A joint venture between Fortune International Group and Blue Road has celebrated a significant construction milestone, topping off the 16-story Nexo Residences in North Miami Beach, Florida. This 254-unit development, designed for short-term rentals, is on track for completion next year, promising a new wave of flexible living spaces.
Key Takeaways
- Nexo Residences, a 16-story, 254-unit short-term rental condominium, has topped off construction.
- The development offers studio to three-bedroom units and three- to four-bedroom townhomes, with flexible floor plans.
- Residences range from 531 to 2,438 square feet, starting from $599,000.
- The project utilizes the EB-5 Immigrant Investor program, attracting foreign investment.
A Closer Look at Nexo Residences
Upon its completion, Nexo Residences will feature a diverse range of living options, from studios to three-bedroom units, as well as three- and four-bedroom townhomes. The design emphasizes flexibility, allowing residents to convert portions of their units into secondary spaces or additional apartments. Unit sizes vary from 531 to 2,438 square feet, with prices beginning in the $599,000s. Fortune Development Sales is managing the sales and marketing efforts for these properties.
The residences boast high-end finishes, including floor-to-ceiling windows, porcelain flooring, built-in closets, dedicated owner’s closets, and balconies with glass railings. The kitchens are appointed with European-style cabinetry, quartz countertops, and matte black fixtures.
Amenities and Technology
Nexo Residences will offer a comprehensive suite of amenities designed to enhance the resident experience. These include a three-story arrival lobby with a café, a two-story technology center featuring coworking spaces, a pool deck with a jacuzzi, three summer kitchens, a rooftop observatory deck, a children’s playground, a multi-purpose clubroom with a private event area, an outdoor movie theater, and a yoga studio.
Technological features are integrated throughout the community, such as smart key access, a self-service package program, and Wi-Fi in all common areas. The building management plans to continuously implement tech-driven systems to improve the transient experience for residents.
Design and Construction
Frankel Benayoun Architects Inc. is responsible for the architectural design of the project, while Urban Robot handled the interior design and landscaping. Kast Construction is serving as the general contractor for the development.
Foreign Investment Through EB-5 Program
A notable aspect of the Nexo project is its utilization of the EB-5 Immigrant Investor program. This program allows international investors to gain equity in the project while also pursuing lawful permanent resident status in the United States. Investors are required to commit $1.05 million to Nexo’s EB-5 program and meet the eligibility requirements set by U.S. Citizenship and Immigration Services to obtain a green card.
Recent Developments in Miami’s Condo Market
May proved to be an active month for condominium investment and development in the Miami area. This topping-off ceremony follows other recent milestones, including the construction completion of Salato Residences, a 40-unit luxury project in Pompano Beach, and Alta Developers securing a $94.2 million construction loan for Cassia – The Residences at Coral Gables, a 174-unit boutique project.