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, Gale Miami (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 the 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
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.
$110k Loss for Singer Trey Songz After Selling his Miami Condo
In 2017, singer and songwriter, Trey Songz purchased a condo in Miami’s Brickell Heights East for $1.09 million. In January 2022, Songz listed the unit for $1.2 million and ended up selling the unit in March for $980k to an undisclosed buyer.
The property itself features 2 bedrooms, and 3 bathrooms, with over 1,356 square feet. With 12-foot ceilings, floor to ceiling heigh impact glass windows, and a modern kitchen that opens to the living room.
These specific units showcase elegant entry foyers, wrap-around terraces, and custom bathrooms with designer porcelain tile. The bathroom rooms also feature porcelain tile and custom vanities.
Amenities for Brickell Heights East
Equinox Fitness Club & Spa with high-performance fitness programs
3,500 square foot SoulCycle studio
24-hour concierge
24-hour valet parking
Rooftop pool
9th-floor pool terrace with swimming and lap pools
Screening room
Two beautifully designed entertainment rooms available for private events
Kids’ playroom
WiFi access in all amenity areas
Songz previously purchased a unit in the same building in 2010 for $473k and sold it for $710k right before purchasing the second unit.
Trey Songz, whose real name is Tremaine Aldon Neverson, is an American songwriter, singer, record producer, and actor. Songz released his first album in 2005 with Atlantic Records, I Gotta Make It. One of Songz’s highest charting songs to date is Bottoms Up which featured Nicki Minaj. Songz has released a total of 8 albums.
First Rendering Revealed of New Supertall Tower by Major Food Group-Major Residences
JDS Development Group has partnered with Major Food Group to build one of the tallest residential towers in Brickell. Today, the developer has released the first official rendering along with some construction updates.
The project (now renamed 888 Brickell by Dolce & Gabbana) will be located at 888 Brickell Avenue with 259 branded units. Rising 82 stories or 1,049 feet tall and just over 1 million square feet in, this will be Major Food Groups’ first residential project.
Studio Sofield is the architect designing the tower, lobby, and units. Ken Fulk Inc. will be responsible for the club, food, and beverage spaces.
With Major Food Group expansion in South Florida with Carbone, ZZ’s, and many more, you can expect to have 2 to 3 Major Food Group restaurants and bars.
Major Food Group has more than 30 restaurants, clubs, and hotels in the United States and overseas. This project is currently being reviewed by Miami-Dade planners for approval.
There are currently 8 supertall towers planned for Miami including:
Tibor Hollo’s Record-Breaking Sale and the Development of Miami’s Brickell
Florida East Coast Realty, owned by Tibor Hollo just sold a Miami Brickell development site for a record price, $363 million, to a company in Delaware under the name Florida LLC. The sale price equated to around $3,340 per square foot or around $145 million per acre.
The 2.5-acre site itself is located at 1201 Brickell Bay Drive and has been in limbo for a major development to come in and utilize the property. It is currently approved for 2 supertall towers rising 1,049 feet tall.
The original plan also included 1,120 residential condo units with underground parking and a walkway connecting the two towers. This project itself was referred to as Villa Magna and was proposed in 2006-07 but was later canceled in 2007.
Florida East Coast Realty, Corigin Real Estate Group, and McCourt Global Properties originally planned the 2 tower development with British architect Foster + Partners.
The buyer LLC (Florida LLC) was created in March 2022 and is managed by Randall Davis, a Houston developer. Although listed as a Delaware company, Randall Davis has a Chicago address.
According to county records, Florida East Coast Realty paid $15.5 million for the property in 2000. The current acquisition outperforms the previous record price for the property, established in 2011 when Genting Group paid $236 million for a 14-acre site that was the longtime home of the Miami Herald in downtown Miami’s Arts & Entertainment District.
Tibor Hollo is an American real estate developer and founder of Florida East Coast Realty. Hollo was born in Budapest, Hungary, and obtained his degree in architecture from Ecole Polytechnique Institute before immigrating to the United States with $18 in his pocket.
Before becoming a big name in real estate, he worked at a curtain factory and shortly after became an estimator for a general contractor. He worked at a curtain factory before landing a job as an estimator for a general contractor. During this work, he noticed that a lot of contractors were turning down jobs in New York so he started his own firm. In 1956, on a business trip, he fell in love with South Florida and then sold his contracting company and moved to Miami. He later founded East Coast Realty in 1972.
According to his biography, Hollo only works on one project at a time and never borrows more than 40% of the cost of the project. Hollo is responsible for the creation of the Vizcaya Tower, Opera Tower, Biscayne Bay Marriott, and the Panorama Tower.
PMG Proposes a Two Tower Development with 803 Condo Units in Miami’s Brickell
New Tower by PMG Developers Announced
Property Markets Group, also known as PMG Developers has submitted designs for a twin-tower development with 803 residential condo units in Miami’s Brickell Financial District.
The proposed site will be located at a 1.15-acre property at 102, 106, 120, and 130 S.W. 8th St.; 826 S.W. First Ave.; and 101 S.W. 9th St, a block north of the Brickell Metrorail Station, on the west side of the Metrorail lines.
The property is under contract with PMG from Miami-based businesses 120 SW 8th Street LLC, 130 S.W. 8th Street LLC, Brickell Motel LLC, and King Condo 3B LLC (investors associated with the property). The site currently features a three-story office building with 15,560 square feet and a 4-story residential complex with 16 apartments, which would both be destroyed to make space for the project.
The building is anticipated to span over 1.5 million square feet between the 2 towers which will be connected by a parking podium. The north tower will rise 46 stories (550 feet), and the south tower will rise 31 stories (380 feet). The parking podium will contain 832 parking spots and 15,791 square feet of commercial space.
As of right now, the average unit size is expected to be 841 square feet. The current amenities for the project include multiple pool decks on the 13th, 31st, and 39th floors. There would also be a sky bridge connecting the buildings on the 31st floor.
The project will be designed by Sieger Suarez Architects. PMG is well-known for some of the city’s most significant projects, including the Waldorf Astoria Residences Miami. PMG has already filed the plans with the city and county.
St. Regis Residences Miami Reveals New Renderings
Sales have officially launched on the East tower of St. Regis Residences Miami. Along with the launch of St. Regis, comes new interior renderings and they are stunning! The Related Group and Integra Investments are bringing an architectural phenomenon to Miami.
Located at 1809 Brickell Avenue in Brickell, these ultra-luxury twin towers will rise 47 and 48 stories tall. The East tower will feature 149 residences with interiors designed by Robert A.M. Stern Architects and the Rockwell Group. With units ranging from 2,300 square feet two bedrooms to 8,900 square feet duplexes. Pricing for units will begin at $2,800,000.
With the release of the new renderings, Jon Paul Perez, President of The Related Group states, “Much like the original St. Regis hotel brought about a new era of glamour and classic sophistication for the Empire State, The St. Regis Residences, Miami, are ushering in a new era for Brickell and all of Miami. Our entire development team is honored to have the opportunity to bring such a storied brand to this city, especially when energy and optimism around our region’s potential is at an all-time high.”
Residence Features
Private elevator and entry foyer to each residence
Double door entry in select residences
11-foot ceilings with integrated linear diffusers in living areas
Custom European marble flooring throughout
European solid wood doorways
All homes feature a powder room and laundry room
Integrated smart home technology
Gourmet kitchen with custom Italian cabinetry designed by Rockwell Group
Marble countertops and backsplashes
Fully-integrated Sub-Zero and Wolf appliance packages, including:
Paneled refrigerator
Paneled freezer
Full-height wine refrigerator
Convection oven
Steam oven
Microwave
Dornbracht fixtures
Oversized walk-in closets
Midnight bar and butler’s pantry
Split marble top vanities with Dornbracht fixtures
Oversized marble showers and free-standing bathtubs
Private water closets with Toto toilets
For December 2021, Related announced $63 million in sales for the St. Regis Residences Miami. The groundbreaking is expected to occur in the 3rd quarter of 2022.
ECHO Penthouse Slashes Price by $1 Million
Echo Brickell is one of the most sought-after buildings in downtown Miami. Completed in 2017, it was designed by architect Carlos Ott and developed by PMG and JDS Development Group. Rising 57 stories with 180 condo residences, it is the epitome of Brickell living.
With all of Echo’s luxury features and gorgeous units, one heavy hitter penthouse is currently on the market and just had a massive price cut. The penthouse was previously listed at $42 million in 2018 and was relisted in 2021 for $39.5 million. Now, the property has had a significant price reduction of $1 million at $38.5 million.
Located at 1451 Brickell Ave #PH01, this 11,000 square foot ultra-luxe penthouse spans over 2 floors (56th and 57th) with 5 bedrooms and 7.5 bathrooms. It’s all in the details with 28 ft ceilings, 360-degree views of the Miami skyline and Biscayne Bay from the expansive terrace, and an indoor Sky Pool.
The sophistication continues with its signature staircase, marble and glass throughout, and the gorgeous Poliform kitchen that will truly amaze. The primary suite features a midnight bar, designer closets, and dual marble baths. With the 6 parking spaces, aquatic center, office, staff quarter, and a BBQ, do you really even have to leave this penthouse? The best thing about this penthouse is that it was personally designed by Carlos Ott.
Echo’s units come fully furnished with 1 to 4 bedroom floor plans ranging from 748 to 11,068 square feet. Each residence features panoramic views of the water and skyline, 9 to 14-foot ceilings with floor-to-ceiling windows, and 6 to 8 foot deep terraces with a bbq area. The interiors are inspired by yoo Studio with 7-foot high Italian entry doors, marble flooring, Italian custom cabinetry, and high-end stainless steel appliances.
Tower Amenities Include:
Vanishing-edge pool and deck with panoramic views of Biscayne Bay, Downtown Miami, and Miami Beach
2,800 square foot, state-of-the-art fitness center and spa overlooking pool, bay, and city
Resort-style poolside food and beverage service
Two hot tubs with sunbathing deck overlooking the Brickell skyline
Full-service concierge services
Ground-floor retail tenants Rosetta Bakery and Joe & the Juice.
Below is a video of the Carlos Ott Penthouse at Echo Brickell: https://www.miamicondoinvestments.com/property/1451-brickell-av-ph1-miami-fl-33131-a10521016.
If you or someone you know have an interest in purchasing at Echo Brickell, or any information on this penthouse, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Marriott and Westin Open a Dual-Branded Hotel in Brickell
In Miami’s Brickell Financial District, a dual-branded hotel with considerable commercial space has opened. Robert Finvarb Cos. and Tony Cho recently finished the AC Hotel by Marriott and Westin located in the heart of Brickell at 115 S.W. Eight Street.
The AC Hotel totals 264 rooms with 156 inspired by the Marriott and 108 rooms by the Westin that caters to longer-term guests. Also included in the hotel are 22,500 square feet of ground-floor retail, and 4,600 square feet of meeting space. Rosa Sky is the bar located on the rooftop.
Amenities:
Pool
Bar in lobby
Fitness Center
Ground floor retail
Meeting space
Rooftop lounge
Robert Finvarb, CEO of the Finvarb Cos stated, “We believe our dual-brand property and Rosa Sky concept will fit in well with this market, offering an enhanced guest experience.”
The ground-floor retail space is currently under contract with Metro 1. Other tenants include a speakeasy piano bar Il Piano, Silver Mirror, La Suiza Bakehouse, and Toro restaurant.
Arquitectonica designed the hotel and John Moriarty & Associates of Florida was the general contractor. AC Hotel is just one block west of Brickell City Center and the Brickell Metrorail Station. AC Hotels currently have 107 locations in North America, 12 in Central America, 90 in Europe, and 6 in Asia.
