Moss Building $83M Twin Sunny Isles Condos

MIAMI—Moss & Associates just won an $83 million construction contract on 400 Sunny Isles. Demolition of the existing site began in July 2013 with groundbreaking scheduled Aug. 2.

400 Sunny Isles is a twin 22-story condominium towers that sits on 640 feet of bayfront property. It's located just south of the 163rd Street Bridge in Sunny Isles Beach, FL. Key International is developing the project. This is Moss's third project for Key. Moss also also worked on Key's The Mint and The Ivy Condominium Towers in Downtown Miami.

Less than 2,150 new condos out of a pool of nearly 49,000 units created during the last South Florida real estate boom remain unsold in the seven largest coastal markets of Miami-Dade, Broward, and Palm Beach counties as of the first quarter of 2013, according to a recent report from CondoVultures.com. The buying activity—at a pace of more than 110 new condos monthly—in the first quarter of this year reduced the number of unsold developer units to about 2,130 condos as of March 31, 2013, according to the report. Will the inventory sell out before the next wave of condos comes to market?

"Sales of developer condo units from the last boom-and-bust cycle slowed by 39% in the first quarter of 2013 on a year-over-year basis in South Florida's seven largest coastal markets," says Peter Zalewski, a principal at Condo Vultures. "The slowdown in developer condo sales can be attributed to demands for higher prices, strong competition from condo resales, and a growing number of preconstruction projects—at least 140 new condo towers and counting—launching presales in coastal South Florida. At the current new condo sales pace, unsold developer inventory that was created during South Florida's last condo boom-and-bust cycle could take about 19 months to sell out, pushing the closeout period to the second half of 2014."

As for 400 Sunny Isles, Miami architects Chad Oppenheim and Kobi Karp designed the condo project. It will offer 230 units from one to four bedrooms, six stories of parking, a wet/dry marina, a water activities center, a beach club with restaurant, an infinity pool with immersed Jacuzzi, a wet bar, lounge beds, a full-service spa and gym, tennis courts, and other amenities.

400 Sunny Isles is the only project in the area to provide private boat slips for condo owners within walking distance of both the beach and Oleta River State Park, Florida's largest urban park, in northeast Miami-Dade County. It is less than a block from both the newly-rebuilt Newport Fishing Pier, and Gateway Park, Sunny Isles Beach's flagship park, now well under construction along 163rd Street.

In recent years, Moss has coordinated construction of some of Florida's most prominent multifamily developments, including Downtown Dadeland and The Colonnade Phase 1 and Colonnade Phase II in Miami, Lexi Bayview in North Bay Village, Villa Alhambra and Valencia Grande in Coral Gables, Flagler Village in Fort Lauderdale, Tao Condominiums in Sunrise, and the CityPlace South Tower in West Palm Beach.