The construction crane building the new Marquis condominium on Biscayne Boulevard in the Greater Downtown Miami area is coming down this week, symbolizing the end of the vertical residential development era in the area for several years.
Workers are disassembling the construction crane that was instrumental in putting up the 67-story, 306-unit Marquis condominium tower located immediately south of the MacArthur Causeway with east views of the proposed Museum Park, Biscayne Bay, and barrier island.
The removal of the Marquis condominium construction crane means there will be only
two residential cranes still left standing from a peak of 40 about 18 months ago. (Three office towers are under construction currently.)
The next residential crane likely to be removed in the upcoming weeks will be at the 51-story, 530-unit Mint condominium site on the north bank of the Miami River.
The last crane expected to be disassembled will be at the 47-story, 346-unit Paramount Bay condominium site in the Biscayne Boulevard Corridor.
Paramount Bay is the project where a piece of the crane fell to the ground, killing two workers in March 2008.
The Greater Downtown Miami is considered by most to be the epicenter of the Florida housing crash as 74 condos with nearly 23,000 new units have been built or are under construction in a 60-block stretch between 2003 and 2010. In the 40 years prior to the boom years, developer constructed a total of 11,500 units in the same area, according to the Condo Vultures® Official Condo Buyers Guide To Miami.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2008, Condo Vultures® LLC
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