Downtown Miami project, YotelPad Breaks Ground as First Condo/Hotel on East CoastFebruary 1, 2019
Downtown Miami is soon to see a new type of condo and hotel product, YotelPad. The project built by Aria Development Group and AQARAT is breaking ground in downtown Miami as the brand’s first condo on the East Coast.
The 31-story tower at 227 NE 2nd St. will offer 231 condos and 222 hotel rooms ranging from 417-square foot studios to 708-square-foot units with two bedrooms. They are priced from $300,000 to $500,000.
Introducing a newer concept to Miami which could make them attractive to investors, YotelPad condo owners will be allowed to engage in short-term rentals or to lease their units to the hotel operator. This works well with the concept as the units are smaller in size compared to other condos on the market in downtown Miami.
“The innovative Pad concept, with its clever and adaptable floorplans and flexible rental options, is being received with great enthusiasm by local and international buyers alike,” David Arditi, principal of Aria Development Group, said. “We are excited to forge ahead with construction and bring this highly anticipated project to life.”
The project, which was designed by Stantec, will feature amenities including a gourmet matcha bar, a restaurant and bar, a fitness center, a co-working space, a lounge, a pool, and a pet salon. Each condo will also come with a storage unit.
Additionally, the YotelPad incorporates technology-progressive amenities such as three Techi robot butlers to perform services such as delivering beverages, food, and gifts.
With many investors from Mexico and China, the developers and OneWorldProperties (the project’s broker) said YotelPad Miami is over 40 percent pre-sold. Additional buyers include residents of South American countries such as Argentina and Colombia.
“Our team has sold over 18 units per month over the last six months – that is 111 units and counting,” said Peggy Olin, president, and CEO of OneWorld Properties. “This is something we have not seen in Miami in a long time. Buyers understand the value and freshness of the Yotel brand and are looking for flexibility and a prime location.”
The project is expected to be completed in early 2021, as stated by the developers. A general contractor has yet to be announced.