X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-Neo Concepts LLC, based here, is planning to develop a 36-story, 443-unit loft condominium tower called NeoVertika in the city. The project cost will be approximately $80 million, according to Frank Guerra, president of developer Neo Concepts LLC.

Located at 690 SW First Court in Brickell Village, the tower will sit on 2.2 acres. The project also will include approximately 20,000 sf of retail space on the ground floor, Guerra says.

While some of the units will be the more traditional loft-style condominiums featuring 10-foot ceilings, NeoVertika also will offer what is called splits, or two-story units featuring ceilings 20 feet high. Unit sizes will range from 709 sf to 1,678 sf.

Guerra tells GlobeSt.com that Neo Concepts LLC hopes to get approval from the government by June to develop the project. He says the project is planned to break ground next January. The developer expects the project to be completed about two years from its ground-breaking.

The floor plans of the loft-style condominiums will be flexible and enable owners to customize their homes. “No one has done this before,” he says. “It’s the first time this vertical living format has been presented in a high-rise building [in South Florida]… It’s the first time the split concept has been offered in a high-rise.”

The splits make those units appear larger than other units of the same sf. “It’s a very, very volume-intensive space,” Guerra says. It feels a lot bigger “because you have this huge volume that you don’t get in a regular, one-story unit.”

Unit prices start in the $140,000s and go up to $400,000. “The [affordable prices] are another reason behind the success,” Guerra says.

NeoVertika is already about 60% reserved, although sales started recently, and the market is responding “very well,” he says.

The project’s architect is Luis Revuelta of Luis Revuelta PA. NeoVertika’s features will include Italian cabinets, granite countertops, a fitness center, a pool, a business center, a rooftop lounge and a cigar parlor.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.