The groundbreaking ceremony took place at the project site at 3401 N.E. 1st Ave. on Sept. 25, South Florida Business Journal reported.
The project is located two blocks west of Biscayne Boulevard and just east of the Shops at Midtown Miami. It will have 400 residential condos, totaling 403,649 sq. ft., and 60 condo hotel units, totaling 27,879 sq. ft. The average unit size is 984 sq. ft.
The prices range from $359,000 to $2 million. The developers require a 50 percent deposit, broken down to 20 percent at contract, 10 percent at ground breaking, 10 percent at the 7th floor, and 10 percent at top off.
The Related Group and Dezer said about 70 percent of the units are pre-sold . Hyde Midtown should be completed in the first quarter of 2018.
The project will include a music lounge and piano bar, a pool terrace, a full service spa, a fitness center, a theater, a game room, a kid’s play room, a tennis court, and an sbe-run restaurant. Owners will also have VIP access to the Hyde Beach Club and the SLS Hotel South Beach.