501 First Construction Update
A new image of 501 First Residences has revealed the completion of the foundation pour. Usually, vertical construction starts after the foundation has been laid.
This new 40-story tower with 448, will be developed by Aria Development Group and designed by Revuelta Architecture International, who also designed Wind and 900 Biscayne. 501 First Residences will be located at 501 Northeast 1st Avenue with views of downtown Miami and Biscayne Bay.
According to the Aria Development group, this particular development will be built to cater to the short-term rental market. The biggest perk is that there will be no rental restrictions. This means the resident can utilize any consumer platform (Vrbo, Expedia, Airbnb, etc.) to rent and each unit can be rented for 1 day or more.
The renderings reveal floor-to-ceiling windows and expansive balconies. The sleek structure is curved creating a horizontal and vertical grid-like design. The exact height of the development hasn't been released but we can expect the 40-story high structure to be over 450 feet in height.
To provide shade and a usable pedestrian space, the ground floor is being planned with broad pathways and vegetation.
On the property, demolition has already finished.
Although 501 First Residences is sold out, if you or someone you know has an interest in purchasing in downtown Miami, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at 786-247-6332.
