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Miami will receive yet another development aimed at Short Term Rental! The trendy E11even nightclub in Downtown Miami will enter the Florida real estate market with the construction of a branded condo-hotel. The venture will join other launches in the region that also allow short-term rentals. The news was released by The Real Deal.
E11EVEN Hotel & Residences will be a 65-story tower, with 400 units in the Park West region, downtown area, close to where today the nightclub is located. Units range from studios to 2-bedroom residences. The tower will also include the multi-level E11even Day Club and pool, which will span 20,000 square feet and will feature cabanas, temperature-controlled plunge pools, and a 2,200-square-foot pool. It is planned to also have a gourmet food hall, wellness center, sports lounge, beach club and art installations.
E11EVEN and the evolution of Short-Term Rental in Miami
Miami has always been characterized by being a more rigid and restricted city with regard to the practice of short-term rental (short season rentals). Other tourist cities, such as Orlando, for example, already have a tradition in this practice, with specific zonings that allow this type of operation, especially in neighborhoods and areas close to theme parks.
In recent years, the behavior of the home buyer in Florida has changed. More and more people are looking for a property that also offers income. The idea is no longer to buy a second home in Florida and keep it locked for the period that it is not being used, bearing the maintenance expenses. Buyers now want to use the property while earning income.
Within this new context, the city of Orlando started to attract the attention of international buyers, since it offers a wide variety of Vacation Home condos close to the theme parks that allow the practice of short-term rental.
Miami couldn’t be left behind! The demand for this property profile is high. It was in this context that the construction companies in Miami started to design and launch projects aimed at short-term. The first was YotelPad, which was sold out less than a year after Ground Breaking. Then Natiivo was announced, in partnership with the AirBnB platform. It wasn’t long before the Legacy Hotel & amp; Residences was inaugurated, within one of the largest mixed-use complexes in the world: The Miami Worldcenter, also in Downtown.
E11even arrives to join this new reality and trend in Florida.