L’Atelier in Miami Beach Receives $57 Million Construction Loan
North Beach’s L’Atelier Residences, which broke ground in December of 2015, has received a $57 million construction loan to carry them through to completion of the boutique oceanfront development.
The super-luxury development is currently in the vertical stage of construction and expects to top off later this year. Residences are expected to be delivered in 2018. The project is currently 80% sold, with 5 units remaining priced between $3.6 million up to $4.5 million for flow-through residence and the $25 million oceanfront penthouse with 8,000 interior square feet and 8,500 square feet of outdoor amenities including a rooftop terrace with a 40′ foot private pool.
Have a look at their sales brochure, with more renderings of the apartments and a preview of the interiors by famed designer Holly Hunt.
L’Atelier Miami Beach Brochure by Sarah Elles Boggs on Scribd
Brickell City Centre’s Rise Penthouse Has Sold For $5.75 Million
Even before the offering was able to be made to the public, an undisclosed buyer has snatched up the upper penthouse at Brickell City Centre’s Rise tower. This is an amazing sign, in a time when the news media continually injects fear and dread into our real estate market. Although the number of buyers are undeniably less plentiful, the buyers who are looking into Miami purchases are very serious about getting what they want and after you see the floor plan, it won’t be a surprise that this gem sold before it hit the market.
The duplex penthouse boasts approximately 4,500 square feet of interior space plus roughly 4,500 square feet of outdoor space. There are 4 bedrooms including a junior master suite plus service quarters and a den. There are 3 balconies, two on the first level and one on the second level off of the master suite. Each level has a terrace overlooking Brickell and the Biscayne Bay. On the first floor, the terrace includes a summer kitchen and a private swimming pool. A private jacuzzi overlooking the city is located on the terrace off of the master suite.
This comes on the heels of another recent noteworthy sale, when a South African buyer purchased a waterfront teardown for $10 million. We have learned that the buyer of the Brickell City Centre Penthouse is not a foreign investor, just a very private American with very good taste. The final sale price was $5.75 million.
Allison Ortiz from Fortune International’s in-house sales team was the one to put the deal together. She is someone who has worked with the Miami Condo Investments team for many years, even back when Brickell City Centre was just a spark in Stephen Owens’ eye. We have been fortunate to have her as an asset for our clients at Brickell City Centre, Infinity at Brickell and also Met1 in Downtown. The earlier projects have since sold out fully, but she always goes the extra mile for our buyers and the clients we have worked in those buildings have all been extremely pleased with their purchases. Congratulations to Allison on a job well done and congratulations to the buyer on a beautiful property!
Brickell City Centre Rise Tower Penthouse by Sarah Elles Boggs on Scribd
Brickell Flatiron Unveils Penthouse Collection Priced $1M-$15.5M
Currently on the 10th, going on 11th floor of vertical construction with over $300 million in signed contracts, Brickell Flatiron has unveiled their dramatic penthouse collection designed by famed Italian architect Massimo Iosa Ghini. The penthouse apartments are located on floors 50-64 of the 700 foot tower and include a wide variety of layouts.
Expansive single story residences are priced between $1 million – $2.5 million. Upper penthouse duplex and triplex residences are priced from $6 million to $15.5 million. The upper penthouses will include rooftop pools and summer kitchens in addition to the upgraded finishes in all of the penthouse units.
The upgraded kitchens have Snaidero motorized cabinetry with customizable cabinet colors, Miele under-counter wine coolers and integrated appliances. The laundry rooms are outfitted with Bosch washers and dryers that have anti-vibration and noise-suppression technology. Every penthouse unit is fully equipped with state-of-the-art technology systems, including a private wireless network and a secure smart-lock system.
Have a look also at the latest construction update video, shared with us by Chris Suarez, our representative for the development:
Market Stat Monday: Buyers From Which Country Purchase The Most In Sunny Isles?
After the interesting findings in our Market Stat Monday report last week showed that Americans purchase more Brickell properties than any other country, I thought it would be interesting to see who the predominant buyers are in Sunny Isles Beach. Of course, everyone assumes that the findings will show that Russians are the most active, the community has been nicknamed “Little Moscow,” after all. But guess what? They’re not.
According to the Miami MLS, it was again the Americans who had the highest number of transactions as well as the highest total expenditure. Granted, it was a US buyer who snagged the Upper Penthouse at Porsche Design Tower, but even before that one $25 million sale, the US was way ahead of the other countries.
Overall, there were 264 closed sale transactions amounting to a grand total of $220 million in sales. In Sunny Isles, I’m not as interested in the overall price per square foot paid because the market is too polarized. We need to break that figure down into average price per foot of affordable condos in Sunny Isles, mid-range, luxury and super-luxury. In addition to those topics, we should also separate the oceanfront buildings from the intracoastal side buildings, so this is a post of its own. Of the closed sales that occurred, about half of the agents reported the nationality of their buyer. Here is how it breaks down, just scroll over or touch the graph below to see the figures.
Stunning Industrial Chic Loft Near Downtown Lists For $4.95 Million
Are you the type who likes to regularly hold parties for 200 of your closest friends? If so, this is the loft for you! The industrial-chic masterpiece with 22 foot high ceilings, exposed brick walls, dark oak hardwood floors and skyline views near Downtown Miami just hit the market for $4.95 million.
With over 7,100 interior square feet, top of the line open kitchen by Thurston Kitchen Design from Aspen with huge island/bar, Subzero fridge, TWO large wine coolers, double Wolfe ovens and separate living quarters, this loft is fit for a celebrity or an avid art collector. The space is a combination of units 501 and 402 in the 6 story Parc Lofts near the Art District and Downtown Miami and has been completely outfitted for a fabulous entertainer.
The seller is being represented by our very own Dora Puig, and we can’t stop crushing on the photos! What do you think?
Fifteen Group Sells Downtown Miami Development Site For $37.25 Million
Fifteen Group has announced its sale of the FedEx building at 200 South Miami Avenue in Downtown Miami. They purchased the property in 2014 for $19 million and have now sold it for $37.25 million, according to their news release.
“This transaction is an excellent example of what Fifteen Group has been doing for years – acquiring undervalued assets and creating value through aggressive asset management,” said Justin Toal, Chief Investment Officer and Senior Principal at Fifteen Group in the news release. “In this case we were able to negotiate a long-term extension with FedEx at an attractive rent and subsequently offer an excellent product to the investment market. This is a highly desirable, urban core location with in-place entitlements for a high-density project. In the interim, the new owner has an investment grade tenant.”
The site is zoned for up to 2 million square feet and 1,395 units if the new owners choose to redevelop it. Otherwise, they have a long-term investment grade tenant. FedEx recently renewed their lease until 2029. Beginning in 2019, they will pay $14.82/square foot for the 110,000 square foot facility with 2.5% increases each year.
The Real Deal reported in May that a call for offers had been issued on the property and the expectation was that it could sell for as much as $40 million. You will recognize the site as the FedEx center just north of the I95 ramp to Downtown Miami. What do you think would be nice to build there?
Market Stat Monday: Brickell Sales Statistics By Country Of Buyer’s Origin
Since this is such a patriotic week and it is no secret that our friends from abroad play a big role in the Brickell real estate market, I thought it would be interesting to see which countries are producing the most buyers of condos. The Miami MLS has a new-ish feature that reports the country of origin for the buyers after they close on a listed condo. We still have to rely upon the word of developers in order to report buyer origins of new condos, but resales can now be statistically found.
Out of the 414 total sales that have happened in Brickell since the beginning of the year, about half of the agents have reported the country of origin of their buyers. This represents just under $100 million of Brickell inventory sold out of the $198 million that was sold in total.
Here are our findings:
If you look at the total sales volume of all of the sale transactions in the neighborhood during 2017 so far, you can see that the United States is responsible for the overwhelming majority, followed by Brazil, Venezuela, Colombia, and Argentina.
Despite reports of their sales activity in the area, China and Mexico did not spend nearly as much as other countries, and Russia was not even on the list.
The number of transactions was skewed even farther in the United States’ favor, with Venezuela, Argentina, Colombia and Brazil following behind.
For those who prefer a chart rather than a graph, here are the actual figures for each country.
Are you surprised by the findings?
