A private equity group is reviving plans to construct a condo tower on the famous Ocean Drive in the South Beach neighborhood of Miami Beach as the coastal market increasingly shows signs of recovering from the dramatic South Florida real estate crash that began in 2007, according to a new report from CondoVultures.com.
The proposed 120 Ocean Drive project – originally dubbed the Kallisto – is envisioned to be an 18-story condo tower with 10 units immediately north of the popular steak restaurant Prime One Twelve, according to the Preconstruction Condo Projects list from the licensed Florida brokerage CVR Realty.
The developer – a entity controlled by the Boston-based Congress Group – purchased the three-parcel site with a combined 17,250 square feet of land for $8 million in October 2005, according to Miami-Dade Property Appraiser records.
CondoVultures.com profiled South Florida new unit sales by project in the first quarter of 2012 in the seven largest coastal condo markets in the tricounty region of Miami-Dade, Broward, and Palm Beach counties.
Beginning the week of April 16, 2012, the Condo Vultures Market Intelligence Report published a seven-part weekly series that analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
South Beach is a 24-block long neighborhood in the barrier island city of Miami Beach that stretches from South Pointe Drive north to 24th Street, the Atlantic Ocean west to the Venetian Islands, according to the Condo Vultures Official Condo Buyers Guide To South Beach.
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