November 18, 2015 | Mansion Global
A new luxury condominium in Miami Beach’s South of Fifth enclave will soon open its doors to residents.
The recently completed tower is called Glass. It could be the last high-rise built in the neighborhood due to zoning restrictions and preservation rules. The building was designed by architect Rene Gonzalez.
“There is a scarcity of quality sites,” said David Martin, president and owner of the Miami-based Terra Group, the developer of the building. “So when you do get one, you want to make it special and unique.”
As its name suggests, the 18-story tower is made of all glass. It consists of only ten full-floor residences. “Our philosophy has been ‘less is more,’” said Martin. He said that luxury buyers are increasingly looking for boutique developments with fewer neighbors. “It’s a thesis our company has,” said Martin. “To do less density, but have a low-impact, high-value building.”
The philosophy appears to resonate with buyers. All ten of the Glass residences were snapped up off the market, including the three-story penthouse, which sold for $20 million in October. The median sales price for the units was between $8 million and $9 million, according to Martin.
Residents will have access to five floors of amenities. There is a swimming pool, a fitness center, a spa and lounge areas, as well as a full-service beach club for residents only.
Terra has several condominium projects in the Miami area, including the forthcoming Eighty Seven Park in North Beach, Park Grove in Coconut Grove, and Modern in Doral.