Brickell City Centre’s Reach Tower has been open now for a little over 3 months and over 30% of the apartments are already offered as rentals! What I find to be even more alarming is the fact that of the 125 rental opportunities, only 15 landlords have found a tenant.
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Brickell City Centre’s two residential towers Reach & Rise have done a combined $180 million-plus in condo sales to date, say the megaproject’s public relations wonks, with Reach 90 percent sold out and Rise 45 percent.
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Stephen Owens, President of Swire Properties, builder of Brickell City Centre and Brickell Key, as well as JADE at Brickell Bay (through a joint venture), and just a really nice guy, has had more of an impact on the development of Brickell than just about anybody, with the possible exceptions of the Related Group and Mary Brickell herself.
View MoreAccording to public records, closings for condos in the Reach tower at Brickell City Centre began on April 11, 2016. Since then, as of this past Friday, 82 of its 390 total units (21 percent) have been recorded as closed. The 82 closed units amount to $64M in closed sales, averaging $619 per square foot, and ranging from $532 to $674 per square foot.
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