Chicago-based MCZ/Centrum announced it will exercise its option to purchase the north tower at Flamingo South Beach from Apartment Investment and Management Company (AIMCO) for about $170 million and convert the 614-unit apartment building into condominiums. This follows the just-completed conversion of the 562-unit south tower. The developer also announced that Fortune International will continue as exclusive sales and marketing partner for the north tower.
Flamingo South Beach consists of 1,688 units in three towers, situated on a 16.5-acre bayfront property with views of Biscayne Bay, Star Island and Downtown Miami. The 614 homes in the north tower include studios, one- and two-bedroom residences that range in size from 500 square feet to 1,400 square feet. Units feature new glass balconies, impact-resistant sliding glass doors, high-speed Internet access, satellite television, walk-in closets and full-sized washers and dryers.
The developers estimate that between $10 million and $15 million of a total $40 million renovation budget has been spent on south tower and common area upgrades and renovations.
Those renovations include a contemporary remodeling of the south tower lobby and interior hallways, and the addition of more than 100 palm trees framing Balinese-inspired tropical gardens with pathways and meditation areas. The two bayfront pool areas are receiving upgrades, including custom marble and travertine decks and expanded tropical planters. Other outdoor amenities at the community include an outdoor spa as well as a tiki hut with food and beverage service. Flamingo also offers residents membership in a 10,000-square-foot athletic club that includes a full-sized, rooftop basketball court, juice bar and classes ranging from yoga to kickboxing.
Residents have access to Flamingo’s resort-style concierge services, including dog walking, housekeeping, car wash and restaurant reservations and soon will be able to shop from on-property retailers.
For more information, call Fortune International at 305.531.2922, or visit flamingomiami.com.
Location….1500 Bay Road-North Tower
Number of Units….614
Delivery Date….Fall 2007
Price Range….From the $300,000s -$600,000s
Co-broke….up to 6%