Brickell is very close to having a new newest building. 1010 Brickell is on track for completion in May. The crane and construction hoist have been removed, the painters are hard at work and the 50th floor pool landscaping is already installed.
Despite being a few months behind schedule (completion had been projected for December 2016), the building was a big success from a sales standpoint. The 387 units sold for an average of $650/square foot. We assume that all 387 have sold, because our requests for their close-out inventory have not been responded to.
The building was geared toward healthy living for active families, given the central location and span of amenities. The 11th and 12th floors feature:
Indoor heated swimming pool with retractable glass walls for flexible access to the outdoors in any weather
Impact-absorbing outdoor running track providing unparalleled views of the Miami skyline
Tanning Sundeck
Mini Golf
Kids Indoor/Outdoor playground areas
Children’s outdoor mini water park with cooling water spray
Active indoor game room including games such as: bowling lanes, foosball, air hockey, table tennis, and arcade games
Modern Kids Recreation Zone – a two-story exercise and entertainment area designed to keep the little ones active and engaged in healthy pursuits like climbing, crawling, and other activities
The Court – an area with half-court basketball, racquetball, and volleyball
Indoor Mini Soccer
Indoor Tennis Court
Parent/child wristband system to allow the children to freely enjoy the common areas.
There is already one resale on the market, a 1,554 square foot 2 bedroom plus den with 3 full baths. It has terrace access from both bedrooms and the living room and a southwestern view. It is priced at just under $1 million, which works out to $643/square foot (less than the average pre-construction price!)
We haven’t seen any rentals offered as of yet, but do expect them to arrive as May draws closer. As a matter of fact, I expect this to turn out to be a very popular building for young families, who would appreciate the active amenities.
While 1010 Brickell is nearing completion, it won’t be the next newest building. Brickell Heights and Brickell Heights 02 are both on track to open in April, and will hold the “Newest in Brickell” title for just a few weeks before 1010 takes it. The next buildings to open will be SLS Lux and ECHO Brickell later in the year (or early 2018 since construction timelines often get delayed toward the end).
Two Tequesta Point Is Getting A Modern New Lobby
Work has already begun on the new lobby at Two Tequesta Point on Brickell Key. The building was developed by Swire in 1998 and was still in great shape, albeit dated. To prepare for their 20 year anniversary, the association is giving the lobby a complete overhaul.
According to our contact in the management office, the work is slated for completion in October of this year. Prices range from $400,000 – $1,900,000 for sales and $2,450 – $7,250/month for rentals.
Brickell Key is one of the more family-friendly areas of Miami due to the fact that it is an island with increased security, a beautiful jogging trail, practically every condo has an amazing water view and the best playground in the Greater Downtown Miami area. Here is a peek into unit 2207, a 1 bed 1.5 bath that we have listed for $2,450/month.
What do you think of the new lobby design?
The original lobby:
About Last Night: One River Point Debuts Lavish Sales Center
KAR Properties has unveiled their lavish sales center for One River Point in the Miami Riverfront with an opulent Midsummer Night’s Dream themed soiree. The sales center has been in the works for some time, the sales of the project launched in October of 2015 and the reservations were converted to contracts in January of this year.
The developer reportedly spent $3.5 million on the buildout of the 4,500 square foot gallery located at 92 SW 3rd Street. It includes displays from One River Point’s European luxury brand partners, B&B Italia, Gaggenau, Arclinea and Flos, as well as a full display of the material palettes, technological features, and an integrative site plan within the riverfront park. Additionally, guests have a chance to further experience the works and background histories of One River Point’s design team of Rafael Viñoly, Adrian Zecha, Rémi Tessier, and Sasaki Associates.
The grand opening featured performances by the Miami City Ballet, a string quartet and a preview of the residences, which are priced at an average of $1,259/square foot according to the Downtown Development Authority.
Residences at One River Point will range from 1,000 to 12,000 square feet, including sky lofts and sky villas, set within One River Point’s piece de résistance, a three story floating sky bridge that connects the two towers on the top floors where the Sky Club will be located. A riverfront waterfall will greed visitors in the motorcourt.
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Brickell City Centre’s Apple Store Opens March 25
The long-awaited Apple Store at Brickell City Centre is slated to open on March 25. There will be a grand opening beginning at 10am, according to Apple.
This will be the first Apple Store in the Downtown Miami area and is very much welcomed. It will employ over 100 people speaking a total of 9 different languages, according to TechCrunch. Over half of the employees will speak Spanish, something we know is required for the Miami market.
On the outside, there will be 13-foot-tall floor-to-ceiling glass windows looking into the indoor/outdoor mall. Inside, there will be a large forum with a video wall and display windows with regular new designs. There will also be a boardroom for business customers to speak with Apple employees and try out new devices.
We will see you there next Saturday!
What Will IconBrickell’s Pool Look Like After The Renovation?
It seems everyone in the South Florida area knows that IconBrickell’s famous pool deck is closed for a year, but we realized last week that nobody has asked about what it will look like when it reopens. Will they bring Phillipe Starck back in to do a redesign? Are there any renderings floating around?
We sat down with the property manager to find out what is in store after the construction crews complete their jobs and were pleased to learn that the design won’t be changing much. Most of the necessary work is not cosmetic, so the finished product can look very similar to the iconic pool that we are used to.
There are some changes that will be necessary. The patches of tiles that resembled red wood will need to be replaced with something more slip-resistant but they plan to use the same color, just a different material. Also, the cabanas will be relocated to a sunnier area so that people are more inclined to use them. They will also use this opportunity to choose new pool furniture and add more outlets. It seems Related Group underestimated how many people need to charge their phones while they lay by the pool. Previously, there were only 11 outlets on the entire deck. The animal lights will return as well, although with updated technology.
We have been pleased to see that the construction seems to be moving along according to schedule and although the number of sales transactions has fallen, the prices are holding stable. It was a frightening moment last year when the prices were in free-fall. Once the more candid details of the repair came out and the work actually started, everyone’s nerves seem to have calmed. There won’t be any renderings of the project, since the finished product will be so similar to the original. We’ll have to wait and see in person!
Here is a photo of the pool before the renovation:
Renzo Piano’s Eighty Seven Park Prepares To Break Ground; Is Contributing To North Shore Park Upgrades
Situated on the northernmost oceanfront lot in Miami Beach, Eighty Seven Park is preparing for its groundbreaking in April. The project will have just 70 residences and 18 stories and will incorporate an upgraded North Shore Park into its amenity list.
In 2013, Terra bought the lot at 8701 Collins Avenue from Dezer Development for $65 million. They also paid the City of Miami Beach an additional $10 million in return for the rights to close 87th Court just to the north of the lot. These funds have been earmarked for a redevelopment project in North Shore Park, which is open to the public. While we do not yet know the specifics of the redesign, it has been mentioned that the goal is to incorporate the look and feel of the ultra-luxury development throughout the park so as to feel as though the park is an additional amenity. In addition to the public park, residents of Eighty Seven Park will also have a private park that is gated. The development will distribute keys to the owners, similar to the famous keys to Gramercy Park in New York.
The building is designed by Renzo Piano, and Italian architect and engineer who has also won the coveted Pritzker Prize. He is also the architect behind the famed Shard in London. The idea behind Eighty Seven Park is to experience the beauty of the park throughout the entire building. The residences have large sliding glass doors and floor to ceiling windows so that the owners can experience the indoor/outdoor feeling. An on-staff botanist will care for the lush landscaping throughout the lobby and curate an ever-changing botanical exhibition.
The layouts of the units is expansive as well, even the one bedroom plans are over 1,000 square feet. The two bedroom plans are between 1,600 square feet and almost 1,850 square feet, three bedrooms range from 2,500 square feet to 3,500 square feet and the four and five bedroom layouts go all the way to 4,000 square feet. There are two penthouses, the eastern penthouse is a 7,500 square foot 5 bedroom and the western penthouse is a 4,200 square foot 3 bedroom. Both penthouses have rooftop terraces with private plunge pools. Prices range from $1.7 million for a north view 1 bedroom up to $7.25 million for the 3 bedroom with a south view overlooking the park. All units will also have an ocean view.
Some notable buyers in the project include Michael Huffington and the Conde Nast family.
Four Seasons Hotel at The Surf Club Opens Tomorrow
Fort Partners’ dramatic redevelopment of Surfside’s historic club, The Surf Club Four Seasons, is slated to open tomorrow. The project is an ambitious mix of history combined with modern design by Richard Meier. We toured the project this week and were blown away at how well the project has come together.
The Surf Club Four Seasons is going to be delivered in sections, with the 77 room hotel opening tomorrow. The interiors are designed by Joseph Dirand with light, flowy rooms and lots of green accents. Ocean view rooms will be available for $1,200/night. There is also a section for 31 hotel residences of the same design. These are available for sale and entered into a hotel program if the owner so chooses. Lastly are the private residences in the north and south towers. The north tower will be the first to open just as soon as the TCO (temporary certificate of occupancy) is received. From the looks of the project, this could happen any day now. In front of each tower is a section of poolside cabanas that will be restored to their original glamour. The cabanas and south tower are expected to be completed this fall.
Have a look at the features, finishes and renderings of the apartments:
The Hotel Residences:
The Spa
The Cabanas
Miami Condo Investments Is Going To The Movies! Cinemex At Brickell City Centre Update
Last month, we received information that the Cinemex movie theater in Brickell City Centre was set to open on February 17. This news was welcomed with much excitement by the people who have been waiting patiently to see a movie in Brickell. The people with Swire were less impressed. It seemed there were some delays behind the scenes that we were unaware of, and the opening day was pushed back to March 17.
As that date draws nearer, the permits still haven’t been closed out and opening day is rescheduled for March 24. This process of final permits always leaves us with very fluid dates. The date that they are closed out depends upon the schedules of the inspectors, contractors, the amount of paperwork on the desk of the inspectors and a host of other moving parts that could create a delay. Even so, we took a peek inside this week and saw that things are indeed very close to completion.
We are just as anxious as everyone else to see the theater open! This is something we have wanted to have in the neighborhood for 10 years now, and at last it is SO CLOSE! We have even signed on to have a 30 second commercial that will air before each movie on each of the 10 screens at the theater, starting on opening night. We are so eager to see the theater open, we can’t wait to show it to you! What do you think?
One Thousand Museum’s 53rd Floor Lower Penthouse Offered For $20 Million
The 53rd floor lower penthouse at Zaha Hadid’s iconic tower in Downtown Miami has been unveiled. One of 8 penthouse units in the 62 floor building, Residence 5301 is a full-floor of the building with 5 bedrooms, 7.5 baths, a staff quarters, media room and 2,400 square foot great room that overlooks the Biscayne Bay and Port of Miami.
The apartment will have 4 total balconies totaling 1,112 square feet of outdoor space. The interior living space is over 10,000 feet with 360 degree views from the 53rd floor. This is one of only 3 remaining penthouses available at Zaha Hadid’s last tower and her only residential tower in this hemisphere. The European finishes include doors by Lualdi, lighting by apure and custom kitchens by Poliform. Zaha Hadid-designed door handles for Valli&Valli will complement the sophisticated and contemporary architecture inside the unit. It is being offered for $20.485 million.
One Thousand Museum has 83 total residences with over 30,000 square feet of luxury communal areas designed by Zaha Hadid herself. The amenities include a two story amenity space at the top of the tower, an aquatic center, garden areas, event spaces, a two story health spa, multiple art galleries, a theater and the city’s only private rooftop helipad.
The vertical construction recently surpassed the halfway point and estimated completion is expected in late 2018.
Paramount Miami Worldcenter Secures $285 Million Construction Loan
Despite the fact that the preconstruction market is cooling off and construction loans are notoriously difficult to obtain, the developers of Paramount Miami Worldcenter have secured a massive $285 million construction loan to fund their luxury project.
“Construction financing is definitely deteriorating,” said Aaron Kurlansky, a principal at FM Capital, a commercial real-estate investment firm told the Wall Street Journal. Mr. Kurlansky said that while at the peak, developers could finance up to 75% of the cost to build a project, now that is down to about 50%.
The construction cost of Paramount Miami Worldcenter is said to cost upwards of half a billion dollars, and the developers have contributed a lot of equity plus raised funds through the popular EB-5 Visa program, which offers an investor visa that transfers to a green card for those foreign investors who contribute $500,000 to a project that creates jobs.
According to the developer’s representatives, the residential tower is 60% sold and is continually selling at a rate of around 10 units per month. While this number is not as impressive as the 20 sales per month that they had become accustomed to during previous years, it is far better than many other developers are faring. In some less-popular projects, we have seen months pass with only a handful of sales. Paramount Miami Worldcenter will have 562 units priced at an average of $750/foot.
This construction loan is the second largest in the last two years, according to The Real Deal. The only loan secured that was larger was The Residences at Armani Casa, which was $305 million.
