It’s the first major condo project to start construction in Miami’s urban core this year. Even before the Covid-19 pandemic slowed real estate transactions, it was a difficult environment for many condo developers to sell in. There was an oversupply of condos on the market and volume from foreign buyers has declined.
Few developers have announced new condo projects in Miami this year.
Yet, Oko Group has been selling Una Residences at 175 S.E. 25th Road for several years and has built considerable momentum for a rare bayfront site. It acquired the 1.04-acre property for $48 million in 2015 and demolished an older condo there.