Earlier this week, the Miami Condo Investments Team was invited to the Una Residences sales center to receive a special presentation for Brickell’s only waterfront preconstruction development. Not only did we have an opportunity to see first-hand the kitchen and bathroom finishes, we also had an opportunity to view the newly released renderings and see for ourselves some of the views that the development will offer.
Pre-sales for Una Residences launched a few months ago and the development has been very well received. The 47-story tower was designed by Adrian Smith + Gordon Gill (AS+GG) and is being developed by OKO Group. Completion of Una Residences is slated for summer 2021.
private boat slips
lobby
Kids’ splash-pad area
terrace
level 3 lounge
Kids’ playroom
Just Listed – 3 Bedroom Condo at SLS Lux – Asking $935,000
“Better act fast” is a cliché sales pitch that has been used for generations…but for my newest listing, you better! On Friday, I listed for sale unit 2009 at SLS Lux – a luxurious 3 Bedroom, 3 Bathroom condo with 2,147 total square feet (1,657 interior square feet + 490 square feet of balcony) and 3 parking spaces (1 assigned + 1 parking lift + 1 valet space). Within 24 hours of being listed, I received an offer…and for good reason! At $935,000, the unit is priced very aggressively; it’s priced better than four of the five 2 bedroom residences currently on the market (keep in mind, unit 2009 is a 3 Bed, 3 Bath residence), and priced considerably better than any of the other 3 bedroom residences that are listed for sale. Besides unit 2009, there are currently two other 3 Bedroom residences listed for sale. The first is located one floor lower than unit 2009 and asking $1.19M, and the second is located four floors lower than unit 2009 and asking $1.375M. If you’re looking for a deal, this is it! Contact me if you have any questions or would like to schedule a time to view the unit before Tuesday. I may be reached via email at [email protected] or by phone at 786-247-6332.
SLS Lux is a full amenities building located in the heart of Brickell at 801 South Miami Avenue. The amenities at SLS Lux include: expansive pool deck on the 9th floor with cabanas and poolside bar, rooftop pool and sundeck located on the 57th floor, BBQ area with summer kitchen, lighted tennis court, club room, full-service spa, state-of-the-art fitness center, full-service concierge, children’s playroom, outdoor theater, rock climbing wall, executive business center, and much, much more.
The condo dues for unit 2009 are $1,101 per month. That amount includes high-speed internet, cable TV, water, and use of all building amenities. The assigned parking space and parking lift are located on the 2nd floor.
If you’re anything like me, you’ve been counting the days until the opening of SLS Lux. It’s been a long time in the making, but I’m happy to report that it was well worth the wait. Related has once again delivered what is certain to be a neighborhood favorite!
Earlier this week, I had the distinct pleasure of touring Related’s latest project with Carlos Rosso himself – the company’s President of Condominium Development Division and very familiar face to all of us in the Miami real estate world.
Carlos and I met in the strikingly beautiful Hotel lobby with mirrored backdrop, rich textures, and eclectic décor reminiscent of those found at the St. Regis in Bal Harbour. “We used the same interior designer we used at St. Regis – the master of luxury, Yabu Pushelberg,” Carlos added, “[whose] inspiration was the old mansions from Havana, Cartagena, and the Caribbean, with high ceilings, patterned marble flooring, and lots of lush landscape…a glamorous, tropical setting”.
Passing through the Hotel lobby, we then entered the grandiose S-Bar, punctuated outside by a giant “Male Torso” sculpture by Botero, valued at $3M and wholly-owned by the building. Only three of its kind exist in the entire world: one in Paris, one in Buenos Aires, and now one in Miami. “The owners at SLS Lux can brag that they now own a unique Botero sculpture,” Rosso quipped. He expects S-Bar to become Brickell’s happening place. “We want it to become Miami’s high-end bar…a place where deals will be closed over great cocktails”.
From S-Bar, we then made our way into Katsuya – a high-end sushi restaurant with impressive décor and attention to detail. From the sake cup screens to the incredible dark rich woods accentuated by the four gigantic globes hanging from the ceiling, this restaurant is sure to impress!
For some time, Related has been pushing the idea of converting South Miami Avenue into a pedestrian-only street on Friday and Saturday nights. “It’s time to make South Miami Avenue into Brickell’s own Lincoln Road,” Rosso said. “Look at what Bloomberg did with Time Square in New York – that is the future of urban open space.” With the addition of S-Bar and Katsuya, both located towards the northern end of South Miami Avenue, the walkability of that thoroughfare will no doubt increase. S-Bar and Katsuya are both slated to open in June.
SLS Lux Amenities
After the quick, yet thorough tour of the Hotel lobby and restaurants, Carlos led the way to the 9th floor amenities deck where most of the building’s amenities are located, including two pools, SLS Lux poolside bar, cabanas, tennis court, club room, private dining room, billiards room, spa, and fitness center. The photos below speak for themselves.
pool deck with cabanas
2 pools
SLS Lux poolside bar
club room
private dining room
billiards room
billiards room
garden terrace
fitness center
fitness center
treatment room
SLS Lux also has a rooftop pool and sky lounge (for residents only) but both were a work-in-progress and awaiting a temporary certificate of occupany (TCO) when I toured the building this past Monday. TCO is expected to be received for those floors within the next couple of weeks.
SLS Lux 3 Bedroom Condo
To complete my tour of SLS Lux, I was shown a 3 bedroom units located on the southwest corner of the building (the 01 line). Important to note is that each unit at SLS Lux comes completely finished, including flooring, shades, and closets. A one-year free membership to Equinox Brickell Heights comes included as well.
living room w/ upgraded kitchen shown
views south from the living room and kitchen
master bedroom
second bedroom
second bedroom
The Future
And Related’s grand plan for Brickell doesn’t end there. “This is the new Brickell – vibrant, full of pedestrians with active ground floor retail and restaurants and lots of residents embracing urban life,” added Rosso. “We are certainly building the new Miami. The vision will be complete when we launch 444 Brickell connecting South Miami Avenue to the Riverwalk”.
“When will you launch?” I inquired.
“As soon as we feel the time is right. It’s a very special project with a luxury anchor in Miami’s best site.”
I’m sure more news will follow, but it certainly feels that Related has an unbound willingness to continue being the leader in masterminding Miami’s urban future. After touring SLS Lux, Katsuya, and S-Bar, I’m excited see what these guys have planned for 444 Brickell.
Pricing, Floor Plans and Renderings for Una Residences by Adrian Smith + Gordon Gill
New construction is coming to “Old Brickell”! We are pleased to introduce Una Residences, Brickell’s only bayfront preconstruction condo development. Once completed, Una will be the first waterfront development built in South Brickell (south of SE 15th Road) in over 20 years.
Una Residences is being developed by OKO Group, which is also developing Missoni Baia in Edgewater, and Cain International. The design architect for Una Residences is Adrian Smith + Gordon Gill Architecture (AS+GG). They will also be designing the interiors and common area spaces at Una Residences. The landscape architect for Una is Enzo Enea with Revuelta Architecture International acting as executive architect.
Una will rise 45 floors and have only 135 luxury condo residences, each with private elevator, chef’s kitchen, 10′-8″ high ceilings with floor-to-ceiling windows, and fabulous water views. Una will be comprised of two-, three-, four-, and five-bedroom residences ranging in size from 1,100 to 4,786 interior square feet. The development will be topped off with two spectacular penthouses, each with a private pool and 11′-7″ to 12′-4″ high ceilings.
During this Friends & Family pricing period, prices for units at Una range from $900,000 to over $5,000,000.
Additional Renderings of Una by Adrian Smith + Gordon Gill (AS+GG)
Una Residences Floor Plans
Una Residences Fact Sheet
Buyer Deposit Schedule for Una Residences by Adrian Smith + Gordon Gill (AS+GG)
Icon Brickell Pool Deck Slated to Reopen April 1st
The pool deck at Icon Brickell has been closed for renovation and repairs since December 5, 2016. Originally, the plan was for it to reopen by December 15, 2017. However, due to Hurricane Irma, along with other unforeseen circumstances, construction was delayed. According to a recent email sent by the Icon Brickell Master Association Board of Directors, the new anticipated opening date is April 1, 2018, barring any additional delays due to the weather.
Below is the update that was emailed last week to Icon Brickell owners and residents:
As we are entering into the final stage of our pool deck project, we wanted to provide you with an updated schedule for completion. Due to a couple significant events that were beyond the control of the Association and the Contractor, including the hurricane and unforeseen construction items, we were not able to meet our original target date to reopen the pool at the end of 2017. That said, we have been working diligently with the construction team and consultants to get this project across the finish line. At this point, based on all available information, we are anticipating an opening date of April 1, 2018, assuming we don’t have a significant number of rain days between now and then.
As you may have noticed, there is now water in the pools. We are in the process of flood testing the pools to ensure the construction has been successfully completed in a way that meets code and will provide a long-lasting end result. The Contractor is also completing the electrical wiring and will start installation of lights shortly thereafter. Lights will be installed on the observation deck first, followed by placement of the wall sconces and the bollards. In addition, we are making strong progress with respect to the landscaping. Three more trees remain to be planted, and immediately following that completion, we will move on to reinstalling the large decorative pots.
Lastly, some of you have asked what will become of the space previously occupied by Café icon. The Board, and residents present at the last Master Board meeting, recently saw three presentations from potential operators for the space. The Board has asked each of them to provide additional information before a decision is reached at an upcoming Board meeting.
We are very cognizant of the need to return the pool deck to operation, but also the necessity to deliver a space that provides for the optimal enjoyment of residents at a reasonable expense. Accordingly, now is not the time to cut corners, as we want to do everything possible to avoid having to deal with this inconvenience again for a long time to come.
BrickellHouse Secures Interim Parking Solution
As many of you may recall, since November 2015, BrickellHousehas been plagued with drama concerning its once “state-of-the-art” robotic parking system. At that time, management and residents learned that Boomerang Systems, the parking system operator, had ceased operations due to the fact that it was hemorrhaging money. Months later, the company would successfully file for bankruptcy. The nightmare situation left management in a bind…where would residents park? The software used to operate the robotic parking system was proprietary to Boomerang Systems. Retrofitting the parking garage and redeveloping the software from scratch would cost tens of millions of dollars.
After much thought and consideration, it was decided that residents would drop off their vehicles with valet and then the valet drivers would park them in a nearby parking lot. Not ideal, but it worked; and up until last week, that was the way the cookie crumbled.
It appears that the BrickellHouse condominium association was recently able to secure an interim parking solution in a nearby parking garage. The following email was sent out to all owners and residents on December 26, 2017:
We are pleased to inform you that the board, after several weeks of arduous negotiations, has secured a parking facility at 1221 Brickell Ave which will be used for self-parking as previously communicated. To get to the parking garage, you will need to enter through the north entrance on 13th. terrace and drive up to the 8th floor where you will see a guard who will guide you. Spaces will be available on a first-come first-serve basis.
Valet will no longer be parking vehicles as of 12/30/2017 however they will remain on site to assist with groceries. We ask you to please e-mail us back a completed application along with your vehicle’s registration and a self-portrait (must use a white background). Once applications are processed, you will be notified when transponders are ready in the management office.
You may also stop by the building’s lobby to register your vehicle(s) in order to receive an access card to the new garage right away. Please note that a copy of your vehicle’s registration is necessary in order to verify your parking assignment. Transponders will not be issued unless name on registration of vehicle matches registered owner or tenant.
PLEASE NOTE that as of 12/30/2017, you will not be able to drop off your car with valet to be parked in your spot and will have to pay a daily fee if you do so. No exceptions will be made.
The end of this story remains to be told as the BrickellHouse condominium association continues to litigate the matter against developer Harvey Hernandez and his company BrickellHouse Holding LLC, so stay tuned!!!
Just Listed – Jade at Brickell Bay Unit 1505 – Asking $799,000
Lucas Lechuga of the Miami Condo Investments team at Luxe Living Realty has listed for sale unit 1505 at Jade at Brickell Bay – an immaculately appointed 1 Bedroom, 1.5 Bath condo with 1,135 interior square feet; a large, expansive terrace suitable for outdoor dining and lounging; white marble flooring throughout; motorized shades; custom listing; custom closets; and breathtaking, panoramic views of the bay, ocean, and sunrise from the 15th floor.
The kitchen, which has been opened to maximize the views of the water, comes equipped with cherry wood cabinets, granite countertops, Sub-Zero refrigerator, wine cooler, and cappuccino maker. The bedroom is separated from the living room space by sliding glass panels which can be closed for privacy or open for expanded water views. The lavish master bath includes a Jacuzzi tub, separate glass-enclosed shower, bidet, and dual vanity with marble countertops.
As of this writing, the most recent east-facing 1 bedroom unit at Jade at Brickell Bay sold for $760,000. However, that unit was located four floors lower and without any of the custom upgrades found in unit 1505. Even though four floors may not seem like a big difference, the view from the 15th floor is significantly better than that from the 11th floor due to the pool deck and palm trees being located on the 8th floor. Unit 1505 is priced to sell at $799,000.
Art Basel Special: Top Miami Trophy Properties Day 3
For today’s Art Basel Trophy Property of the Day, we’re going back to Brickell, to the classic yet chic Four Seasons Brickell with a celebrity-owned condo.
Back in 2013, Romain Zago, the owner of popular Miami Beach night club, Mynt, purchased this 2,139 square foot condo with his brand new wife, former Real Housewife of Miami, Joanna Krupa for $1.37 million. They made some changes to the design, lived out their happiness and re-listed the unit for $2.5 million after divorcing earlier this year. After no buyers surfaced, the price has steadily decreased until Monday, when it was reduced to $2 million.
The property is a 2 bedroom, 2.5 bath corner apartment with floor-to-ceiling windows overlooking the Brickell Financial District, Biscayne Bay, Port of Miami and Miami Beach. It is located on the 42nd floor of the 70-story tower and includes such amenities as an onsite Equinox Fitness and spa, lounging pool with hammocks hanging between palm trees in the pool, and full Four Seasons’ Hotel amenities.
The Zago-Krupas are not the only celebrities to enjoy the Four Seasons. Rapper Gucci Mane recently wed at the property in a service and party that cost well over $1 million and was televised on BET, and the new owner of the Miami Marlins, Derek Jeter, recently toured options with his family. Mr. Jeter ultimately chose another building, which we will cover later in the week, but the Four Seasons Brickell is certainly a stand-out for celebrity real estate.
Brickell Is Finally Getting A Park For Children
Photo courtesy of Paola Andrea
Anyone who lives in Brickell and has a family will tell you that one of the things the neighborhood lacks is a proper park for little kids. Sure, Mary Brickell Park has a playscape and also the park across from Santa Maria in South Brickell, but both of those are designed for kids that are older. There are no swings, no slide and no fun for the little ones…until now.
Three years ago, Southside Park was one of many in Miami that were closed for remediation due to contaminated soil. It was a huge controversy at the time, but today things are looking up for the green spaces. Most have already reopened, and Southside Park officially reopened in June of 2016, only to close again this year for the addition of a much-needed playscape.
At long last moms, dads and nannies will be able to take the kids out to play without taking the MetroMover to Bayfront Park, schlepping across the Brickell Key Bridge in the blistering summer heat, or getting our cars out to go to Key Biscayne or Alice Wainwright park! Thank you, City of Miami!!
For those who are unfamiliar, Southside Park is located just west of the Metrorail tracks at 140 SW 11th Street, just west of Axis at Brickell. As you can see from the photos, it is still very much under construction but looks really fun for the little ones already!!
Photo courtesy of Paola Andrea
Market Stat Monday: The IconBrickell Pool Prepares To Reopen
December is just around the corner, which means the day that IconBrickell‘s management office anticipated the completion of their pool repairs is upon us. According to the office, they are still aiming for a completion date of December 15 and from the progress we’ve seen, things appear to be coming back together.
We were the first to report of Icon Brickell’s scheduled year-long pool closing two years ago after months of whispers about the damage. As you can see below in the renovation schedule, by this point the new light fixtures should be being installed, followed by paint and cleanup, removal of the construction equipment and ultimately… POOL DAY!
You can see in our photo above that the landscaping has been reinstalled along with some light fixtures and what looks like charging stations. The management office did mention to us that additional outlets would be added, and we agree that they were much-needed!
So, now that we know that the pool is coming back very soon, what about the sales and rental values?
I cannot in good faith sit here and tell you that the values haven’t changed. They have. Condos were trading at a rate of $583 per square foot when news of the repair broke in November of 2015, By the time the work actually commenced in December of 2016, sales prices had plummeted to $426 per square foot. What is unclear is the effect the pool repair had on the final sales prices vs the effect the market in general had on sales prices.
On the upside, while the rest of the sale market is in decline, Icon Brickell is inching upward. Since July of this year, 35 units have closed with an average sales price of $449 per square foot.
The least expensive listing to sell (per square foot) was a two bedroom in Tower 3 (the W Hotel Tower) for $465,000 after nearly 2 years on the market. This works out to $361 per foot, but the listing DID mention that the seller was extremely motivated. The most expensive per square foot was a three bedroom on the 41st floor of Tower 1 that sold for $1.5 million after 5 months on the market. It was fully upgraded and furnished for $822 per square foot, so you can see the range depending upon placement, finishes and furnishings that we’re dealing with.
Now for the bad news. With 165 current active listings, IconBrickell is carrying 23 months of inventory. This isn’t as bad as some other developments that are carrying 80 months of inventory, but it still isn’t great.
So, what’s the lesson?
The 13 units that are currently under contract were listed for an average of $504 per square foot. The 35 that have closed since July all closed for 92% of their asking price, yet the 165 active listings have an asking price averaging $560 per square foot. I won’t call out specific unit numbers, but it appears a lot of the active sellers need to adjust their prices…
