8th Street. Developer Astor Companies, the Miami builder behind Brickell Vista, Gateway to the Grove and Merrick Manor, expects to start construction to start in September, and the units ready for occupancy by early 2016.

Condo broker Alicia Cervera, whose firm is handling InTown’s sales, said the developer is targeting foreign investors looking to buy into Miami’s recent boom in pre-construction condo sales. InTown will be selling for about 25 percent less than comparable condo units near the water, Cervera said.

While brokers were concerned when sales began to slow several months, Cervera said investors are still eager to buy when a new project comes onto the market. With developers launching so many tower projects, it’s gotten harder to find enough inventory to satisfy the foreign buyers.

“Land is scarce, and we’ve moving west,’’ she said. “We started on the water, and the waterfront has filled in.”

Read more Business stories from the Miami Herald

Miami Herald

Join the
Discussion

The Miami Herald is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

The Miami Herald uses Facebook's commenting system. You need to log in with a Facebook account in order to comment. If you have questions about commenting with your Facebook account, click here.

Have a news tip? You can send it anonymously. Click here to send us your tip - or - consider joining the Public Insight Network and become a source for The Miami Herald and el Nuevo Herald.

Hide Comments

This affects comments on all stories.

Cancel OK

  • Marketplace

Today's Circulars

  • Quick Job Search

Enter Keyword(s) Enter City Select a State Select a Category