This is How Much Each Icon Brickell Owner Will Have to Pay to Fix That Giant Leaking Pool

Icon Brickell Pool

The Icon Brickell Master Association sent out a letter to ‘All Association Members,’ meaning every owner in the three-towered colossus, to lay out how much each is expected to pay, broken down per unit, for the repair and replacement of Icon Brickell’s poorly constructed pool. The cost of the entire $14 million project is being split up among the development’s 1,718 total units, the newly rebranded W Hotel, and even (from the looks of it) the restaurants, proportional to each owner’s percentage ownership of the development. This breaks down the amount of the special assessment to thousands of dollars for a typical unit, but not tens of thousands. Reasonable? The association is set to vote on the special assessment on 14th.

Closings at Brickell City Centre Reach Tower: How are They Faring and What Percentage are Hitting the Market For Rent?

According 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. Of greater significance, to many at least, is not the percentage of units that have closed, but, rather, the percentage of closed units that are being converted to rentals. In other words, what percentage of the units at Brickell City Centre were purchased by investors versus end-users? That’s a question that has crossed my mind a number of times in recent months, so I decided to do some investigative research. According to the MLS, 28 of the 82 recorded closed units (34 percent) have already been listed for rent (25 units available for rent + 3 units pending). If that percentage ends up holding true across both towers at Brickell City Centre (Reach and Rise), that will mean that roughly 265 units will end up hitting the market for rent soon after closing. However, it should be noted that Swire (the developer) appears to be closing lower floor units first. Of the 82 closed units, the majority of them are located below the 20th floor; the highest floor that a closed unit is located is the 30th. The Reach tower at Brickell City Centre is 43 stories high, as is the Rise tower. In my experience, investors tend to snatch up the lower floor units because they tend to bring the highest rate of return from an investment standpoint. As such, if we were to divide the tower in half, I would expect the bottom half to have more units owned by investors than the top half. With that being said, I do not expect the 34 percent rental-to-closing rate to hold true as closings continue. If I were to venture a guess, I would say that the rental-to-closing rate across both towers will end up being closer to 28 percent once everything is said and done. But we shall see, because I plan to report each month an update on closings, not only for Brickell City Reach and Rise, but for all recently completed condo developments. Back in 2007, 2008, and 2009 (during the last condo boom), I reported closings rates a lot. Consider this a reboot.

On the Eve of Opening, Brickell City Centre Gets Bicycles And Gives Money to the Underline

Brickell City Centre-branded bicycles.

There’s lots of action happening at the $1.05 billion Brickell City Centre, as the East Miami Hotel gears up for its May 31st opening and sales close at Reach, the megaproject’s first residential tower.

Swire Properties, BCC’s developer, announced today that residents of Reach and Rise Brickell City Centre, the project’s two residential towers, will have complementary access to a fleet of Brickell City Centre-branded house bicycles for jaunts around town. Each building will initially have ten bikes, which will be kept in a designated area near the parking garage. Residents will be able to rent them for unlimited lengths of time, but will be responsible for the bikes while in use. There’s no word yet on whether hotel guests will be provided with bicycle privileges too, but that would make sense.

Swire has also just announced a $600,000 donation to the Underline, Miami’s planned 10-mile linear park underneath the Metrorail, and a perfect place to ride those bikes once completed. As the press release says “The Underline will focus on transforming the space around Miami’s urban infrastructure and is set to be one of the city’s most ambitious projects. ”

“Swire’s donation will be earmarked for the construction of the Brickell portion of The Underline and will seamlessly connect with Swire’s renovation of the Eighth Street Metromover station and surrounding green space, which is located adjacent to the 5.4-million-square foot Brickell City Centre.”

Did a Kaleidoscope Explode in This Modernist Condo?

Santa Maria condominiums, one of Brickell’s most stalwart high-end condo towers, is where you would be likely to find somewhat predictable interior design choices, liked overstuffed club chairs and wainscoting set off by a Dale Chihuly chandelier. Unit 1643, priced at $5.5 million, has none of those things. Instead it’s a white box condo with bold, solid colors, and geometric designs selectively streaked over walls, ceilings, and floors. The dining room comes in a black & white diamond pattern. There are yellow checkerboard-ish walls in a bathroom. The kids’ rooms are colorful, as kids’ rooms tend to be, and the kitchen is triangular. Out in the living room,  a giant circular black rug and three-piece yellow couch dominate the space, while on the balcony the ottomans are made of grass.

Brickell’s Taj Mahal-Inspired Penthouse Under Contract

It is one of Brickell’s most unique and storied penthouses, nestled above The Palace Condominium and spanning over 5,800 square feet in 3 levels of Moroccan-inspired glamour. The Brickell Taj has had only 3 previous owners since it was built in 1981. That may soon change as a contract was accepted this week.

According to local legend, the penthouse was originally intended to be the Miami home of New York’s “Queen of Mean,” Leona Helmsley. Instead, the property was sold to a Saudi Sheik who spent 2 years with a team of 27 Moroccan craftsmen to finish the interior as an Arabian palace for his use while visiting the Magic City.

The property boasts 6 bedrooms and 4.5 bathrooms of hand-crafted wall designs and intricate tile mosaics with Turkish, Indian and Persian influences. A glass atrium offers amazing entertaining space with a 3,000 square foot terrace that spans the entire width of the building’s rooftop.

After nearly 20 years and very little use, the Sheik sold the palace atop The Palace to a developer and weapons collector, who has now received a contract from an unnamed buyer. The property had been on and off the market several times over the last 4 years without finding a buyer. In 2012 it hit the market with an asking price of $4,199,000 but was reduced to $2,295,000 at the time of sale… an excellent case in point of the fact that no matter how ornate or beautiful the property, spaces that are uniquely designed are notoriously more difficult to sell.

Photos courtesy of MLS

Brickell City Centre Reach Tower Is Officially Open

At long last, Brickell City Centre’s first residential tower has opened! Reach Tower has received its certificate of occupancy from the city and closings have begun. The closings just began this week and the first residence to hit the public records was apartment 2109. That closed on Monday, April 11, according to The Next Miami.

Sources with the development have indicated an average sales price of $650/square foot for the 390 residences, 335 of which are currently under contract. The first investors to commit to the development were offered lower prices in exchange for believing in the project when it was in the conceptual phase. Apartment 2109 is a 2 bedroom with 1,501 interior square feet that closed for $884,300, or $589/square foot.

At the time of this post, we have not yet seen any of the apartments come to the rental market although they are expected soon. Some investors have mentioned to our agents that they intend to list the rental units for $3500/month for one bedroom options and $4500/month for two bedroom options.

The apartments are being delivered finished and ready for furniture, so we will not have to wait for interiors to be built out before seeing new neighbors occupying the tower. If you would like a tour of the development for purchase or lease, we are happy to arrange it.

East Hotel Taking Reservations Starting May 9, Reach Tower 95% Sold As Brickell CityCentre Begins to Open

Just three days after the ribbon cutting and official opening of Three Brickell CityCentre, we have exciting news about the other phases of the opening. All three remaining components of the much-anticipated development will be opened within the next six months. Here is the timeline we are working with:

Hotel: The East Hotel is currently accepting reservations with availability beginning May 9, 2016. Rates for the first night begin at $279/night including complimentary wifi and continental breakfast for two according to the booking section of their website. Separate packages are available for business travelers, offering a complimentary welcome cocktail, dry cleaning credit, wifi and continental breakfast for one.

Residential: Sales remain strong at both residential towers, Reach and Rise. Reach is currently 95% sold and awaiting their certificate of occupancy to begin closings this month. For buyers who wish to move-in within the upcoming weeks, a few opportunities remain with pricing averaging at $650/square foot. Rise tower is not far behind, boasting 50% sold status and similar pricing. We expect to see Rise opening later this year.

Retail: The impressive list of tenants have already begun their interior build-out to prepare for the grand opening of the mall, which is expected to be in September of 2016. The mall will be anchored by Saks Fifth Avenue and Cinemex luxury movie theater with a gourmet dining component. Other retailers will include Apple with their largest store in Florida, Valentino, Chopard and Lululemon. Sources have been buzzing since 2014 about the addition of an Eataly location although representatives of Swire have been unable to confirm this claim. Here is a full list of retailers that has been released by Swire.

Office: Three Brickell CityCentre was officially opened on March 1 with a ceremonial ribbon cutting attended by Mayor Regalado along with executives from Swire Properties and Akerman. Akerman is the anchor tenant of the office component of the development with 290 attorneys on staff. The new space will allow them to grow by 10%. Two Brickell CityCentre is the second office tower that is currently awaiting their certificate of occupancy.

It is important to note that these are prospective dates, considering everything goes as planned with the weather, contractors and permit delivery. We will be sure to be on top of any changes. Should you be interested in space in the residential, retail or office components, we are here to help.

Brickell Flatiron Issues Groundbreaking Notices; Construction Begins in March

Fans of Ugo Colombo will be overjoyed to hear that groundbreaking notices have been delivered to the buyers of Brickell Flatiron, the long-awaited project at 10th Street & South Miami Avenue in Brickell. According to the notices, the official groundbreaking is scheduled for March 16, 2016 although preliminary site work will be commencing immediately.

Locals will recall that this groundbreaking has been quite long-awaited. Ugo Colombo’s CMC Group purchased the site in 2013 for $21 million. In January 2015, the popular neighborhood restaurant/nightclub was closed to make way for the development. Since the closing and demolition, not much has been said with regard to the actual construction start date. The site has been used as overflow parking for the neighboring shopping center and restaurants.

This groundbreaking is very much a triumph for the neighborhood as Ugo Colombo is one of the area’s most celebrated developers. His previous projects have been among the most successful developments in the city and tend to hold their value through market fluctuations better than some of the competing buildings due to their quality and unique design. Some of his previous projects include Santa Maria, Bristol Tower and the Epic Hotel and Residences in Brickell as well as the famed Grovernor House in Coconut Grove.

One of the aspects that we appreciate the most from Ugo Colombo’s developments is that they have a more lasting effect on the skyline. Buildings that he built 10 or 20 years ago still appear brand-new in the skyline and do not show their age even as newer buildings pop up around them. The average resale price of Mr. Colombo’s developments stands at $757/foot over the last year, compared to $506/foot for the same time period for all buildings developed by The Related Group.

Purchase opportunities are still available at Brickell Flatiron, in the range of $600/foot depending upon layout and floor location. Residences will be delivered in 2018 fully finished with Italian porcelain tile. Contact us for details about the available opportunities or to speak about your specific needs for a condo.

Week in Review: Brickell Backyard Section of The Underline Receives Large Donation, Auberge Reserves 50 Units in 5 Days and Other News

This week brought great news for supporters of The Underline, a new park that is being developed beneath the Metrorail lines from the Miami River down to Dadeland. Each station is individually funded and the Brickell Backyard section received a $75,000 donation this week from local developers.

The Underline will begin construction in the Brickell phase and continue down 10 miles of the rail tracks. They have also secured $5 million in grants and funding from developer impact fees, Miami Dade County and Florida Department of Transportation. Friends of the Underline CEO & founder, Meg Daly hopes to begin construction by the end of 2016.

Residents of Brickell have been increasingly vocal over recent years regarding their desire for more park space but have lost out due to the laws of economics. The Underline is a solution that meets the needs of everyone involved, as the area underneath the rail tracks is not able to be sold and developed, but is available for public use. Think: the opposite of New York’s High Line… Underline will be a welcome addition indeed. [The Real Deal]

Speaking of the laws of economics, The Next Miami is reporting that the location of Brickell’s Burger King could face the wrecking ball in favor of a 960 foot tower. It appears that plans have been submitted to the FAA requesting permission to build up to 960 feet above sea level on the site.

Before you cancel your reservations on your north-facing apartments at Brickell Heights and hoard a box of Whoppers, let’s take a look at all of the evidence. Yes, a tower could be built on the land and this will likely happen one day. No, the Burger King strip center is not the highest and best use of the lot (particularly after Brickell’s recent growth spurt). We do believe that a tower will be built on the corner, but the likelihood of it happening anytime soon is very low.

The parcel of land at 10 SW 8th Street includes the Burger King on the east side all the way over to La Sandwicherie on the west side. The shopping center was last sold back in 2006 and no developer has been named for this proposed tower. Since shopkeepers in the strip center have been open about the fact that the building is being prepared for a sale, we sense that the proposal is simply a plan to increase the value of the lot in preparation for going to market. Whether or not the sale would happen quickly is another conversation altogether. For the foreseeable future, we will continue to enjoy our late-night La Sandwicherie subs in peace. [The Next Miami]

A little further north, Auberge Residences and Spa certainly had a large week. They released their first inventory on February 10 and successfully reserved 50 apartments in their first 5 days on the market! Given the feedback we have received, we hope that the lucky buyers who were able to secure a reservation hold onto their position when contracts are issued. Many people were disappointed to learn that certain floor plans have already been spoken for. Contracts are expected in late March. [The Next Miami]

While buyers were scurrying for opportunities in the Arts District, buyers of Miami Worldcenter have been scavenging for information regarding the revamped plans of their shopping center. This week finally brought additional details with renderings of the new open-air shopping concept that will replace the enclosed mall that was originally planned.

Some have praised Miami Worldcenter for their revised plans and some have begun to question the development. Have a look at the new renderings and let us know what you think… [Curbed Miami]