Developers for Lofty Brickell Acquire $170 Million Construction Loan

Newgard Development Group, the Miami-based real estate company led by Harvey Hernandez recently acquired a $170 million construction loan for Lofty Brickell.

Lofty Brickell is a 44-story apartment tower that is a component of a three-building and marina project proposed by the Coconut Grove-based 3650 REIT. The 1.6-acre construction site located at 99 Southwest Seventh Street on the Miami River.

According to the press release, Lofty Brickell will contain a private marina, a members-only social club, and an NFT art collection for unit owners.

Similar to its sister tower, NATIIVO (which sold out less in less than a year) Lofty will feature 380 units of fully finished and furnished interiors that will be available for rent nightly, daily, and/or monthly. Residents will have the option of self-managing their units (VRBO or Airbnb) or using Lofty’s onsite management. 

Rising 44 stories, Lofty will feature studio, 1, and 2 bedroom floor plans with 485 to 930 square feet options. Pricing starts at $493k for a studio. There will also be available penthouses but the information hasn’t been released as of now.

Designed by internationally acclaimed, Arquitectonica, interiors will be designed by a New York-based interior design company INC New York. Developer Harvey Hernandez is also responsible for Brickell House and Centro towers. Hernandez purchased Lofty lot for $50 million

Lofty will feature a number of wonderful amenities including a butler service, rooftop pool, car service, and a 5-star restaurant that hasn’t been disclosed. This tower will also include a private marina with available docks for boating.

Building Amenities

• Exotic resort pool with pool-side cabanas
• Bar and grill on pool deck 24/7
• Co-working lounge Private meeting rooms
• Event room with exclusive terrace
• A fully-equipped, state-of-the-art fitness center with HD TVs and wireless audio Private Peloton studios Yoga lounge and terrace
• LOFTY Rooftop Experience

Residence Features

• Urban luxury residences with modern open layouts from 485SF—930SF Studio, one and two-bedroom units
• All residences are delivered fully finished and furnished specially curated by INC
• Panoramic Miami River, and Miami skyline views
• Private balconies for every residence
• Corner units offer wrap-around balconies
• High ceilings ranging from 9’ to 11’
• Owner closets in every residence
• Floor-to-ceiling sliding glass doors and sound attenuating impact-resistant laminated glass throughout
• Advanced technology Smart Building wiring for HD TV,
• Multiple telephone /data lines and ultra-high-speed internet access
• Individually controlled energy-efficient central air conditioning and heating system

Kitchen

• Imported European cabinets with premium hardware and drawer pulls
• Top of the line appliance package including stainless steel refrigerator, oven, cook-top, microwave, dishwasher and sink disposal
• Elegant imported stone countertops and backsplashes
• Contemporary stainless steel under-mounted sink
• High-arc gourmet faucet with integral sprayer

Master Bathroom

• Imported European cabinets with premium hardware and drawer pulls
• Elegant imported stone countertops and backsplashes
• Custom-finished floors and walls in wet areas
• Frameless glass shower enclosures Spacious, extra-depth soaking tubs
• Premium European-style fixtures and accessories

Eighty percent of the tower’s units are under contract and Newgard anticipates starting construction in the fourth quarter of this year. When Newgard paid $50.5 million for the Brickell-area property in September, 3650 REIT also gave the developer a $55 million acquisition loan. The new construction loan was obtained by Lotus Capital Partners under the direction of Faisal Ashraf.

If you or someone you know have an interest in purchasing at Lofty Brickell, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.

830 Brickell Tops off Construction in Miami’s Financial District

As it nears completion later this year, Civic Construction has topped off 830 Brickell, Miami’s first Class A office tower to be constructed in the urban core in more than ten years, at 55 floors (724 feet tall).

In addition, 830 Brickell is the only Class A office tower being constructed in Miami’s Financial District at a time when national and international businesses are relocating and developing there. It was developed by OKO Group and Cain International.

Microsoft, Blackstone, Thoma Bravo, A-CAP, CI Financial Corp., Marsh Insurance, AerCap, and WeWork are just a few of the prestigious tenants that have signed leases on the 640,000 square foot office skyscraper, which is already more than 60% leased. One of the biggest airplane leasing firms in the world, AerCap, obtained a 20,000 square foot lease in February and will be moving its new offices to the entire 50th floor.

An investment company from Canada called CI Financial stated a month earlier that it would quadruple the size of its lease at 830 Brickell, increasing it from the previous 20,000 square feet to around 40,000 square feet for its American headquarters.

To house its Latin American regional team, Microsoft inked a lease for 50,000 square feet in September. Private equity firm Thoma Bravo also negotiated a lease for 50,000 square feet, beginning in the spring of 2021.

In Miami, where the city’s business-friendly atmosphere, quick population expansion, and appealing climate are promoting office investment and development, 830 Brickell is currently the largest office skyscraper under construction. As of June, the active pipeline consisted of nearly 2.4 million square feet of office space spread over 18 sites, according to data from CommercialEdge. The Brickell submarket and central business district saw the most of the construction.

In Miami, where the city’s business-friendly atmosphere, quick population expansion, and appealing climate are promoting office investment and development, 830 Brickell is currently the largest office skyscraper under construction. As of June, the active pipeline consisted of nearly 2.4 million square feet of office space spread over 18 sites, according to data from CommercialEdge. The Brickell submarket and central business district saw the most of the construction.

In a prepared statement, Vlad Doronin, chairman and chief executive officer of OKO Group, stated that 830 Brickell is meeting the needs of prestigious users from all over the world who are drawn to the tower’s new quality of construction, technology, and design-led services.

The $300 million construction loan from MSD Capital, secured in 2019, was used to fund the project, which was created by Adrian Smith + Gordon Gill Architecture. Once the COVID-19 pandemic started in 2020, building plans were modified to include the most recent health standards for heating, ventilation, and air conditioning systems, as well as contactless entrance and exit technologies. Construction started that year.

The property, which will be near the intersection of Brickell Plaza and SE 9th Street, will feature sweeping views of both the city and Biscayne Bay. Iosa Ghini Associati, an Italian architecture and design firm, is creating the interiors of the tower.

Building Amenities:

• Rooftop bar/lounge
• Fine dinning restaurant
• Health and wellness center
• Conferencing facilities
• Outdoor terrace
• Cafes
• Street level retail

The Metrorail and Metromover, the Brightline, walking and cycling trails, and bay access points are just a few of the close transportation alternatives. Design District, Wynwood, Edgewater, and Miami Beach are just a few of the best residential and lifestyle neighborhoods in Miami that are close by.

Location Ventures Proposes a 16 Story Condo Tower in Coral Gables

Coral Gables’ continued growth is being hinted at by Rishi Kapoor’s, Location Ventures’ proposal for a 16-story condominium. According to documents submitted to Coral Gables, Location Ventures plans to construct an 87 condo tower on a 1.6-acre plot at 1505 Ponce De Leon Boulevard, as well as at 122 and 126 Menores Avenue.

According to the minutes of the June meeting of the Coral Gables Planning & Zoning Board, the developer has a contract with the seller, who is a partner of Tibor Hollo’s Florida East Coast Realty, to purchase the land.

At its meeting on Tuesday, the municipal commission is anticipated to vote on the request. In the event that the proposal is authorized, commissioners will vote on it a second time at the next meeting.

According to documents, Coral Gables-based Location Ventures intends for seven of the units to be live-work condos on the lower levels of the structure and the other 80 would be located on the upper levels. A 319-car garage, 10,500 square feet of retail space, 20,144 square feet of open space, and a public dog park would also be included in the project.

According to property records, the site is mostly empty save from a two-story, eight-unit apartment structure. According to the minutes of the planning & zoning board meeting, the historic structure, built in 1925, will be maintained and integrated into the project, maybe as retail space.

The finished 13-story, 39-unit Villa Valencia condominium at 515 Valencia Avenue is one of the company’s developments in Coral Gables. In 2018, Location Ventures had invested $16 million in the property.

The business spent $20 million buying a pair of commercial structures in Miami Beach at 1260 and 1234 Washington Avenue last year. Under Location Ventures’ Urban co-living brand, the 1260 Washington Avenue property will be refurbished, while the 1234 Washington Avenue building will be rehabilitated.

Casa Bella by B&B Italia One Step Closer to Breaking Ground

One of the newest pre-construction projects that will soon be a part of the Miami skyline is Casa Bella Residences Miami. Progress on the project is moving forward, including permits being submitted and new renderings being released.

On June 23, the developers submitted the demolition permit for the development. The current 3-story structure features 249,978 square feet which would be completely demolished. This building was mostly used for office purposes. The estimated cost for this demolition would be approximately $800,000.

The demolition work is being done by The BG Group.

In coordination with the filing for demolition permits, developers have also started converting reservations into contracts with more than 60% of the units already reserved.

Casa Bella will feature 3 towers and 2 will rise 57 stories while 1 will rise 50. The first tower will feature 300 luxury units although 1,430 residential units have been approved for the site. The towers will have 1,629 parking spaces and will be connected by a podium.

Tower 1 at Casa Bella will feature 1 to 5-bedroom floor plans with only 6 units per floor. Interiors will be designed by Pierro Lissoni with landscape architecture by Enzo Ena. The double-height lobby will also be designed by Lissoni and will feature a mixture of sophistication and modern designs with a permanent collection of museum-quality art located throughout. 

Unit Features

• 306 luxury condos including an exquisite penthouse collection of 24 penthouses
• Residences offer 1, 2, 3, and 4-bedroom layouts with 10’ ceilings
• Penthouses offer 2, 3 + Den, and 5-bedroom layouts with 11-12-foot ceilings
• Units range in size from 711 to 5,890 square feet
• All residences feature 2 private elevators and a foyer, which is unique in Miami
• Biometric access-controlled elevators
• Floor-to-ceiling impact-resistant windows
• Modern European-style kitchens and bathrooms designed by Piero Lissoni featuring Italian cabinetry by ItalKraft
• Premium black glass appliance packages with integrated 36” Sub-Zero refrigerators/freezers, integrated paneled dishwasher, built-in Wolf convection oven, and speed oven, and oversized stainless-steel radius sink with faucet drawer
• Master bathrooms, designed by Piero Lissoni, boast frameless glass-enclosed showers, oversized tubs, imported porcelain flooring/wet walls, backlit vanity mirrors, and separate water closets
• Two penthouses feature private rooftop terraces complete with private summer kitchens and spa tubs
• Select units offer powder rooms
• Spacious private terraces with spectacular water and city views
• Casa Bella offers an extraordinary opportunity to have your residence curated by B&B Italia, Italy’s leading furniture brand

Tower Amenities

• 2 full floors of private amenities
• State-of-the-art wellness and fitness center offering on-demand services
• Yoga room
• Spinning room
• Salon with manicure/pedicure stations
• Adult entertainment lounge
• Game room
• Kid’s playroom with smartboard and educational games
• Residents’ party room
• Wine room
• Movie theater
• Museum-quality curated art collection
• High-tech business center with conference room
• Co-workspace
• Pet spa
• Expansive pool deck situated on the 11th floor overlooking Biscayne Bay
• 78’ lap pool
• Outdoor spa
• Poolside bar and café
• Poolside cabanas and lounge areas
• Towel service
• Sun-care kiosk
• Open-air lawn perfect for yoga
• Lush gardens were designed by acclaimed landscape architect Enzo Enea
• Pickleball court
• BBQ with outdoor dining area
• Ground-level restaurant open to the public
• 56th-floor Sky Terrace boasts a rooftop pool and observatory (650 feet) with a high-tech telescope
• 24-hour valet parking
• 24-hour security
• 24-hour maintenance staff
• Multilingual team on site
• On-demand concierge services are available including housekeeping, grocery shopping, “while you’re away” butler services, dry cleaning, childcare, pet care, courier services, translation service, and more
• Residents enjoy a 1-year complimentary membership at the Grand Bay Beach Club in Key Biscayne

Construction for the development is estimated for winter 2023 with an anticipated completion date of 2025. If you or someone you know have an interest in purchasing at Casa Bella, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

Today Marks One Year Since the Deadly Champlain South Tower Collapse

Today marks one official year since the deadly Champlain Tower South Surfside Collapse. Since that time, this tragic event has reached so many across Florida as well as the United States. Not only has it reached many families and friends, but it has caused a need for change within local governments, condo safety, and protocol.

On June 24, 2021, around 1 am, residents began noticing the Champlain Tower South shaking, and within just a few seconds, the building partially collapsed destroying 55 units as well as taking countless lives. During the first signs of the collapse, Rescue crews began racing to the scene to search for survivors.

*The deadly collapse resulted in 98 lives lost. As of May, it was announced that the payout to the survivors has resulted in a $1.02 billion split amongst the families.

In October 2021, the site was put up for sale to cover legal fees, expenses, and other fees associated with the collapse. The site was listed for $95.6 million. Right after the property was listed, billionaire real estate developer Hussain Sajwani offered $120 million with the stipulation that he would obtain possession by the spring of 2022 to begin construction on a luxury high-rise.

In May 2022, Sajwani (DAMAC Properties), announced his plans to build a luxury tower, Cavalli Tower. This tower will resemble the Cavalli Tower that DAMAC is currently building which will be completed in 2025. The units would begin at $4.5 million once complete.

During the same time in May, Legislation that prohibits associations from waiving reserve requirements mandates 30-year inspections of condo structures three floors or taller, or 25 years if within three miles of the shore, and mandates reserve studies including structural components were passed by Florida lawmakers. Associations will have to undergo another recertification procedure ten years after the initial inspections. Condominium boards and their members may also be held accountable under the law for non-compliance.

June 23, 2022-One of the last steps before the litigation due to the collapse is over the impending sale to DAMAC. Judge Michael Hanzman approved the $1.02 billion class-action settlement and the condominium termination in court on Thursday (a technical process required for Damac to close on the land). The year-long process to settle the lawsuit was discussed by the judge, the lawyers, the survivors, and those who lost loved ones.

Hedge Fund Manager Ken Griffin is Moving Citadel Securities from Chicago to Miami

Another large corporation recently declared it would relocate its headquarters to Miami. Hedge fund manager and billionaire Ken Griffin said in a letter to his staff on Thursday that Citadel, his investment firm, will be moving to Miami after more than 30 years in Chicago.

“I am excited to share with you that Citadel is moving its global headquarters to Miami. Miami is a vibrant, growing metropolis that embodies the American Dream. I am excited to have recently moved to Miami with my family and look forward to rapidly expanding Citadel in a city so rich in diversity and abounding with energy,” states Griffin’s letter to his staff.

Griffin acknowledged previous assistance from influential business and political figures and referred to Chicago as Citadel’s “amazing home” in the memo. However, he has claimed in other places that an increase in crime has made it more difficult for Citadel to recruit top talent, leading the company to increase its headcounts in other locations while decreasing it in Chicago.

Griffin stated in April, “If people aren’t safe here, they’re not going to live here. I’ve had multiple colleagues mugged at gunpoint. I’ve had a colleague stabbed on the way to work. Countless issues of burglary. I mean, that’s a really difficult backdrop with which to draw talent to your city from.”

The new office building will be built “on Brickell Bay” and will be designed in collaboration with Chicago developer Sterling Bay. 1201 Brickell Bay Drive is one potential location. The site, the sole unoccupied property on the bay in Brickell, just sold for a record-breaking $363 million to an anonymous LLC with a Chicago address.

Griffin, the wealthiest person in the state, is also the most prominent philanthropist in Chicago, according to a Forbes estimate of his net worth at more than $25 billion.

He has given about $500 million to regional organizations and intends to contribute even more, but he is also well known for his large political contributions, including $50 million to Richard Irvin, a Republican candidate for governor.

The transfer of Citadel is anticipated to take several years. More than a thousand people work for the firms in Chicago, and while some are anticipated to stay, it is unclear how many.

Okan Group Officially Breaks Ground on 70 Story Okan Tower

On Friday, June 17, the community along with Miami notables gathered to witness the groundbreaking for Okan Tower, a new Downtown Miami megaplex with residences centered by a Hilton Hotel. The tulip-inspired design of Okan Tower, the largest Turkish investment in the United States, is a nod to the nation’s national flower.

This project will be Okan Group’s first development in the United States. Located at 555 North Miami Avenue, the 70-story Okan Tower, which will stand 902 feet tall, would rank among Miami’s highest structures. The tower has 64,000 square feet of “Class A” office space, 236 Short-Term Rental Residences powered by Hilton Hotels & Resorts, 163 Sky Residences with special owners-only facilities, and a 316-key Hilton Miami Bayfront Hotel with a full suite of amenities and entertainment spaces, etc.

The Okan Tower was created by the eminent architecture company Behar Font & Partners, whose stunning façade curves were influenced by the tulip, the Turkish flag flower.

The Okan Group manages a large portfolio of renowned mixed-use projects that have given the company a worldwide reputation in the construction, banking, textile, production, and tourism industries, among others.

Mayor of Miami Francis Suarez, former Turkish Prime Minister Binali Yildrim, Turkish Ambassador to the United States Murat Mercan, Turkish Consulate of Miami Feyza Barutcu Altug, former Turkish Consul of Miami Burc Ceylan, Miami Police Chief Manuel Morales, Commissioner Ken Russell, and Fortune International CEO Edgardo Defortuna were among the dignitaries present for the groundbreaking

Amenities:

• 24-hour reception and concierge
• 70th-floor rooftop pool and sky deck with private cabanas
• 12th-floor lap pool with clubroom and lounges
• State-of-the-art health and fitness center with yoga studio, Peloton bikes, and fitness MIRROR.
• Sauna, steam, and treatment rooms
• Children’s sensory and playroom
• Theater
• Wine cellar
• Owner’s lounge

The completion date for Okan Tower is set to be complete in 2026. If you or someone you know have an interest in purchasing at Okan Tower, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

Related Group Proposes 15 Story Residential Development on Biscayne Bay in North Miami

The Related Group has officially submitted plans for a new development located in North Miami, Icon Residences. The development is projected to cost around $150-million and rise 15-story project sited on a one-acre tract of land at 2305 NE 123 Street. The site currently is occupied by the two-story White House Inn, which was built in 1969, closed in 2014, and vacant.

Icon Residences will feature 54 luxury residences, each costing an eye-popping $4.6 million, to be built right at the Shepard Broad Causeway’s entrance, with views across Biscayne Bay to the towers of Sunny Isles Beach to the northeast and due east across Bay Harbor Islands to Bal Harbour – as well as the yards and windows of the single-family homes of Keystone Point just north across the canal. The site would also allow for 184 feet of water frontage.

The Related Group is requesting that the city increase the building height limit on the land from 35 feet to 169 feet, which is the identical height of the Majorca Bay tower located at 11930 N Bayshore Dr., just a few blocks over. The entire height of Icon Residences would be 184 feet, including the 15-foot mechanical plant near the rooftop swimming pool.

Between the White House Inn site and Majorca Bay, related and other entities are considering or preparing a future skyline of structures of similar height. The White House Inn site is presently limited to 35 feet of construction under North Miami’s 2017 Comprehensive Plan, whereas the bayfront land to the south is permitted to 115 feet.

The Keystone Homeowners Association, which covers the area of more than 900 properties, held a full community meeting on May 19 in the recently opened Wildcat Center at 1600 NE 126th St. to discuss their frustrations with this project.

Pedro Gassant, a Holland & Knight partner representing the Related Group, made his best case, claiming that the Icon project would eliminate the vagrancy and illicit dealings currently plaguing the site and bring in $1.7 million in tax revenue in the first year and $45 million over 20 years for the cash-strapped city.

A 184-foot structure, according to Eric Riel, an urban planner who has lived within 500 feet of the projected skyscraper, is incompatible with the single-family dwellings shown immediately across the canal.

The new North Miami Planning Commission meeting is scheduled for June 28th at 7pm at North Miami City Hall.

Renderings Revealed for Miami Freedom Park

With all of the news surrounding the FIFA World Cup and Miami bid, another great announcement was made for the Miami Freedom Park with new renderings and development plans showcasing the major project.

According to the developers, the newest renderings were revised after the first meeting with the Miami Review Board and this newest proposal includes not only exterior renderings but site sections, area enhancements, and updated design visions.

The revised proposal shows the plan will include a 600,000 sq. ft. retail and soccer village, 25,000 seat stadium, 750 hotel rooms, 400,000 sq. ft. office, and 5,100 parking spaces.

Some of the enhancements noted in the revised proposal include new pedestrian access points, crosswalk connections, and pedestrian path improvements.

The hearing to discuss the project was scheduled to be reviewed last week with Miami’s Urban Development Review Board. One of the conclusions for the review included the vote to move the Miami Commissioners offices into the new administrative buildings at Miami Freedom Park.

Arquitectonica is listed as the architect for the project. Although the project is located at the end of one of the Miami International Airport runways, it will be in compliance with the Federal Aviation Association height restrictions.

One of the biggest concerns for the Miami Freedom Park is that building the 1+ million square feet of commercial space will affect the surrounding neighborhoods and will clog area streets.

Miami Selected to Host the World Cup in 2026

The long-awaited list of cities and sites for the 2026 World Cup, which will be held in the United States, Mexico, and Canada, was released on Thursday by FIFA, the world soccer governing body. Miami and Hard Rock Stadium has made the cut and we can’t be more excited!

Along with Seattle, San Francisco, Los Angeles, Kansas City, Dallas, Houston, Atlanta, Boston, Philadelphia, and New York/New Jersey; Miami was one of 11 U.S. cities to make the list.

The televised announcement was watched on giant screens by a boisterous gathering of fans and elected officials at the famed soccer tavern Fritz & Franz Bierhaus in Coral Gables, which has historically been a hotspot for soccer watch parties in Miami. The notable in attendance included Miami-Dade County Mayor Daniella Levine Cava, Mayor Francis Suarez, and Rolando Aedo, and the Chief Operating Officer of the Greater Miami Convention & Visitors Bureau.

Tommy Mulroy, a long-time local soccer promoter and former Miami Toros and Fort Lauderdale Strikers player, has been waiting for this moment for years and was ecstatic on Thursday after being a member of the failed Miami bid in 1994. “This is a long time coming. We fit every criteria. It’s a bicycle kick every criteria for us. It’s time and we’re going to do a great job. In 1994 people here didn’t know what a World Cup was. I had to convince people they would sell tickets. Even now, people think it’s another Super Bowl coming, but it’s so much bigger. I anticipate we’ll have five games and each game will bring a whole new group of tourists,” states Mulroy.

Sixty games are anticipated to be held in the United States, with ten games each in Canada and Mexico. Canada’s games will be held in Vancouver and Toronto, while Mexico’s will be held in Monterrey, Guadalajara, and Mexico City, where two World Cup finals were held at Azteca Stadium.

Each bid committee in the United States has been urged to prepare for up to six games, but they won’t know how many until 2023. Members of the Miami committee will meet with FIFA officials in New York City early next week, but no schedule or other specifics will be finalized until after the 2022 World Cup in Qatar, which will take place in November and December of this year.

According to Mayor Suarez, “The U.S. hasn’t had a World Cup since 1994, and in those 30 years, Miami has become a dynamic, global city. All the people who live here from all over the world will be rooting for their teams. A lot of hard work was done by a lot of people to make this happen. I feel like I played a game, I am all sweaty.”

FIFA used a complicated point system to evaluate the proposed sites, which included stadium (35%), airport/transport/mobility (13%), estimated revenue from tickets/hospitality packages (10%), estimated revenue from media/marketing rights (10%), predicted organizing costs (10%), proposed international broadcast center (7%), accommodations (6%), team/referee facilities (6%), and proposed FIFA Fan Fest locations (6%). (3 percent).

Hard Rock Stadium is well known for holding international sporting events such as the Miami Open tennis tournament and the Miami Grand Prix Formula One race.

The World Cup schedule will probably come out in 2023 with the actual team selections occurring in 2025. The tournament is set to begin on June 11, 2026, with the final scheduled for July 12. Each location would likely host five to six games, with a knockout round matchup thrown in for good measure.

The tickets will more than likely go on sale in 2024 and the estimated costs for all round is around $300.