As the condo market has slowed, project starts have become less frequent. Still, the 31-story YotelPad, a tech-savvy condo hotel in downtown Miami, cemented construction Saturday with 110 cement trucks pouring 1,100 cubic yards of concrete.
The mixed-use building at 227 NE 2nd Street is expected to be finished by early 2021. It will house 453 hotel and condo units and three robot concierges.
Aria Development Group and the Kuwait-based AQARAT real estate company are leading the project with contractor Beauchamp Construction. Architecture firm Stantec designed the building.
Property owners can rent out their units on a short-term basis via sites like Airbnb, or through Yotel’s own vacation rental program.
Yotel already has nine tech-savvy hotels aimed at millennial travelers in locations across the world including Boston, Singapore, San Francisco and Istanbul. The YotelPad in Miami will be the third condo-hotel for Yotel after openings in Park City, Utah in 2020 and Mammoth Village, Calif., in 2021.