Faena House

Condominium: 3315 Tower, a Condominium (3315 Tower Condominium Association, Inc.). The Declaration of Condominium was recorded September 1, 2015, in Official Records Book 29759, Page 4481.

Building type: Oceanfront condominium tower, 44 residences

Floors: 18

Unit sizes: About 1,300 to 4,730 square feet of interior space in the standard plans, with partial-floor and full-floor penthouses above that

Outdoor space: Every residence has a wraparound terrace, called an "alero"

Amenities: Gym, spa, pools, beach club and underground garage

Artwork: Transchromia Faena by Carlos Cruz-Diez

Resale: The recorded Declaration gives the developer a 30-day right of first refusal on sales

Source: The Roebling Research Desk.

Faena House is the residential tower of a larger Collins Avenue project between 32nd and 36th Streets. Foster + Partners designed it for Alan Faena, the Argentine developer behind the Faena district, as the first of several buildings on the site.

In September 2015 the penthouse sold for $60 million, for about 12,516 square feet of interior space and 9,900 square feet of outdoor space. That is about $4,794 a square foot.

The building is small for an oceanfront tower. Few apartments share each floor. Residences can be combined into partial-floor and full-floor homes.

Two features are specific to this building. The recorded Declaration gave the developer, not the association, a right of first refusal on resales. And, as recorded, the Cruz-Diez artwork, Transchromia Faena, belongs to the developer while the association maintains and insures it.

Alan Faena's project runs about four blocks of oceanfront on both sides of Collins Avenue, from 32nd to 36th Streets, between the Atlantic and Indian Creek, combining art, performance, hospitality, retail and residences. Foster + Partners drew the residential tower. Rem Koolhaas's firm, OMA, drew the three buildings that give the district its cultural program.

Art and performance. The Faena Forum, an OMA building of about 42,500 square feet, is a cylinder and a black-box cube with a domed hall and a spiral walkway inside. It hosts exhibitions, concerts and private events and was completed in 2016. The Faena Theater runs cabaret, jazz and classical programming, and the district's largest calendar moment is Miami Art Week in early December.

Dining, retail and hotels. The Faena Bazaar, also by OMA, rebuilt a 1939 Roy France hotel into a retail and event building. The Faena Hotel Miami Beach, a restored Art Deco building, and Casa Faena, a roughly 1930 Spanish-style waterfront property, sit on the same blocks.

Mid-Beach is the stretch of Miami Beach north of South Beach and the Art Deco district. The Fontainebleau and Eden Roc resorts are its other large landmarks to the north. South Beach restaurants and the Lincoln Road area are a short drive south, and the Miami Beach boardwalk runs along the dunes here.

Foster + Partners is the architect. The standard residences come in four floor plans, from about 1,300 to about 4,730 square feet, plus partial-floor and full-floor penthouses. Unit 6A, at the top of the standard range, has 4,730 square feet of interior space and a 1,516-square-foot terrace.

As recorded, parking is primarily valet, and an assigned space does not by itself carry the right to self-park. Ask for the flood zone and elevation certificate, including for the parking levels.

The Declaration provides that the association furnishes 24-hour valet service for owners and guests. The building operates under recorded agreements with the neighboring hotel parcel, and the association took over the developer's obligations under them.

Florida's milestone inspection and structural integrity reserve study rules apply to condominium buildings of three or more stories; ask for the inspection report, the reserve study and any assessment history. Ask for the current budget and any special assessment notices.

As recorded, the Declaration permits residential or home-office use, and permits dogs and cats subject to leash rules and the board's authority over breeds it considers dangerous.

As recorded, leasing requires the association's written approval, leases must run at least four months, and the approval fee is capped at $100 per applicant. The Declaration does not restrict mortgaging as recorded and sets no minimum down payment; lender and condo-project approval are separate.

Right of first refusal. The Declaration provides that an owner who receives an offer to buy notifies the developer, which has 30 days to buy on the same terms and 45 days to close; if the developer passes, the owner can close with the buyer. Transfers to family members, to an owner-controlled trust or entity, and by gift or inheritance are exempt. Ask for any assignment or release of this right.

The board can adopt rules beyond the Declaration. Confirm each policy with the association at offer stage.

The 2015 launch gives the clearest record. Unit 6A, a four-bedroom of 4,730 square feet, sold for $11.75 million in 2015, about $2,484 a square foot of interior space.

These are launch-era figures from 2015, not today's market. Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.

Check the developer's right of first refusal. The Declaration provides a 30-day right on the developer's side. Ask for any assignment or release before contract, and set the timeline accordingly.

Price by floor and line. Two launch-era sales: about $2,484 a square foot on unit 6A and about $4,794 on the penthouse. A building average will mislead.

Read the reserve documents and hotel agreements. Request the budget, financial statements and the hotel-parcel agreements.

Check the right of first refusal before listing. The Declaration provides that the developer receives notice of an offer and has a 30-day option; ask for any assignment or release before contract. Tell the buyer's attorney at the start.

Have the documents ready. Buyers' attorneys will ask for the Declaration, budget, reserve study and hotel agreements. Handing them over shortens diligence.

• One Thousand Museum — a Zaha Hadid-designed tower in downtown Miami; a design-led peer.
• Eighty Seven Park — an oceanfront condominium in North Beach, Miami Beach, by Renzo Piano.
• The Setai Residences — a Collins Avenue oceanfront condominium in South Beach.