Soaring prices for oceanfront land on Miami Beach have led luxury developers to seek other spots to build on the barrier island.
The latest such project to launch is an eight-story, 78-unit tower at 3900 Alton Rd. in Mid-Beach overlooking Biscayne Bay. Called 3900 Alton, it will be the first residential building in the U.S. by award-winning Spanish architect Ricardo Bofill.
Units range from 927 square feet to more than 2,100 square feet. Prices start at $790,000 and go up to about $2.8 million.
Developer Camilo Miguel said lower land costs allow units at the new building to sell for an average of $950 per square foot, compared to between $2,000 and $3,000 per square foot for oceanfront properties.
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“From a price point, it’s an incredible opportunity for someone to live a Miami Beach lifestyle,” Miguel said. His company, Mast Capital, paid about $17.1 million for the 1.8-acre site last year.
Amenities include a pool deck, children’s playroom, business center, gym and high-end fixtures and finishes.
Other developments on the Biscayne side of Mid-Beach include the Ritz-Carlton Residences Miami Beach, an ultra-luxury condo project on the site of the old Miami Heart Institute. Prices start at $2 million.