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Construction commences at Nexo Residences, a 15-story condominium designed for short-term rentals

Updated: Nov 1, 2023

Blue Road and Fortune International Group recently initiated construction on Nexo Residences, a condominium designed to accommodate short-term rentals. The development is situated on a 1.74-acre plot at 13899 Biscayne Blvd in North Miami Beach. Comprising 15 floors, the condo complex will offer 254 furnished units that vary in size from 531 to 2,190 square feet. Initial pricing for the units begins in the mid $600,000 range. As of now, 70% of the project has been pre-sold, according to the developer.

Construction commences at Nexo Residences, a 15-story condominium designed for short-term rentals

Nexo Residences will provide various amenities to its residents. These include a café within a three-story lobby, coworking spaces in a two-story tech hub, a pool deck with a jacuzzi, three summer kitchens, a fitness center complemented by a yoga studio, a playground for children, a club room, an outdoor cinema, and a rooftop observation deck.

Edgardo Defortuna, the CEO of Fortune International Group, mentioned that the project has attracted interest from global buyers and investors. They are drawn by the strategic location, comprehensive amenities, and the flexible rental options that align with Fortune’s objective of delivering innovative and meticulously crafted projects.

In Miami-Dade County, condominiums offering short-term rentals are finding favor among buyers. They provide the versatility of either residing in the units, leasing them on an annual basis, or offering them for short-term stays. However, managing short-term rentals involves handling regular tenant changes.

Jorge Savloff, CEO of Blue Road, noted the location’s significant appeal for both transient and permanent residents. The area is conveniently close to notable South Florida attractions such as Aventura Mall, Bal Harbour Shops, and various beaches. Additionally, it offers a diverse range of dining and entertainment options. The area is characterized as a family-friendly environment compared to Miami's tourist-heavy districts, providing a balanced experience for all residents.

Buslam, a Miami-based company, has been designated as the general contractor for the project, which is expected to reach completion in 2026.

For financing, the project is partially backed by the EB-5 immigrant visa program. The development team acquired the 1.74-acre site in 2022 for $16 million, following which an existing office building on the property was razed.

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