Developer Announces Sales for New Brickell Tower – Lofty Brickell
A new residential tower, Lofty Brickell, will be launching sales soon! The tower will rise 34 stories high, overlooking the river, and will feature 320 fully furnished and finished units.
These units will be ‘turnkey’ and are fully licensed for daily, weekly, and monthly short-term rentals. Owners can utilize platforms like AirBnb, VRBO, as well as manage on their own.
The units will feature 800 to 1,200 square-foot floor plans with studio to 2 bedrooms options. Prices will start in the low $500,000 with increases based on floor plans and upgrades.
Developer, Harvey Hernandez recently closed on the lot for $50+ million. Hernandez is responsible for Centro and Brickell House.
With the announcement of this new tower comes some controversy. The current development site holds KLA Schools of Brickell and sources have reported an ‘early eviction’ although their lease expires December 2021.
Building Features
35-story landmark building designed by internationally acclaimed architecture firm, Arquitectonica
Prime Brickell location in steps from Brickell City Center
Short-term rentals permitted as-of-right
Spectacular panoramic Miami River, Brickell and Miami skyline views
2 Story lobby with floor to ceiling windows 24-hour welcome desk with concierge 24-hour valet parking 24-hour secure access Advanced technology smart-building with high-speed fiber-optic wireless internet access through out common areas
Exclusive LOFTY app
Cutting-edge green building technology
6 high-speed passenger elevators with access control
On-site hospitality management Curated River-front restaurant with outdoor dining terrace
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
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
The project located in the heart of Brickell will include a private marina on the river with an expansive dock for boating.
Sales for a select few have started with anticipation public sales date soon. Construction completion date is expected in 2024.
Sexy Fish Coming Soon to Brickell
London hotspot Sexy Fish, will open its first United States restaurant in Brickell in September 2021. Located inside Brickell Flatiron at 1001 S. Miami Avenue, it will be the hottest restaurant this fall!
The Japanese-style restaurant was created by British hospitality entrepreneur Richard Caring, who is responsible for Annabel’s, Ivy Collection, Soho House Group. Chef Bjoern Weissgerber will be running the kitchen at Sexy Fish. He made his first debut at Zuma Miami in 2010 and received his first Michelin star when he was 27 years old.
The menu will feature a wide variety of makis, sahishi, sashimis, and tartares. The bar menu will feature drinks inspired by its London counterpart.
It is unclear what the aesthetic for the Miami location will be but its London location features a golden ceiling, bronze mermaid statue, and exotic fish with coral in large tanks.
isle of mull scallop, jalapeño sauce & pickled apple
wagyu gyoza, foie gras & black truffle
caramelized black cod, spicy miso
king crab & bone marrow, summer truffle & toast
beef tenderloin, 200gr, ginger & black pepper
Late Night Menu:
oyster gillardeau & smoked chili sauce
salt and pepper squid
wagyu tataki, Japanese mustard & summer truffle
prawn gyoza, soy & ginger dressing
seasonal vegetable tempura (9 kinds)
lobster, smoked Marie rose dip
green asparagus smoked creamy ponzu
Kimichi fried rice
lobster Sancho pepper & shiso butter
Japanese wagyu A5 sirloin 150g*
Japanese wagyu A5 fillet 150g* Sex
The Good, the Bad, and the Ugly: Closing Percentages for Brickell Flatiron, Paramount Miami Worldcenter, and One Thousand Museum
The Reboot
Back in November 2007, I started a series of blog posts called “New Construction Closing Rates” where I shared with my readers the closing percentages of the vast number of condo developments that were being delivered at the time. It became a very popular series with my readers mainly due to the transparency it offered to the public. As some may expect, in times of market trepidation, condo developers tend to safeguard their sales and closing figures.
Well, at the beginning of this year, mainly out of my own curiosity, I began tracking the closings of three of the newest condo developments in Greater Downtown Miami: Brickell Flatiron, Paramount Miami Worldcenter, and One Thousand Museum. As this post is named “The Good, the Bad, and the Ugly”, I’ll begin first with Brickell Flatiron, the condo development that has fared the best of the three condo developments.
Of the three condo developments, Brickell Flatiron was the most recent to begin closings. Its first closing took place on November 1, 2019, while closings for Paramount Miami Worldcenter and One Thousand Museum began on August 13, 2019 and July 15, 2019, respectively.
Since November 1, 2019, according to public records, the developer of Brickell Flatiron has successfully closed 433 of 527 total units (an 82.2 percent closing percentage) as of this writing. The most recent closing that appears in public records took place on March 6, 2020. It’s important to note that there can be a lag of two to three weeks between the time a property closes and when it appears in public records. As of late, the developer of Brickell Flatiron has averaged around 6 closed units per week. In the month of February, the developer closed a total of 25 units. At this pace, the developer of Brickell Flatiron should hit the 90 percent closed mark by the end of next month. And even if closings were to significantly slow due to the nightmarish economic conditions posed by the Coronavirus, the developer would be in a solid position to ride it out given that the construction loan for Brickell Flatiron was paid off three months ago.
As mentioned above, Paramount Miami Worldcenter closings began on August 13, 2019. Since then, the developer has closed 336 of 569 total units (a 59.1 percent closing percentage) as of this writing.
This past week, the Paramount Miami Worldcenter sales team sent out a marketing email stating that it had $7 million in sales in the month of February. Well, according to public records, the developer of Paramount Miami Worldcenter closed seven (7) units in the month of February totaling $6,964,000 (close enough in my book). Kudos to the sales team! The most recent recorded closing took place on February 24, 2020. The bad news, of course, is that at a pace of 7 units per month, the last of the developer inventory won’t be sold until the end of 2022.
Of the three condo developments, One Thousand Museum began closings the longest ago. Closings began on July 15, 2019. Since then, the developer, as of this writing, has closed 45 of 84 total units (a 53.6 percent closing percentage). While that may not be too surprising given the price point of the development compared to the neighborhood average (~$1,200 per square foot vs. ~$425 per square foot), what I do find worrisome is that One Thousand Museum hasn’t had a single closed sale year-to-date, according to public records. The most recent recorded closed sale was on December 27, 2019. At a pace of one closed unit per every three months, the developers won’t close out the remaining inventory until the start of 2030!
What I find puzzling is that on February 18, 2020, the One Thousand Museum Instagram account shared news of having four sales in four weeks. Sounds great, right? Definitely! But not a single one of those four sales has been recorded. So what happened to the four sales? Given that there’s only a two to three week lag between when a unit closes and when it appears in a public records, all four of those sales should have shown up by now. As mentioned earlier, the closings that took place on March 6th and February 24th at Brickell Flatiron and Paramount Miami Worldcenter, respectively, already show up in public records.
In numerical order, here are the 45 units at One Thousand Museum that have closed and been recorded as of March 19, 2020. Those 45 units are comprised of 1 duplex townhouse, 40 half-floor residences, and 4 full-floor penthouses. That means that the remaining developer inventory at One Thousand Museum is comprised of 3 duplex townhouses, 30 half-floor residences, and 6 full-floor penthouses.
Photo Tour of Ugo Colombo’s 64-story Brickell Flatiron Condo Tower
CMC Group, headed by luxury developer Ugo Colombo, has officially delivered its 64-story Brickell Flatiron condominium tower and, just like that, Miami’s most recent condo cycle has come to a close. The first closing at Brickell Flatiron took place on November 1, 2019, and since then, over 400 deeds have been recorded. According to a December press release, CMC Group paid off its $236 million construction loan for Brickell Flatiron within 30 days of receiving its temporary certificate of occupancy (TCO).
The 736-foot-tall skyscraper (currently Miami’s fourth-tallest building) was designed by internationally-acclaimed, Miami-based architect Luis Revuelta. With its flatiron shape and curved, flowing glass-balconies, Revuelta’s design has added yet another iconic skyscraper to Brickell’s ever-growing skyline. Located at 1000 Brickell Plaza, Brickell Flatiron will add 527 condo residences to Miami’s housing stock once all units have sold and closed.
Last week, I was given a private tour of Brickell Flatiron and can tell you firsthand that Colombo’s long-awaited tower was well worth the wait. The common areas at Brickell Flatiron were designed by Italian design architect Massimo Iosa Ghini with commissioned artwork by legendary artist Julian Schnabel. The 64th-floor amenities at Brickell Flatiron include a rooftop pool deck with pool, hot tub, and cabanas; a 6,300-square-foot state-of-the-art fitness center; and a full-service spa with His and Hers steam room, sauna, and locker facilities. On the 17th and 18th floors, additional amenities can be found, such as a children’s playroom, movie theater, lap pool, event space, cigar room, and billiards & wine room. Brickell Flatiron also offers 24-hour valet parking service; a 24-hour, full-service concierge; and charging stations for electric vehicles.
With Brickell Flatiron, Colombo, who is well-reputed for delivering uncompromised details and finishes, has cemented himself as Miami’s preeminent developer.
A Sneak Peek at Upper Penthouse 06 at Brickell Flatiron with Soaring 22-Foot High Ceilings
When it comes to real estate specs, there’s perhaps nothing more impressive than a residence with double-height ceilings. This August, when Brickell Flatiron is delivered, it will include four upper penthouse residences each with 22-foot high ceilings in the main living areas. Three of those penthouses have already sold, with the largest of them – Upper Penthouse 01 – fetching $13.2M. The last remaining of the bunch – Upper Penthouse 06, a five-bedroom residence with 4,633 interior square feet plus three terraces totaling 811 square feet – is asking $8,050,000.
Located on the northeast corner of the building, Upper Penthouse 06 enjoys sweeping views of Downtown, Brickell, Miami Beach, Fisher Island, the Port of Miami, and Key Biscayne from the 62nd and 63rd floors. Primed for a design-oriented buyer looking to put his or her personal touch to the residence, Upper Penthouse 06 can be delivered completely raw as pictured below.
Video Tour of a Completed Unit at Brickell Flatiron
With less than two months from top-off and ten months from delivery, the developer of Brickell Flatiron has released an HD video tour of a completed unit at Brickell Flatiron. The video highlights the finishes that will be delivered to unit owners when closing begins in August. The units at Brickell Flatiron will be delivered furniture-ready with premium Italian porcelain tiled flooring throughout the residence and terrace. The video is of unit 1902 – a 3 bedroom, 3.5 bathroom residence located on the southwest corner of the building. Brickell Flatiron is now 85 percent sold.
Yesterday afternoon, I visited the Brickell Flatiron sales office with some clients. We met with in-house sales rep Chris Suarez, who gave a wonderful presentation. Given Ugo Colombo’s solid reputation, we were of course very impressed with the finishes in the showroom. It is nice to see that the finished units will look just as spectacular!
Brickell Flatiron Closings to Begin August 2019; Top-off Slated for December 15, 2018
Ugo Colombo, known for developing some of Miami’s finest condo towers (such as Santa Maria, Bristol Tower, Grovenor House, and Epic) has a remarkable reputation for delivering his projects (a) on-time, and (b) with uncompromising quality and attention to detail (i.e. he doesn’t cut corners).
Colombo’s latest and greatest development, Brickell Flatiron, is currently under construction but completion is much closer than you may think. The renowned developer expects top-off to take place in about two months and delivery within the next twelve. In fact, the official top-off date for Brickell Flatiron is slated for December 15, 2018, with closings expected to take place in August 2019.
I, for one, am very excited and look forward to touring the development once it’s completed. Given Colombo’s impeccable reputation, I expect Brickell Flatiron to be one of Brickell’s top three condo developments.
Brickell Flatiron Construction Update (Video)
Brickell Flatiron is really getting up there these days! As of today, construction of the 64-story, ultra-luxury tower has reached the 42nd floor. To put that height into perspective, the height of Brickell Flatiron has now eclipsed that of nearby 1100 Millecento. The video below was taken last month and construction of Brickell Flatiron has been moving at a pace of one floor per week.
The developer still has a number of great options still remaining, so if you’re interested in purchasing a condo at Brickell Flatiron, you shouldn’t feel like you’ve missed the boat. Brickell Flatiron is scheduled to be completed by the end of 2019, which I believe will be a brilliant time to deliver a development of this magnitude. I’m predicting that the next upswing for the Miami luxury condo market will begin in October of next year. Brickell Flatiron’s construction crane is the last crane remaining from Brickell’s recent construction cycle.
I took the photo below of Brickell Flatiron on May 22nd from the rooftop of 1100 Millecento.
The development broke ground in March of 2016. After ten months of site work, the foundation was poured in January 2017 during a ceremonious 24-hour process. Sales have remained steady as well, with 70% of the units already under contract.
Tower Residences are currently available from $480,000 to $1.62 million. The Penthouse Collection offers residences from $980,000 to $1.78 million, and in July the opulent Upper Penthouse Collection was unveiled with prices ranging from $6 million to $15.5 million.
Despite reports that Brickell Flatiron had lost one of its tower cranes during Hurricane Irma, the project did not suffer damage and remains on track for completion in the summer of 2019. As of this week, they have reached the 16th floor of vertical construction and continue to build at a rate of one floor per week.
The development broke ground in March of 2016. After ten months of site work, the foundation was poured in January 2017 during a ceremonious 24-hour process. Sales have remained steady as well, with 70% of the units already under contract.
Tower Residences are currently available from $480,000 to $1.62 million. The Penthouse Collection offers residences from $980,000 to $1.78 million, and in July the opulent Upper Penthouse Collection was unveiled with prices ranging from $6 million to $15.5 million.
