One of the hottest real estate development areas in Miami is along the Miami River. Plans for a number of projects are in the works as investors seek waterfront property and convenient boat. One of those projects, the Sea Vault, is looking to overhaul their original plan to accommodate the great interest and to meet the market needs.
Today, the Miami River Commission’s Urban Infill & Greenways Subcommittee will review the new plans. The original project, located on the 9.4-acre site at 1583 N.W. 24th Ave, called for 14 large boat slips and 14 living quarters. But the property owner, Brisas Del Rio, led by Miami Beach developer Homero Meruelo, believe that the new plan for 45 boat slips and 45 separate living quarters would be more successful.
“With the 14 slips, the pricing and the number of vessels out there was difficult,” Meruelo recently stated in an article from the South Florida Business Journal. “The market is much larger for smaller vessels than what we had planned. We were looking at 200-foot vessels. Now we are looking at 100- foot vessels.”
If plans are approved, boat slips, which would accommodate boats from 50 to 100 feet, would be sold with a 3,000-square-foot crew quarters building each. The buildings will have the option of a variety of configurations to accommodate the desired living space, office space or warehousing. They will also be outfitted with full kitchens and bathrooms. Sea Vault will also feature a clubhouse, lounge, pool and tennis courts, and will be gated and guarded, making it a private yacht club. An architect has not been selected for the project yet.
For more information about real estate developments in and around the Miami area, contact Oceanica Real Estate at (786) 270-1743 or [email protected].