Doral

These people are buying all the condos downtown, but not the downtown you think

A construction worker carries building materials at the construction site of Downtown Doral.
A construction worker carries building materials at the construction site of Downtown Doral. Miami

Buyers looking for second homes have turned to several condo towers in the new Downtown Doral development, which is rising across from President Donald Trump’s golf resort.

The latest success story: two of three condo towers have been sold out and the third, which hasn’t broken ground yet, is 50 percent gone.

READ MORE: Restaurants and shops part of $1 billion Downtown Doral

Real estate investment and development firm Codina Partners sold 219 luxury condos for a total of $88 million at 5300 Paseo in Doral, one of the three lavish towers in Downtown Doral, Codina’s latest mixed-use development project along Northwest 87th Avenue and 53rd Street.

The building, which was completed in October 2016, was mostly sold to Venezuelan, Colombian and South Floridian buyers, according to Codina. The first condo tower, 5252 Paseo, closed in spring 2015 and was completely sold out at closing.

The third condo tower in Downtown Doral — 5350 Park, which is half sold — is selling at preconstruction prices around $250,000. Construction is expected to start in a few months and be completed in about a year and a half. According to Codina, most of the buyers so far have been from Peru, Ecuador and Bolivia.

All three towers, designed by Sieger Suarez Architects, boast views of neighboring golf courses, including Trump’s. The average price per square foot is $390.

Downtown Doral is a $1 billion, 250-acre master-planned community that includes 2,840 town homes, apartments and condos, nearly a million square feet of office space and 180,000 square feet of retail space. City Hall and a charter school are nearby. Next door will be a 50,000-square-foot Publix and possibly a Miami-Dade public library.

“Downtown Doral has proven to be a desirable place to live, work, play and learn. Both of our luxury condominium towers have attracted attention from buyers across the globe, particularly Latin America, and we look forward to welcoming additional buyers for our third tower, 5350 Park,” said Oswaldo Betancourt, executive vice president of construction and development at Codina Partners.

Betancourt said most of the buyers at 5300 Paseo weren’t looking to move, but rather seeking second homes. He added that Codina Partners reserves a portion of the tower for local buyers to take advantage of the charter school.

“We reserved approximately 10 percent of the units at 5300 Paseo for local buyers who are prequalified by a financial institution, can give 20 percent down and are looking to use the condo as a primary residence,” Betancourt said.

Amenities include a 24-hour attendant, a fitness center with a cardio and weight-training facility, a yoga and aerobics studio, and massage, sauna and treatment areas. The community also features a multipurpose social room, a children’s playroom and a meeting room.

Monique O. Madan: 305-376-2108, @MoniqueOMadan

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