With 2 1/2 miles of sandy beaches and proximity to Bal Harbour Shops, downtown Miami, business centers, fine dining and entertainment, Sunny Isles Beach is attracting an impressive amount of luxury residential oceanfront development.
The barrier island, bordered by the Atlantic Ocean on the east and the Intracoastal Waterway to the west, is experiencing a major redevelopment renaissance. The Miami Herald reported this summer that Sunny Isles Beach is becoming the epicenter of South Florida’s condominium boom. Six condo towers are being developed with many more luxury units on the way.
The Trump Group’s Mansions at Acqualina is one notable development in Sunny Isles Beach. The project is scheduled for completion in 2015 and is expected to have 79 luxury residences set on a 6.75-acre beachfront lot with 650 feet of ocean frontage. The Real Deal reported in August that the project reached $270 million in sales.
The surge in development in Sunny Isles Beach can be linked to the strong demand for luxury units by international buyers. Given recent history, some question whether a boom-and-bust is looming. However, with a continuing shortage of financing, developers and buyers, who are putting up deposits of as much as 80 percent of the purchase price, are heavily invested into these projects, which is one trend that may help prevent these projects from failing. Also, the City of Sunny Isles Beach itself appears to be invested in the surge in development. The City is building parks, improving infrastructure and laying groundwork for future redevelopment.
As stated in The Miami Herald article, “Sunny Isles beach is sure to be a focal point for buyers, sellers, lenders, developers and industry watchers who are trying to gauge South Florida’s newest condo boom.”