With Local Tourism Booming Local Hotels Raise Prices
South Florida room rates soared, thanks to a booming vacation market and a move toward luxury lodging. Yet in the Keys, hotel revenues were down.
Hotels charged record room rates in South Florida this tourism season as resorts continued to prosper and visitors continued to pay.
Only New York City had a higher average room rate than Miami-Dade for the first three months of the year. Miami had an average rate of $173 for those three months -- peaking at $179 in March.
The oceanfront Ritz-Carlton Key Biscayne rented suites for $2,000 a night and still hit 97 percent occupancy in March.
Broward and Miami-Dade have been able to charge higher rates because they are losing hotel rooms to a booming real estate market. The trend has been for developers to condominiums or condo-hotels which is restricting the supply of traditional hotel room for travelers. This has put the squeeze on those looking looking for budget accomodations.
While there are many fine hotels and resorts in South Florida one complaint has been that quality and service have declined in some places even though prices have risen.
If an out of town visitor wants to enjoy the sun, water and palm trees of Miami these days, it looks like they may have to bite the bullet and spend that extra buck for a place to stay.
Magic Johnson Planning Project in East Little Havana
Basketball legend Earvin "Magic" Johnson will go before the Miami city commission April 27 in an effort to obtain a major use special building permit for the development of $171 million Intown Village condo development in East Little Havana.
Intown Village is to be a two-tower, 202-foot-tall, 19-story development with 395 condos, 33,000 square feet of retail and 34,000 square feet of additional commercial space. It will be located at 45 SW Eighth Ave., 715, 717, 727 and 735 SW First St. and 702 and 720 W. Flagler St.
Condos are to range from $200,000 to $400,000.
Biscayne Corridor to Have 15 Residential Projects
If there was any doubt that there is a future for Miami's urban revitilization consider the below. With beautiful bay views, a new Performing Arts Center and the 54-acre Midtown Miami project all in the mix there is no wonder people are flocking across from the beach.
Residential projects under construction in the Biscayne Corridor, according to the development authority and the City of Miami, include:
• MarinaBlue at 888 Biscayne Blvd., with 516 units, 10,700 square feet of offices, 29,300 square feet of retail and 80 parking spaces, standing 57 stories.
• 900 Biscayne, 900 Biscayne Blvd., 516 units, 69,204 square feet of offices, 14,375 square feet of retail and 1,114 parking spaces, standing 63 stories.
• Ten Museum Park, 1040 Biscayne Blvd., 200 units, 12,840 square feet of offices, 8,390 square feet of retail and 346 parking spaces, standing 50 stories.
• Marquis, 1100 Biscayne Blvd., 305 units, 56 hotel rooms, 5,795 square feet of retail space and 525 parking spaces, standing 63 stories.
• Quantum on the Bay, 1900 N. Bayshore Drive, 750 units, 8,470 square feet of retail and 845 parking spaces, standing 48 stories.
• 1800 Club, 1800 N. Bayshore Drive, 468 units, 27,604 square feet of offices, 4,872 square feet of retail and 670 parking spaces, standing 40 stories.
• City 24, at 2347 Biscayne Blvd., 119 units, 19,171 square feet of retail and 233 parking spaces, standing 15 stories.
• Mondrian Miami, 333 NE 24th St., 176 units, 8,907 square feet of offices and 208 parking spaces, standing 18 stories.
• Paramount Bay, 2020 N. Bayshore Drive, 364 units, 26,465 square feet of retail and 660 parking spaces, standing 47 stories.
• New Wave, 725 NE 22nd St., 78 units and 90 parking spaces, standing 19 stories.
• Star Lofts, 704 NE 25th St., 55 units and 74 parking spaces, standing 23 stories.
• Onyx on the Bay, 655 NE 25th St., 118 units and 170 parking spaces, standing 27 stories.
• Platinum, 480 NE 30th St., 119 units and 195 parking spaces, standing 22 stories.
• Soleil, 3100 Biscayne Blvd., 288 units, 12,095 square feet of retail and 876 parking spaces, standing 41 floors.
• The Boulevard, 238-274 NE 34th St., 115 units, 13,233 square feet of retail and 196 parking spaces, standing 15 stories.
Morningside and Upper Eastside Growing as an Alternative to The Beach
With its wide boulevard, historic homes and breathtaking views of Biscayne Bay, Morningside is fast becoming a haven for people in their 30s and 40s leaving the Miami Beach scene, seeking a quieter neighborhood in which to raise their families.
The Morningside area, which contains 420 homes, is generally between Biscayne Boulevard and Biscayne Bay, from Northeast 55th to 60th streets. It was founded in 1924 by James H. Nunnally, president of the Bay Shore Investment Co. whose vision was to create an exclusive residential neighborhood overlooking Biscayne Bay. The district contains buildings designed by more than 40 local architects.
A key reason Morningside evolved the way it did was that the initial homes had deed restrictions, which allowed for duplexes, hotels and apartment buildings to be built only in specific areas.
Currently, 24 Morningside homes are on the market with list prices from $579,000 to $2.5 million. Last year 18 homes were sold from $459,000 to $1.13 million. The average time homes were on the market here was 58 days, and sellers received on average 96% of their asking prices.
One important detail that makes Morningside unique is its historic designation, which requires homeowners to obtain a special permit and city approval for any work that would change the exterior appearance of a house: including alterations, additions, new construction or demolition.
Residents of Morningside have been swept up in the "whole revitalization of the Upper East Side." The neighborhood has welcomed a new sushi restaurant, a Starbuck's and Michy's, a restaurant opened by Chef Michelle Bernstein.
Key Biscayne: Sonesta Beach Resort Announces Plans for New Hotel Condo
Sonesta Beach Resort has announced plans for the demolition of its existing hotel in Key Biscayne, FL which will be replaced by six 14-story towers. The property will be made up of three residential towers, one main condo/hotel building and two spa hotel buildings. There are also plans for four free-standing residential villas near the residential towers.
Each residetial tower will have 11 units - 10 one-story condos and one two-story penthouse. Units will be 4,400 square feet (sf) or 8,800 sf for the two story penthouses, the four villas will be 5,000 sf. Elsewhere, the main hotel building contains 196 of the project's 240 hotel guest rooms. All hotel rooms are suites and vary from one to three bedrooms (1,200 - 3,000 sf). The structure will also house three restaurants, a main ballroom, a smaller ballroom and meeting rooms.
Each of the two spa towers will hold 22 guest rooms.
The resort will contain ocean views, tennis courts and other typical luxury amenities.
The original Sonesta Hotel on Key Biscayne opened in 1969. Reservations for the purchase hotel condo and residential units will commence in Fall 2006.