Miami’s Urban Review Design Board is considering plans for a new 53-story tower in the Omni area near Downtown Miami. The 47,500 square foot lot is located at 1775 Biscayne, just across the street from the Omni Publix location and directly to the west of Opera Tower and Aria on the Bay. The tower is said to feature 444 residential units, 200 hotel rooms, 45,600 square feet of commercial space, 64,500 square feet of office space and 546 parking spots, according to the South Florida Business Journal. It is being called simply, “V.” As of now, it is unclear whether the residential units will be condominiums or rental units, but we do know that the tower is designed by Kobi Karp.
It is also unclear whether the owners actually intend to develop the building, or if they are simply attempting to increase the value of the land by going through the approval process before selling. This is a common tactic for people who do what is called “land banking”. They purchase the land and hold it until the value increases and infrastructure goes up around the lot. At that point, they undergo the approval process so that the ultimate buyer can purchase the land PLUS the approvals (the approvals are notoriously tedious and expensive to obtain).
Another example of this tactic is the current site of the Mexican Consulate in Brickell at 1399 SW 1st Avenue. Back in 2016, plans emerged for redevelopment on the lot just to the west of Infinity at Brickell, but no developer was named (see photo below). Fast forward to August of 2017 and the 44,500 square foot build site was purchased by a developer for $31.75 million despite the fact that the consulate has 5 years remaining on their lease.
Another likely example of this tactic is the plan for the building dubbed “18” that was released earlier in the year. It is a 78-story mixed use tower that was to go up on the lot at 10 SW 8th Street, just between Brickell Heights and Brickell City Centre.
Related Group has clearly passed on the opportunity to purchase the lot, for now, but they know that something will certainly be built there. The evidence is that the Fabian Burgos mural does not cover the north side of Brickell Heights, I had the opportunity to ask Carlos Rosso, the President of Related Group’s Condo Division, what he thought of the project. He said that he did not see it going up, the renderings are pretty but the lot size would deem the tower structurally impossible. Meanwhile, the tenants in the strip center have reported that their leases include a development kickout clause in case the owner finds a buyer.
What do you think? Will these towers be the first of our next development cycle, or is it all smoke in mirrors?
Behold! The Armani Casa Penthouse Floor Plans!
Dezer Development and Related Group have unveiled the Penthouses at the Residences by Armani Casa in Sunny Isles Beach with a very interesting offering. The purchaser has a choice of taking the residences at one price decorator-ready and let their own designer sort out the details, or they can purchase for another price and take advantage of the swank “Armani Package.”
Highlights of the on-of-a-kid Armani lifestyle experience include:
– Two first-class, round trip tickets to Milan.
– A two-night stay in an Armani Deluxe Room at Armani Hotel Milano.
– An after-hours private tour of Giorgio Armani’s flagship store.
– A dedicated personal shopper at Giorgio Armani boutique.
– A stylish night out that includes dinner at Armani/Ristorante and cocktails at the Armani/Prive lounge.
The 56th floor duplex penthouse is exclusively designed by Armani/Casa Interior Design Studio under the artistic direction of Giorgio Armani himself and features 6,138 square feet of oceanfront splendor. There are 5 bedrooms, 6.5 baths, a service quarters as well as a game/media/play room. It features a rooftop terrace overlooking the ocean, and a 2,197 square foot outdoor living area with a private pool, summer kitchen and wraparound terrace so that the owner may also enjoy Miami’s magical sunset views.
If the buyer opts for the penthouse with the opulent Armani Package with finishings and once-in-a-lifetime getaway, the cost is $17 million. For the raw space, the developer is asking $12.3 million.
The project is expected to be delivered in 2019 and includes 35,000 square feet of amenities that include a lounge and Prive area, an on-site fine dining restaurant, cigar room, wine cellar, heated swimming pool, fitness center with ocean views, two story spa with indoor and outdoor treatment rooms, a movie theater, club room and exclusive beach amenities on the 300 linear foot stretch of private shore.
See below for the floor plan, which has not yet been released to the public. Chic!
Anyone who lives in Brickell and has a family will tell you that one of the things the neighborhood lacks is a proper park for little kids. Sure, Mary Brickell Park has a playscape and also the park across from Santa Maria in South Brickell, but both of those are designed for kids that are older. There are no swings, no slide and no fun for the little ones…until now.
Three years ago, Southside Park was one of many in Miami that were closed for remediation due to contaminated soil. It was a huge controversy at the time, but today things are looking up for the green spaces. Most have already reopened, and Southside Park officially reopened in June of 2016, only to close again this year for the addition of a much-needed playscape.
At long last moms, dads and nannies will be able to take the kids out to play without taking the MetroMover to Bayfront Park, schlepping across the Brickell Key Bridge in the blistering summer heat, or getting our cars out to go to Key Biscayne or Alice Wainwright park! Thank you, City of Miami!!
For those who are unfamiliar, Southside Park is located just west of the Metrorail tracks at 140 SW 11th Street, just west of Axis at Brickell. As you can see from the photos, it is still very much under construction but looks really fun for the little ones already!!
Photo courtesy of Paola Andrea
Market Stat Monday: The IconBrickell Pool Prepares To Reopen
December is just around the corner, which means the day that IconBrickell‘s management office anticipated the completion of their pool repairs is upon us. According to the office, they are still aiming for a completion date of December 15 and from the progress we’ve seen, things appear to be coming back together.
We were the first to report of Icon Brickell’s scheduled year-long pool closing two years ago after months of whispers about the damage. As you can see below in the renovation schedule, by this point the new light fixtures should be being installed, followed by paint and cleanup, removal of the construction equipment and ultimately… POOL DAY!
You can see in our photo above that the landscaping has been reinstalled along with some light fixtures and what looks like charging stations. The management office did mention to us that additional outlets would be added, and we agree that they were much-needed!
So, now that we know that the pool is coming back very soon, what about the sales and rental values?
I cannot in good faith sit here and tell you that the values haven’t changed. They have. Condos were trading at a rate of $583 per square foot when news of the repair broke in November of 2015, By the time the work actually commenced in December of 2016, sales prices had plummeted to $426 per square foot. What is unclear is the effect the pool repair had on the final sales prices vs the effect the market in general had on sales prices.
On the upside, while the rest of the sale market is in decline, Icon Brickell is inching upward. Since July of this year, 35 units have closed with an average sales price of $449 per square foot.
The least expensive listing to sell (per square foot) was a two bedroom in Tower 3 (the W Hotel Tower) for $465,000 after nearly 2 years on the market. This works out to $361 per foot, but the listing DID mention that the seller was extremely motivated. The most expensive per square foot was a three bedroom on the 41st floor of Tower 1 that sold for $1.5 million after 5 months on the market. It was fully upgraded and furnished for $822 per square foot, so you can see the range depending upon placement, finishes and furnishings that we’re dealing with.
Now for the bad news. With 165 current active listings, IconBrickell is carrying 23 months of inventory. This isn’t as bad as some other developments that are carrying 80 months of inventory, but it still isn’t great.
So, what’s the lesson?
The 13 units that are currently under contract were listed for an average of $504 per square foot. The 35 that have closed since July all closed for 92% of their asking price, yet the 165 active listings have an asking price averaging $560 per square foot. I won’t call out specific unit numbers, but it appears a lot of the active sellers need to adjust their prices…
Sunny Isles Beach Development Boasts 50,000sf Oceanfront Amenity Center
Not to be outdone by anyone, the swank Estates at Acqualina in Sunny Isles will boast a 50,000 square foot amenity center dubbed “Villa Acqualina” with something for residents of all ages. Practically every development in South Florida has a state-of-the-art gym, heated pool, valet and party room, but this is next level! There’s even an ice skating rink and stock trading room!
The 5.6 acre private, gated, oceanfront development recently completed their land purchase and will begin construction by the end of the year. The neighboring Acqualina Resort has been named by US News & World Report as the #1 Hotel in Florida. Remaining residences range from $4 million to $9 million. There is also a $16.75 million penthouse dubbed “Casa d’Oro” with over 11,000 square feet.
According to a press release, the grounds and gardens will boast lush landscaped gardens, multiple infinity pools, a FlowRider® for surfers, a basketball court, a bocce court, a dog park, soccer field, a beachfront restaurant and 502 feet of Atlantic oceanfront with Five Star beach and pool services. 24-hour valet, 24-hour security services, a full service resident concierge and a house Rolls-Royce will also be available.
Check out the video and renderings below to see what else is planned:
One Thousand Museum Releases First Photos Of Model Residence
The preview residence at One Thousand Museum by Zaha Hadid Architects is complete! Rather than just building a sample kitchen and bathroom in the sales center (which they did as well), the developers fully finished and furnished an actual residence for buyers to tour. The building is still very much still under construction, it is set to top off later in the year, but the model residence feels like home.
We had the opportunity to tour the residence last month, although the furniture had not been delivered yet. Miami-based Brazilian furnishings brand, Artefacto, has now delivered and installed the furnishings and it looks MAGNIFICENT. They used Zaha’s futuristic taste with their signature Brazlian contemporary style. The home also touts an impressive art collection curated by Sarah Jane Bruce (SJB Fine Art Services) and Flavia Masetto (Flavia Masetto Fine Arts), according to the developer’s press release.
The 4,635 square feet half-floor residence is elegant and timeless using warm tones and clean lines to complement the building’s curvaceous architecture. The epitome of luxury, the four bedrooms and five-and-a-half bathrooms are wrapped in floor-to-ceiling windows overlooking the bay and Museum Park, allowing for ample natural light throughout the day.
Sadly, the actual residence was purchased for $6.8 million, but there are similar layouts still available. Duplex town homes start from $12 million, half floor residences similar to the model range from $5.5 million to $7.5 million, full-floor residences from $18 million and the penthouse, which has its own helipad for $49 million.
Closings are expected to begin in late 2018.
Trophy Property: Spectacular Rise Four Bedroom Asks $3.1 Million
In a sea of Downtown Miami area condos, it is easy to become jaded. There are so many beautiful options, and it really takes something special for us to pause and say WOW! Then we toured this exquisite corner four bedroom at Brickell City Centre’s Rise Tower.
Unit 3701 is a 3,244 square foot 4 bedroom/3.5 bath flow-through residence with a South/East-facing wraparound terrace AND a sunset terrace. The seller made several upgrades to the layout, which can be found here. They turned the staff quarters into a 400-bottle wine cellar, but left the original plumbing intact in case future owners are not wine connoisseurs. In the master bath, you will find that the dressing room is locked with fingerprint access and a hurricane-proof glass door. All closets are custom-designed Italian cabinets and a movie theater with surround-sound has been added.
Zaha Hadid’s Personal Beachfront Residence To Come Back To Market
After nearly a year on the market, Zaha Hadid’s customized home in South Beach’s W Hotel is going to be re-listed with an enormous price reduction. It had been listed after her sudden and untimely death in the Spring of 2016 for $10 million, but there were no takers.
It hasn’t officially been re-listed yet, but the Wall Street Journal has reported that it will be coming back on the market at $6.5 million, a 35% reduction from the original price. Neither price included the furnishings, but most pieces could be negotiated separately through her estate trustee. There are a few pieces of artwork/exceptionally unique pieces that the estate prefers to hold on to.
The Pritzker Prize-winning starchitect purchased two beachfront units at the W, which is located between The Setai and Faena House at 22nd Street on Miami Beach, in 2010 for $2,785,000. She then combined them and added her unmistakable personal touch.
While I imagine there will be a new set of photos unveiled any day now, let’s have a peek at the listing photos from last year..
SLS Lux Gets Its Rooftop Sign; Closings Begin Soon
Closings are just a few weeks away, and SLS Lux now has its sign. Related Group’s Carlos Rosso posted a photo update as they put the finishing touches on Brickell’s new newest tower.
The 58 story tower is the most luxurious of the Brickell Heights complex, which is easily identified by its signature Fabián Burgos mural wrapping the parking structures of all 3 towers. There will be a Katsuya restaurant in the lobby level as well as interiors and amenities designed by Yabu Pushelberg, which you can preview here.
Closings are scheduled to begin in December. While the project is fully sold, resale opportunities are available on an off-market basis. Please let us know if you are interested.
Rumor Mill: SaltBae To Open A Second Steakhouse In Miami!
It looks like Miami Beach is about to get a lot saltier, in a good way. Just as Miamians are finally able to digest the fact that we really have a Nusret Steakhouse in Brickell, rumors are swirling that a second location is in the works!
According to whispers in the commercial/retail real estate world, the internet sensation chef has taken the retail space below South of Fifth’sOne Ocean building at 1 Collins Avenue, a newly opened development where condos range from $3.7 million to over $15 million. Given Nusret’s menu, this location would give direct competition to South Beach staple, Prime 112.
Since its opening a week ago, Nusret Miami has been packed non-stop and received rave reviews from all around. In addition to the Brickell and South Beach eateries, locations will be added in Manhattan and Los Angeles.
