Financing Obtained for 3 Tower Development Near Miami River
Truist Bank, based in North Carolina, has given the Related Group, a $164 million construction loan for the first of three skyscrapers planned for a premium 3.9-acre development site along Brickell Avenue, south of the Miami River.
The 47-story building, also known as One Brickell Tower II, is expected to rise at 77 Southeast 5th Street to a height of about 478 feet and contain 506 units. The entire mixed-use development, which includes the anticipated 75-story Baccarat Residences Miami and an 82-story hotel and residential tower, is designed by Arquitectonica. The tower’s general contractor is John Moriarty & Associates, and work is anticipated to start next month.
The most recent rendering for One Brickell Tower II shows the structure from a ground-view angle as seen from Brickell Avenue with Icon Brickell visible in the background. The sign that reads “The One” atop a planted wall signals that this is the first time we have seen branding for this stage of the project.
A double-height lobby with a covered entry and exposed concrete support columns can be found at the tower’s base. These columns rise into what could be described as an undulating wall of balconies.
The balconies are enclosed by continuous horizontal bars of glass, and the exterior walls are covered in smooth stucco that has a grayish appearance. The site, which will feature a drop-off facility along Brickell Avenue, is surrounded by extensive landscaping. The three towers will be connected by a multistory pedestal. That connecting podium will accommodate an outdoor amenity level on its roof and include parking spots.
Plumbing, excavation, and site work permits were given last year. Due to unpaid permit fees, vertical construction permits are still pending. In 2020, FAA building permits were issued.
Construction Update on The Standard Residences in Midtown Miami
The Standard Residences, a 12-story mixed-use development slated for 3100 Northeast 1st Avenue in Midtown Miami, has new building permits on file.
Plans for the permit were originally filed on December 6 and were approved just eight days later. According to promotional brochures and prior news releases, the project’s official address is 3100 Northeast 1st Avenue, while the pending permit lists 90 Northeast 32nd Street as the location of the site.
The project, which was created by Rosso Development and Midtown Development and designed by Arquitectonica with interior design by Urban Robot Associates, includes 228 residential apartments, 34,000 square feet of amenities, and 11,000 square feet of ground-floor retail space.
While permitting flexible short-rental programs with 30-day minimum stays up to 12 times per year, homes will be delivered move-in ready. Parking will be made possible via the use of the nearby garage. The project’s general contractor is named Cavossa Management Inc. The designer of the landscape is Naturalficial.
The 28,477-square-foot site still has no address listed in the property records. Midtown Opportunities VIIIB LLC is listed as the owner of the property, which is typically situated along the west frontage of Northeast 1st Avenue between Northeast 31st and 32nd Streets.
According to the work items specified in the permit application, the construction of 224,000 square feet of space is expected to cost $40,000,000, or about $178 per square foot.
The size of the units will range from 432 square feet to 935 square feet, with studio through two-bedroom floor designs. All units will include premium wood-inspired flooring, custom bathrooms with double vanities and dual shower heads, high-efficiency washers and dryers, contemporary, open-concept kitchens with top-of-the-line equipment, 9-foot ceiling heights, floor-to-ceiling glass windows, and custom finishes. There will be private outdoor patios in some homes.
Owners and visitors will have access to a staffed lobby and concierge services, on-demand housekeeping, grocery provisioning, dry cleaning, shoe-shining, and tailoring, secured and air-conditioned storage rooms that are available to all residents for purchase, a climate-controlled package, and mail room, a 24-hour security system, high-speed elevators, and controlled property access.
The groundbreaking is anticipated for early 2023.
Coco Miami Plan to Open its First Florida Location
On January 11, Coco Miami will open its first location in South Florida in the city’s Design District. The 156 seats in Coco’s 2,800 square-foot dining room, which is located at 8 N.E. 41st St., will be staffed by 60 people.
General Manager Richard Contell and Executive Chef Jose Diaz, who received training from Michelin-starred chefs and has a passion for both European and American cuisine, will be in charge.
Because “quality dining and vibe dining” have been increasingly popular over the past few years, the restaurant, which combines fine dining with nightly entertainment, chose Miami for its first South Florida location.
Every night, there will be entertainment at Coco Miami, including dancers, DJs, singers, and live bands. Individual controls located in specified seating locations will allow customers to enjoy the restaurant’s sound system at their preferred volume level while they are eating.
With the help of fresh, regionally produced products, its menu will highlight European traditions. Crudos, pastas, meats, and shareables including seasonal oysters and accessories with chipotle mignonette, ginger-lime relish, and cocktail sauce; Pomme de Terre Millefeuille, thin layers of sliced potatoes with dill crème fraîche and caviar; and a selection of Oscietra caviar are also on the main menu.
Mademoiselle Coco, a cocktail made by hand with Yuzuri Yuzu Liqueur, Shiso-infused Gin, Dragon Fruit, Pineapple Syrup, Lemon, and Sparkling Wine; Alter Ego Margarita, a concoction of Don Julio Reposado, Domaine de Canton Ginger Liqueur, Thai Chili, Tangerine Syrup, and Lime; and Coco Martini, a concoction of Ketel One, sweet vermouth, and cream of coconut.
Every Wednesday through Saturday from 7 p.m. to 1 a.m., Coco Miami will be open.
Tyler Herro of the Miami Heat has Purchased a $10.5 Million Mansion in Pinecrest
Miami Heat guard Tyler Herro just purchased a $10.5 million mansion in Pinecrest of Miami breaking a record for the highest home sold in the community.
The sale broke the Pinecrest record of $10.3 million set earlier this month by the sale of 6155 Southwest 106th Street.
Herro purchased the eight bedroom, eight and a half bathroom mansion located at Southwest 124th Street using a trust managed by Ronald Brown II, which was disclosed to belong to Herro.
Herro’s trust financed $7.4 million of the property from HSBC Bank.
The 9,500-square-foot home was built last year on a nearly 1-acre lot and was originally bought at $5.3 million for the property. According to the listing, the home has a gourmet kitchen, wine cellar, summer kitchen, cabana, pool, and media room. The original list price was at $11.9 million.
Herro recently agreed to terms with the Heat on a four-year, $120 million contract. After one year of college basketball at the University of Kentucky, the shooting guard was drafted by the franchise in 2019. Last season, he was named the NBA’s Sixth Man of the Year, an award given to the league’s best player who came off the bench as a substitute.
Pinecrest and the surrounding neighborhoods have been home to a number of Miami Heat players. A year after signing a four-year, $184 million contract extension with the Heat, all-star small forward Jimmy Butler paid $7.4 million for a home near South Miami in January. Butler sold his Pinecrest home for $7.1 million last year.
Former Miami Real Housewife Cristy Rice, the ex-wife of former Miami Heat player Glen Rice, paid $5.1 million for the home she shared with her ex-husband near Coral Gables and South Miami.
Further east on the ocean, Miami Heat President Pat Riley, dubbed “the Godfather” in the NBA, and his wife, Chris, sold their condo at the Four Seasons Residences at the Surf Club in Surfside for $22.8 million, or a South Florida record $5,775 per square foot.
