Jeremy Shockey Sells South Beach Penthouse for $2.4M
It looks like Jeremy Shockey has started 2018 on the right foot. According to property records, the former Miami Hurricane legend and two-time Super Bowl champ closed on his South Beach condo on January 2nd. The three-bedroom, three-bath penthouse at The Waverly at South Beach fetched $2.4M. It sold to Claudio Benedetti, the notable developer of Miami Beach’s Artecity Park.
Shockey purchased the 2,600-square foot property in July 2005 for $1.45M. After enjoying the bachelor pad for 10-some years, he listed it for sale in December 2015 for $3M. No buyer surfaced, so the penthouse was instead rented. In July 2017, the unit was relisted for sale once again but this time at the increased price of $3.25M. Just a month later, however, the price was reduced to $2.85M and, three and a half months later, went into contract with Benedetti.
After two years on the market, Shockey’s South Beach penthouse has finally found a suitor. While he may have settled for 20% off his original asking price, he still came up “in the black,” netting nearly $1M above his purchase price (although that doesn’t take into account what he may have paid in upgrades).
More Breweries Coming to Miami-Dade County in 2018
Whether you’re a casual beer enthusiast or a Certified Cicerone, there’s great news for you! According to Miami New Times, six Miami breweries will be opening throughout Miami-Dade County later this year.
The Descarga Brewing Company (North Miami), Gravity Brewlab (Wynwood), Lost City Brewing Company (North Miami), South Beach Brewing Company (South Beach), Spanish Marie Brewery (Kendall), and the Unbranded Brewing Company (Hialeah) will all be offering local patrons a wide selection of tasty brews once they open their doors.
With South Beach Brewing Company and Unbranded Brewing Company, a bit of history is being made. The former will be the first brewery to open in South Beach while the latter will be a first for Hialeah. Cheers!
The Landmark Macy’s in Downtown Miami Will Be Closing its Doors for Good
Credit: Phillip Pessar / Flickr
It’s the end of an era. The Macy’s in Downtown Miami, originally the Burdines flagship store which opened in 1912, will be closing for good. With development along Flagler Street moving ahead, and almost 90,000 people in downtown – most between the ages of 25 and 44 – the landmark Macy’s store just doesn’t fit with the times.
The Miami DDA is working to redevelop Downtown Miami into a more pedestrian-friendly area, filled with more cafes and wider sidewalks. The influx of millennials into the downtown scene, has progressively changed the downtown culture into one that’s becoming more hip and lively. With the Miami DDA looking to the dynamics of the neighborhood, and most shoppers preferring to shop online, it was only a matter of time before the original Burdines would close its doors for good. Macy’s Inc. announced last Thursday that its Downtown Miami location will close in early 2018.
Genting Group to Lease Submerged Land for Development of 50-slip Mega-yacht Marina
It looks like the Malaysia-based Genting Group is on their way towards developing a 50-slip mega-yacht marina on the former Miami Herald site, according to The Real Deal. In 2011, Genting bought the former Miami Herald site for $236 million, which also included an additional $185 million for the nearby Omni retail and hotel complex. While their ultimate goal has always been to build a casino, opposition to those efforts has shifted their focus to first developing a mega-yacht marina. The proposal shows that the marina could accommodate 50- to 175-foot long vessels.
The Miami City Commission recently cleared the way for the marina development, as they agreed to accept a deed for the submerged land in Biscayne Bay, which would then be leased for the marina development. Genting’s subsidiary Resorts World Miami LLC., is negotiating to lease the submerged land which is currently owned by the city of Miami and the Florida Department of Transportation (FDOT).
Besides the marina, Resorts World Miami is also planning to include two residential towers, a hotel, and retail shops with 800-foot long walkway along Biscayne Bay. No word yet as to when they plan to begin development.
Grammy Award-winning Artist Timbaland Snags “Mansion in the Sky” at Aria on the Bay
Timbaland – the Grammy Award-winning artist – is in contract to purchase a “Mansion in the Sky” at Aria on the Bay – at least according to the Instagram account of John Parsiani, the Senior Sales Executive for the development:
The caption of yesterday’s post reads: I’m delighted to welcome 4 time Grammy Award Winner & Legendary @timbaland to his new #MansionInTheSky at #AriaOnTheBay.
The #MansionInTheSky hashtag is typically reserved for penthouse condos or condos with very large floor plans. Besides PH1 and PH2 at Aria on the Bay, which each have roughly 7,800 total square feet, the next largest floor plan in the building has just under 3,000 total square feet – not exactly a “Mansion in the Sky” if you ask me. Therefore, one could assume that one of two things has taken place: (1) Timbaland has under contract the last remaining penthouse at Aria on the Bay – PH2, or (b) Timbaland took over the contract for Giancarlo Stanton’s penthouse – PH1.
As you may recall, last year, it was reported that former Marlins slugger Giancarlo Stanton was in contract to purchase PH1 at Aria on the Bay. The contract price has not yet been disclosed, but, at the time that Stanton put that property under contract, PH2, a three-story penthouse of the exact same size but located on the northeast corner of the building, was available for $6M. It was the last remaining penthouse at Aria on the Bay. My guess is that Timbaland snagged PH2. Stanton may have been traded to the Yanks but, at $325M, he’s also the holder of the largest sports contract to date. And that’s before taking into consideration the money he makes from endorsements. $6M is a drop in the bucket to him!
According to public records, Timbaland, whose real name is Timothy Mosley, currently resides in a luxury home in Pinecrest. He previously owned a condo at Murano Grande, which he sold in 2013 for $4.8M. I guess he’s missing that condo life! I don’t blame him!
Marquis Residences Condo Owned by Mario Chalmers Back on the Market with 11% Price Reduction
After being on and off the market for the past 3-plus years, the 5 bedroom condo at Marquis Residences owned by former Miami Heat player Mario Chalmers is back once again…but this time priced at $2.66M – that’s an 11 percent reduction from its previous list price of $2.99M, and 33.5% off its original list price of $4M set back in August 2014.
The two-story residence, located on the 49th and 50th floors of the northeast corner of the building, has 5 bedrooms and 5 bathrooms with 5,475 interior square feet, a game room, wet bar, and soaring 20-foot ceilings. It boasts views of the Atlantic Ocean, Biscayne Bay, and the Miami Beach skyline. The Mario Chalmers residence also includes 4 assigned parking spaces.
The new list price equates to $486 per square foot, which is much lower than where comparable two-story units have recently sold at Marquis Residences. Unit 6101, a two-story residence located on the northeast corner of the building, sold just weeks ago for $716 per square foot. Hopefully four times will be a charm for Mario Chalmers!
30% of Units at Echo Brickell Have Already Been Listed For Sale or Rent on the MLS
With just over two months since closings began, I was surprised to learn that 30% of the units at Echo Brickell have already been listed for sale or rent on the MLS, especially considering that three major holidays took place during that time period.
Currently, 33 units are listed for sale and 33 listed for rent. However, 11 of those units were listed for sale AND rent. After adjusting for those duplicate listings, 55 unique units remained, representing just over 30% of the building’s 180 total residences.
Keeping in mind that closings are still underway, 30% seems to be a very high percentage. As of this writing, 111 units have closed and been recorded according to public records. That means that 62% of the units have closed and 38% still remain in the hand’s of the developer.
Of the 33 units listed for rent, 2 have already rented: Unit 1204 – a 1 bed/1.5 bath unit with 898 interior square feet – rented on January 2nd for $2,700 per month ($3.01 per square foot) while Unit 2401 – a 2 bed/2.5 bath unit with 1,287 interior square feet – rented on December 11th for $5,000 per month ($3.89 per square foot). At this time, there aren’t any pending sales or rentals, and there haven’t been any closed resales.
As many of you may recall, since November 2015, BrickellHousehas been plagued with drama concerning its once “state-of-the-art” robotic parking system. At that time, management and residents learned that Boomerang Systems, the parking system operator, had ceased operations due to the fact that it was hemorrhaging money. Months later, the company would successfully file for bankruptcy. The nightmare situation left management in a bind…where would residents park? The software used to operate the robotic parking system was proprietary to Boomerang Systems. Retrofitting the parking garage and redeveloping the software from scratch would cost tens of millions of dollars.
After much thought and consideration, it was decided that residents would drop off their vehicles with valet and then the valet drivers would park them in a nearby parking lot. Not ideal, but it worked; and up until last week, that was the way the cookie crumbled.
It appears that the BrickellHouse condominium association was recently able to secure an interim parking solution in a nearby parking garage. The following email was sent out to all owners and residents on December 26, 2017:
We are pleased to inform you that the board, after several weeks of arduous negotiations, has secured a parking facility at 1221 Brickell Ave which will be used for self-parking as previously communicated. To get to the parking garage, you will need to enter through the north entrance on 13th. terrace and drive up to the 8th floor where you will see a guard who will guide you. Spaces will be available on a first-come first-serve basis.
Valet will no longer be parking vehicles as of 12/30/2017 however they will remain on site to assist with groceries. We ask you to please e-mail us back a completed application along with your vehicle’s registration and a self-portrait (must use a white background). Once applications are processed, you will be notified when transponders are ready in the management office.
You may also stop by the building’s lobby to register your vehicle(s) in order to receive an access card to the new garage right away. Please note that a copy of your vehicle’s registration is necessary in order to verify your parking assignment. Transponders will not be issued unless name on registration of vehicle matches registered owner or tenant.
PLEASE NOTE that as of 12/30/2017, you will not be able to drop off your car with valet to be parked in your spot and will have to pay a daily fee if you do so. No exceptions will be made.
The end of this story remains to be told as the BrickellHouse condominium association continues to litigate the matter against developer Harvey Hernandez and his company BrickellHouse Holding LLC, so stay tuned!!!
