RPC Slates Fall Groundbreaking for $200M Paramount Bay

Kodsi tells GlobeSt.com the all-in development cost of Paramount Bay is "north of $200 million." The 47-story tower at 2066 N. Bayshore Dr. fronting Biscayne Bay is designed by Arquitectonica and contains 346 one-, two- and three-bedroom units and penthouses, all with a den, private elevator, wireless touch-pad concierge access, minimum 10-foot ceilings, balconies at least eight feet deep, floor-to-ceiling windows, floor-through layouts, and top-of-the-line cabinets, fixtures and appliances. Some penthouses have 2,000-sf private rooftop terraces.

Units range from 1,236 sf to 2,423 sf. For-sale prices for these units begin at the $600,000 level and reach to above $2 million, while penthouse pricing is higher, and available on prospects' requests. The mixed-use complex also contains a 6,000-sf fitness center with spa, sauna and steam rooms; Paramount Club, which includes billiard, kitchen and bar facilities, and an AV system; and neighboring Edgewater Square, a pedestrian bay-front area with approximately 20,000 sf of retail, including Mary House.

Kodsi says groundbreaking is scheduled for this fall with completion planned for early 2008. The initial projection of a $250-million sell-out was an under-estimate, according to Kodsi, who says, "It will be higher than that." Locally based Majestic Properties is the exclusive sales and marketing agency for the project, and Kaya Wittenburg is the marketing director. The Paramount brand applies to a collection of properties in RPC's luxury high-rise division.