We have gotten so many questions about Artecity in Miami Beach that we had to go take a look. Unfortunately, most of the inquiries we have gotten are from clients doubting the project and showing uncertainly about its future and quality. I really hope this article will put you at ease, because I was pleasantly surprised at what I saw.
The bottom line is that Artecity is a whole block right behind the Bass Museum of Art that was purchased by a developer with good plans to remodel, redesign and convert into a great city block. The project was never finished but another developer has taken over (like so many buildings in Miami), and the redesign is on its way.
Artecity Design Concept
Here’s the design skinny: There is a historic Art Deco hotel on the site called The Governor that serves as the focus of Artecity. It was preserved and floor-plans redesigned into condos. It houses concierge and desk services for the whole project. Then there are 2 new towers (North and South) with interior views of courtyards and pool area. The last part of the project are villas that are currently being finished right now. They are housed in a mid-century structure with exterior catwalks and will have a second pool. So we’re talking 30′s Art Deco, Mid-century and contemporary architecture all within one project – perfect Miami representation, if you ask me.
What was surprising to me is how well these buildings work together, and it mainly has to do with the way the interior of the block was designed with circulation and common areas. It is a bit busy, but the location within South Beach calls for the congestion. What’s great about the project is that it has beach service just 2 blocks away (umbrella and chair service at the beach between The W and Setai).
Artecity architecture and amenities
I loved walking through the project and seeing the different styles of architecture fighting for attention. The stark eyebrows of the Governor against the wire mesh waves of the Arquitectonica towers. The selling brochure reads:
Artécity is a piece of Miami Beach history with a modern twist. The property radiates luxury and Art Deco design and offers residents the ideal mix of amenities and features for the most exquisite of tastes. Artécity offers various courtyards with pools and private cabanas, all surrounded by lush landscape and spacious areas.
• Two pools with cabanas
• Lush outdoor spaces including Fountain garden and Reading garden
• Valet parking
• Indoor covered parking garage
• State-of-the-art fitness center and spa facility
• Social Lounge
• Beach service
Artecity Project Density and Developer changes
The block has a total of 6 buildings with 202 residences and 4 commercial spaces. The condo allows for a maximum of 2 rentals per year and the maintenance fees are 60 cents per square foot including beach service, valet, gym, security and common areas. There is financing being offered and the South building is already Fannie Mae approved. They forsee that the North building will be approved soon as well. The new developer started re-selling residences in December and they are already 68% sold. We were told that buyers will be end users and hence the rental restrictions to prevent investor transient traffic. For an estimate of rental rates – the one bedrooms are getting between $2,300-$2,500 per month and the 2-bedrooms between $3,800-4,200/month.
They are offering financing with 20% down payment for nationals and 35% for foreign nationals, but according to the sales center, but sales already are nationals buying a vacation getaway.
We walked into the unfinished villas, housed in the mid-century buildings with exterior catwalks and really liked what we saw (all except for the railing choice). the kitchens and bathrooms were done in a ridiculously ugly beige color that took me back to the The Brady Bunch times. I guess the project can’t be perfect, but the distribution and light of the space was pleasant and loved the connecting cat-walks. The villas will be 900 or 1300 square feet and pricing around $470/square foot. There’s a second pool being built in the West Villas part of the complex.
Residences are sold designer ready but developer will also do build-out for buyers. We were told that for $19.95 per square foot, they will do floors, baseboards, closets and paint. For additional features of the new towers, the North and South Building Penthouses have private terraces with Jacuzzis.
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I’m sure you are wondering about price, no? the 1 bedroom units in the North and South buildings (the newer, Arquitectonica ones) are priced between $388,000 and $450,000. The 2 bedroom ones are between $500,000 and $828,000. A two bedroom similar to the one pictured above, facing pool, with finishes, will cost around $593,000 (It’s 1092 sf and pays $631 per month in maintenance).
Collins Park Neighborhood
The next popular question is: What is going on with surrounding buildings? The truth is that it all looks under construction right now. Between the city redoing roads and all the buildings waiting for permits, the location is a huge mess. But guess what? That won’t be for long! A known hotelier has bought the building South of ArteCity and plans on building a 300 room boutique hotel with restaurants, shops and cafes. There are also plans for other buildings around the area. But just the idea of being next to The Bass Museum and walking distance to everything is ideal. You will not need a car most of the time while you live here.
Whatever your scene, the authentic South Beach experience starts at Artécity. Turn left for the world’s most popular beach. Turn right for Miami’s hottest nightlife. Start your day soaking in the Art Deco District from your rooftop terrace. Spend the afternoon taking in great works at the Bass Museum of Art, or stroll over to the Miami City Ballet, New World Symphony and The Fillmore Theater. Artécity is just steps away from the best South Beach has to offer.
Let us know what you think of the project and if you are slightly interested, we would love to show it to you. Artecity is one of those projects that is worth getting into now, right when the market is starting to pick up. You cannot go wrong with the location. We do make a commission for bringing clients, so keep that in mind if you plan on visiting after reading this.
Remember our team is ready to help you with your Artecity Purchase or sale and of course surrounding condos as well. Call us for details 305.758.2323 or firstname.lastname@example.org
**originally published on August 21, 2012**
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