Just a few years ago, the rapid rise of new Miami Beach condos led to a profusion of much acclaimed buildings that ended up struggling to find new occupants after things kind of soured in the real estate market, a trend that also affected condos in Miami’s Brickell area. While things have yet to return to complete normalcy, there’s already a brand new condominium in the works.
Originally proposed over two years ago, the SkyPalace will be a 35 story luxury residential building built near the popular Mary Brickell Village area. Some of the features expected inside the building include a lobby with Roman columns, a chandelier adorned in Swarovski crystals and a sprawling pool deck to be found on the eleventh floor. The building will differentiate itself with a Mediterranean style design and may end up giving Miami Beach condos a run for their money.
SkyPalace isn’t expected to be complete until the end of next year and for the time being it’s still pending financing. Of the 390 units expected within the building, contracts are already in place for 190 of them, largely by foreign investors. Will it have a similarly tough time as buildings like the neighboring Everglades on the Bay? We’ll have to wait some time but if pace of contracts continue SkyPalace might end up being sold out before it officially opens.