The 51-story Natiivo
Miami converted 20 reservations into contracts in May,
totaling about $10 million, said Alicia Cervera Lamadrid,
principal and managing partner of downtown Miami-based
Cervera Real Estate. The building, under construction at 159
NE Sixth St., includes 412 condo residences and 192 hotel
suites. About 50% of the for-sale units, or 206, are under
contract. The project is due for completion by 2022.
While hotel-condo combinations aren’t new, Natiivo offers a
twist. The bay-view building allows all condo owners to list
their units on any home-sharing platform, then provides
on-site management and concierge services for guests. For
buyers, that was part of the draw, said Lamadrid.
“ Home sharing has been hugely successful. It will continue
to be so. Owners can clean units as they like, and if they
decide not to rent then that’s an economic decision,”
Lamadrid said.
The available units range from a 410-square-foot studio with
one bathroom listed at $349,000 to a 1,373-square-foot three
bedroom, three bathroom unit for $1.1 million. The building
has 70,000-square-feet of amenity space, including
co-working spaces, coffee bar, DJ booth, speakeasy, two
pools, gym and spa. |
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The 51-story, rising condominium Natiivo Miami
converted 20 reservations into contracts in May, totaling about $10
million.
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“The activity shows
that people are still interested in Miami,” Lamadrid said.
“The fact that units went under contract speaks to people
having faith in the strength of the market in the long
term.”
Buyers came from Miami, Lake Worth, Puerto Rico, New Jersey,
Colombia, Canada, Mexico, China, Argentina and France,
Lamadrid said. All expressed interest in the building’s
proximity to Bayside Marketplace, the Virgin Trains station,
Miami Worldcenter and the Pérez Art Modern Museum.
Condo sales slowed in April, dropping further than
single-family home sales. Lamadrid thinks the trend will be
short-lived. “There’s a lot of interest with single-family
homes and I get that, but people are not going to change
their entire lifestyle. People who wanted to live in a house
were going to pick a house anyways.”
Protests over the death of George Floyd bring a new concern.
Protesters gathered in downtown Miami and some nearby
commercial sites, including Bayside Marketplace, were
damaged over the weekend. She said, “The only saving grace
is that it’s been worse in Chicago, Minneapolis and D.C.”
One of the co-developers behind Natiivo Miami, Harry
Hernandez, settled a lawsuit with Airbnb in March, as
reported by the Daily Business Review. Hernandez previously
partnered with Airbnb through his NGD Homesharing LLC to
provide a short-term rentals program for some of his condo
projects in the Niido and Natiivo brands. Menin Hospitality
principal Keith Menin is the other co-developer on the
Natiivo project.