The construction crane used to build the new 51-story, 530-unit Mint condominium tower in Greater Downtown Miami has been disassembled and trucked off on flatbeds heading north on Interstate-95.
The removal of the Mint’s construction crane situated on the north bank of the Miami River means only one residential crane is still left standing in an area where at the peak 18 months ago some 40 cranes filled the sky. (Three office towers are under construction currently.)
The last crane related to residential construction left standing is 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.
Earlier this month the construction crane building the new 67-story, 306-unit Marquis condominium tower on Biscayne Boulevard was removed.
Many industry watchers see the imminent removal of the last crane as the symbolic end of vertical residential condo construction era in Greater Downtown Miami for at least seven years.
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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