501 First Residences- Renderings and Plans Just Released for the 40 Story Tower in Downtown Miami

Miami can now officially welcome the newest pre-construction tower to grace our gorgeous skyline, 501 First Residences in downtown Miami. 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.

Acoording 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. Which means, the resident can utilize any consumer platform (Vrbo, Expedia, Airbnb, etc.) to rent and each unit can be rent 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.

The 448 luxury units will be fully finished and furnished with pricing starting at $300,000. Floor plans will range from studios, 1 bedroom, and 2 bedrooms. The square footage for each unit is expected to be from 385 to 835 square feet.

Residence Features:

• Fully finished and furnished residences thoughtfully curated by award-winning design firm, Shim Projects
• Floor to ceiling glass windows with custom window treatments
• All residences feature balconies
• Biscayne Bay and Miami skyline views
• Finished flooring on all residential interiors and balconies
• In-unit washers and dryers
• Kitchens and bathrooms feature custom Italian cabinetry and counters
• Speed oven by Smeg
• Integrated paneled refrigerator and freezer
• Dishwasher
• Fully built-out closets
• Hansgrohe bathroom fixtures, features, and accessories in dark matte finish

Building Amenities:

• Porte-cochère entrance with 24/7 valet service
• On-site management office
• Mid-century, modern-inspired interior finishes and furniture in residential lobby with 25ft ceiling
• Secure bicycle storage in enclosed and air-conditioned space
• Centrally-located personal storage for all owners
• Luxer One Package Room featuring a tech-forward, contactless digital package delivery system
• Dry-cleaning service
• Ground floor bistro and bar helmed by New York City's GPG Hospitality
• State-of-the-art indoor gym with private fitness training rooms
• Yoga/meditation room
• 75-foot resort-style lap pool
• North-facing private rooftop movie theatre experience
• Grill & Chill on the Sunrise and Sunset Decks
• Outdoor Game Lawn
• Hot hydrotherapy bath
• Private club suite with game tables
• Entertainment chef’s kitchen
• Media Room
• Library
• Private workspaces
• Pet Lounge with pet bath station
• Greenhouse

The site currently features a 2-story buidling that was built in 1924 and was previously the sales center for YotelPad Miami. The entire project will take over 4 lots equaling 22,500 square feet. According to tax records, the developer purchased the lots in 2015 for $8,250,000.

According to Miami-Dade Country records, construction permits have not been filed. The ground breaking is expected to be scheduled for spring 2022 with a top-off date in spring 2023.