Fortune International Group and partner Blue Road have closed on a 1.74-acre site in North Miami Beach for $16 million, paving the way for the future development of Nexo Residences, one of the first condo projects in the area with short-term rental capability. Located at 13899 Biscayne Boulevard, Nexo Residences will offer 254 move-in-ready condominiums with full home-sharing capabilities, along with resort-style amenities. The property is in proximity to a number of business and leisure offerings, including fine dining, shops, and entertainment in Miami, Bal Harbour, Aventura, North Bay Village, Sunny Isles, and Hollywood Beach. Nexo Residences is also almost equidistant to Miami International Airport and Fort Lauderdale-Hollywood International Airport.

Nexo Residences will offer fully furnished studios to four-bedroom townhomes ranging from 525 to 2,190 interior square feet at a starting price of $500,000. Homeowners can rent their residence for short-, seasonal or long-term durations without listing limitations, making it suitable for investors, and also utilize it at their own discretion or for personal leisure. The project offers various amenities, including a three-story arrival lobby and lounge, a two-story tech hub with a café, coworking spaces, a business center, a resort-inspired pool, and a rooftop observatory deck with 360-degree views. The pet friendly property will also offer entertainment avenues for residents in the form of an outdoor children’s playground, multi-purpose clubroom and a fitness center with a yoga studio. The project is slated to convert reservations to contracts end of August.