No Address

List Price
Status
Coming Soon

Property Description

“Blue Lagoon Luxury Apartments” is a 15-story, 241 unit multi-famiy project, to be developed in one of the fastest 

growing areas in Miami-Dade County, Florida. Located just three miles from the Miami International Airport and 

five miles from Coral Gables, the project will be in close proximity to the 826 and 836 Expressways, the Florida 

Turnpike and 1-95, making it easily accessible to Dade, Broward and Palm Beach counties. The development will also 

be adjacent to “Waterford at Blue Lagoon”, the premier office park in Miami - Dade, which consists of 250 acres of 

corporate office buildings, renowned hotels, restaurants, La Petitie Academy day care center and a US Post office. 

With the influx of new residents seeking to live close to their jobs and the lack of sufficient housing, Blue Lagoon 

Luxury Apartments represents a significant investment opportunity in a fast growing market and in a location 

undergoing significant economic revitalization.

 


Blue Lagoon Luxury Apartments

Blue Lagoon Drive and Northwest

57th Court Miami, Florida 33033

Service First Management Group Inc.,

the principal of which is Oded Meltzer

Salazar Architectural Group

1-U2

Office/Residential

Gross Tract: 435, 600 sq. ft.

New Tract Size 98,556

50% 49,026 sq. ft

Building (15 stories) 24') 23,765

Parking Garage (7 Stories) 26% 25,765

415 (403 regular; 7 handicap-required)

Town Homes 2 Bed 02 1.75

Town Homes 2 Bed + Den 02 @ 1.75

Town Homes 3 Bed 02 @2

Live-Work 1-Bed 02 @1.5

Live-Work 2-Bed 04 @ 1.75

Unit A 1-Bed 44 @ 1.5

Unit A+ 1-Bed+Den 55 @1.5

Unit 13 2-Bed 104 @1.75

Unit C 3-Bed 26 @2

241 units

HARD COST LINE ITEMS:

 

Construction Contract - 282,905 sq ft X $160.00 per sq ft A/C space including common area;

45,264,800

and garage for 404 spaces at $15,000 each

6,060,000

Furniture Fixtures & Equipment

350,000

Hard cost contingency

2,210,635

 

53,885,435

SOFT COST LINE ITEMS:

 

Architects & engineers Plans & Specs

850,000

Interiors & Landscape Architecture

25,000

Interior Design

50,000

Building Permit Fees

449,500

Engineering / surveying (pre-constr)

120,000

Pre-construction Services / Blue Prints

45,000

Engineer / Threshold Inspections

65,000

Water Proofing Consultant / Inspections

30,000

Soil Tests / Environmental

15,000

Appraisal

10,000

Insurance (Title)

130,000

Insurance (Builders Risk) (2 Yrs)

207,000

Insurance (General Liability) (2 Yrs)

222,750

R.E. Taxes (2 Yrs) - For entire project

275,000

Impact Fees (Dade County) /W.A.S.A. (Tap In Fees & Impact Fee)

1,809,000

Interest Reserve (Bank) (65%, 16 months, 5.5%)

1,603,000

Construction Bonds

500,000

Developer Fee

1,200,000

Equity Broker Fee

500,000

Fee to Lender

375,000

Closing Costs

150,000

Bank Inspection Fees

26,400

Fees to Attorneys

100,000

Leasing Office Set Up

75,000

Operating Reserve

350,000

Water Meter Tap Fee

312,000

Advertising & Promotion

125,000

 

9,619,650

Land Cost

7,350,000

 

END of Information

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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