Developer Announces Sales for New Brickell Tower – Lofty Brickell

New Construction Towers in Brickell
New Construction Towers in 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.

Lofty Brickell will be similar to other Downtown Miami towers including, E11EVEN, Legacy Miami Worldcenter, and Natiivo.

Lofty Brickell

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
  • Custom-finished floors and walls in wet areas
  • Frameless glass shower enclosures Spacious, extra-depth soaking tubs
  • Premium European-style fixtures and accessories

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.

Brickell House Finally Finds Solution to Its Parking Garage Woes

Brickell House Aerial View
Brickell House Aerial View

All eyes on are on Brickell House condominium tower after years of fighting a parking garage battle! More than 6 years in the making, owners now see a solution to their parking concerns.

The Brickell House Association has contracted ParkPlus High Density Parking Systems to complete the parking replacement project. ParkPlus has 50+ years of history in parking automation and they offer a number of solutions for any need; including robotic parking solutions, self-park stacking, and manually operated stacking.

Brickell House Condos Miami

The parking replacement project is estimated to take up to 77 weeks once permits and approval from the city are in place. ParkPlus is estimating 411 parking places with 80 spaces for electric vehicle charges. With the new system in place, it is estimated that 95 vehicles can be parked per hour.

With the $72 million awarded from the previous parking systems lawsuit, the Association will be able to cover the transition to this parking project making a special assessment not necessary for unit owners. The Brickell House Association has stated that they have taken into account the cost of preventative maintenance for 15 years but may need to revaluate due to technology advances in the future.

Brickell House Balcony View

ParkPlus is bonded and insured, and the Association has additional insurances if the need arises. Initially there will be valet parking only, which will eventually transition into self-parking. Until the transition occurs, there will be personnel ready to assist in the parking and loading areas.

With this new parking replacement project in full swing, prices for Brickell House condos should rebound over the next few years as there is finally a light at the end of the tunnel!

SLS Lux Rooftop Pool Deck is Officially Open

SLS Lux rooftop pool deck

SLS Lux Brickell rooftop pool deck

After months of delay, I’m happy to announce that the SLS Lux rooftop deck is FINALLY open. Located on the 57th floor and in the heart of Brickell, the rooftop deck offers sweeping, 180-degree views from east to west. It features a rooftop pool, hot tub, and BBQ area, and will be open from sunrise to sunset.

However, before you race over to SLS Lux with your towel and swimwear in hand, keep in mind that the rooftop deck is a residents-only area of the building. Along with the 45th-floor Sky Lounge, only residents of SLS Lux may use these amenities; hotel guests are not permitted on these amenity levels.

SLS Lux Brickell rooftop pool

views south from SLS Lux rooftop deck

SLS Lux rooftop hot tub

views east from SLS Lux rooftop deck

The video below showcases the rooftop pool deck at SLS Lux by drone but was shot months ago, before the tiling was completed and pool deck furniture delivered.

BrickellHouse Secures Interim Parking Solution

Brickell House Miami condos

Brickell House Miami condosAs many of you may recall, since November 2015, BrickellHouse has 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!!!

Miami Condo Investments’ Most Popular Buildings in Greater Downtown Miami

Brickell City Centre April 2017

I thought about doing a TBT post today, but then changed my mind. There is so much going on in today’s real estate market, why talk about the past? New buildings are opening every month, people are curious about how these new buildings compare to the ones that were new in years past. So which buildings are currently the most popular by condo shoppers?

I took a look through our Google Analytics report to see what our readers are looking at the most. In the time period from May 14, 2017-June 14, 2017, MiamiCondoInvestments.com received a total of nearly 73,000 page views. Of those, here are the ten most viewed building pages. This list does not include views of individual listings, just of the building pages themselves, where you can find inventory lists, market statistics and closed sale/rental data.
1 – SLS Brickell – 1,219 views
It makes sense that SLS Brickell would take the number one spot with an overwhelming lead. The project was very much anticipated by future tenants, owners and pool-party-goers alike. Move-ins began in late December/early January and have moved on at a rapid pace, leaving the building almost at full occupancy now, with demand still strong. Our agents alone have handed out 16 sets of keys in the building, with a healthy book of buyers and prospective tenants still shopping.

2 – Reach at Brickell City Centre – 731 views
I would have been surprised if Brickell City Centre didn’t make this list! This project was the catalyst that fueled the buying craze in Brickell over recent years and reinvigorates the neighborhood that was once a dense yet sleepy enclave of beautiful high rises that became quiet at night. Reach was the first residential tower to open in Brickell City Centre, and is also approaching occupancy. When the project initially opened, one bedrooms started at $2,400-$2,450/month, but now have risen to $2,650/month.

3 – Brickell Heights East – 715 views
The newest new building on the block also made the list, and no surprise there. Our photo tour of Brickell Heights just days before they opened was one of the most popular blog posts so far this year, and the amount of calls we get for it is a very good sign that the initial occupancy of the building will go smoothly.

4 – 1100 Millecento – 700 views
Millecento’s place as number 4 on the list was a bit more surprising, but not in a bad way. It’s not the newest building in the area, so people aren’t hungry for a preview. There’s really no drama going on with the building (that I have heard of at this time), so people aren’t looking for gossip and info. We still receive a healthy amount of calls and contact requests on Millecento, so I feel it’s safe to say that the traffic is good ol’ prospective residents. That’s great!

5 – Biscayne Beach – 638 views
Edgewater’s newest new building is also on the charts. We covered the progress & opening extensively, so it makes sense that blog readers are interested in the progress. We also have a beautiful 3 bedroom unit listed on the 30th floor with direct bay and Downtown Miami views. It is well-priced and a blank canvas inside. With the amount of attention the building receives, I feel that it will sell quickly.

6 – The Bond on Brickell – 615 views
The Bond is very popular for people who want to live in a brand-new condo in Brickell, but prefer understated elegance and high quality finishes over the kitschy excess that is SLS Brickell. We receive many calls about this building, and there have also been many of our clients who have called about SLS Brickell but then chosen The Bond. It is like SLS Brickell’s quieter sister.

7 – The Plaza at Brickell East Tower – 531 views
The Plaza is basically a Brickell staple. I was surprised that it received more views than any of the IconBrickell towers, but that just shows what the market is interested in. We did a market report on Monday about The Plaza and found that sellers and landlords fare better in today’s market by removing that horrible outdated berber carpet from 2008. There is too much competition in the neighborhood to expect buyers and tenants to sign up for old berber carpet (in case I didn’t make my point on Monday).

8 – BrickellHouse – 530 views
Despite their garage saga, BrickellHouse remains a popular building in the neighborhood. Yes, the garage is broken. No, we don’t know when it will be fixed. Despite that, the finishes are quite lovely, the views and location are great and it remains very popular among our clients.

9 – IconBrickell Tower 1 – 477 views
Of course IconBrickell would be on the list. It has remained one of our most requested buildings since it opened… even since the pool closed. The pool should reopen by the end of the year.

10 – Jade Residences at Brickell Bay – 468 views
Jade is one of the most luxurious buildings in the neighborhood, even after 13 years. Although most buildings in Brickell have beautiful bay views, Jade is where you go if you want an extremely luxurious setting with private elevators and direct bayfront. The only building it competes with is the Santa Maria, except that Jade is more modern and in a more walkable section of the neighborhood.

Do you think that the top viewed buildings on our website are surprising, or expected?

A Solution Is Found For The BrickellHouse Parking Saga

BrickellHouse Miami Condos

At last! Two years after opening and more than 1 year without a functioning parking garage, the owners at BrickellHouse have found a solution to their motorized parking problem. For those who didn’t hear, the “state-of-the-art” automatic parking system that was touted as an amazing feature of the building turned out to be not-so-state-of-the-art. It didn’t even work. People were having to wait up to 45 minutes for their car to be delivered each morning! The association started a free coffee bar to make people feel better, but adding 45 minutes to your morning commute because your robo-valet doesn’t work is still annoying.

To complicate matters further, the company that designed and installed the system filed for bankruptcy and disappeared, leaving the 374 buyers in the building with lots of questions about where to put their cars. Lawsuits were going everywhere as the owners and association scrambled for a solution. Sales values took a huge hit, with values falling from $600/square foot down to $400/square foot the last time we published a market update. Typically when buildings go through issues like this, I say it is a great opportunity to buy. With no answer in sight, the BrickellHouse situation was still too scary for me to advise investors to buy. Now that there is a solution, I would feel better about recommending a purchase in the troubled building.

So, what is the building going to do???

The association and condo board have been hard at work interviewing motorized parking companies and have ultimately come to an agreement with Unitronics Automation Solutions, a fully bonded and insured company that has been around for almost 30 years. Hallelujah! We have a savior!

Unitronics is going to test their software system on the first two floors of parking. If all goes well, they will complete the remaining floors. If the solution does not work, they will part ways amicably and not charge the BrickellHouse owners. The downside is that the full repair could take 2-4 years to complete, they don’t really know yet. It is also super expensive, I don’t see how the repair can take place without a special assessment, but we don’t have any solid verification of that amount just yet. Once we find out, I will be sure to let everyone know. The good news is that buildings typically win their 558 claims against developers for structural defects, so the developer’s insurance policy will likely be the one to ultimately foot the bill, just someone has to pay for the solution and lawyers in the interim.

Once the repair is complete, Unitronics will continue to manage the garage.

What is going on with the sales and rental values?

The sales values are still pretty scary, but at least they’ve stopped the free fall. There were 4 closed sales in the first quarter of 2017 with an average price per square foot of $427 for finished and non-furnished sales. There was one that sold for $219,000, but that one was a decorator-ready studio. An upgraded and fully furnished 2 bedroom sold for $550,000. There are 3 deals pending, which we are anxious to see what they settle for. The alarming part is also that there are 62 active listings. This rate gives us 46 months of sales inventory. The available sales range from $230,000 for a studio up to the $6.9 million penthouse.

The rental market is still really healthy. The first quarter brought 37 new tenants and we currently see 41 active listings. The prices are holding firm also. Studios start at $1,750/month, one bedrooms for $1,900/month and up, and two bedrooms start at $3,000/month.

Hopefully the new solution will bring more life back to the sales market in the building! I’m sure it at least brings peace of mind to those affected.

 

Sales Prices in Free Fall at BrickellHouse as Parking Saga Drags On

Brickell House

Back in January, we did a check in at BrickellHouse to see how their parking drama was affecting transactions in the almost-new development. At the time, not much had changed. It appears though that we were at the edge of a cliff.

The Real Deal reported an update of the case on Tuesday, explaining that the debacle is far from finished. Apparently the condo association has sued the developer on behalf of the owners because the system is going to have to be replaced. The only available replacement system is configured differently and cannot hold as many cars as the current, defunct system. That would mean that some owners will have to forego their parking spots and they are not amused.

The developer insists that the entire system does not need to be replaced, only the software. And so the lawsuits go on, bouncing the blame around like a game of Hot Potato.

While the bickering continues, sales prices have been in free fall. In January I reported that sales values from Q4 of 2015 were sitting pretty at $641/foot. That is a healthy increase from the $595/foot that we saw from the developer’s pre-sales. It seems the market had not had time to react to the parking issue, but it certainly responded quickly. In Q1 of 2016, closed sales values fell to $456/foot, then down to $419/foot in Q2 and $402/foot in Q3. Yikes. With 79 active listings today and an absorption rate that could compare to pouring molasses in December, we are in for a ride.

There is no telling how long this will last. Nobody wants to buy into a building with a monstrous problem and banks will not touch the building because of the snowballing litigation. Heck, hard money lenders probably wouldn’t even do a deal there. Cash buyers are not as plentiful as they once were, so it seems the best thing for the owners to do is wait and pray.

On the bright side, the rental market has not been affected. Rental values are holding steady at an average of $3.50/foot. I guess the tenants don’t really care about parking. With our “Uber everywhere” society these days, it looks like what people really don’t want is drama.

La Petite Maison Construction Signage Goes Up at BrickellHouse, Way Behind Schedule

La Petite Maison Signage

La Petite Maison Signage

La Petite Maison Construction Signage. Photo by Lucas Lechuga.

Last April Arjun Waney, the co-owner of crazy popular Zuma and Coya, announced that he was bringing another restaurant, La Petite Maison, to the ground floor space at BrickellHouse that, if we remember correctly, was originally going to be a Meat Market. The very, very successful restaurateur already has outposts of the French Provençal place in London, Dubai, and Istanbul. And it would open in Brickell by the end of the year. Now that April has rolled past, again, and we’re in the middle of May, construction fencing/signage has gone up and it looks like they have finally begun to move in.

BrickellHouse Parking Trouble: How Have Sales Values Been Affected?

brickellhouse-condos-miami-8

Back in early November, residents at Brickell House condominium in the Brickell Financial District were shocked to receive news from the condo association that their “state-of-the-art” robotic parking system would cease to function due to a disagreement between the builder and the operator of the system.

While the news of the service interruption was a surprise, the issue between the building and Boomerang Systems was not. The parking system that was installed in 2014 never worked properly, and the morning ritual of retrieving cars could sometimes take upwards of an hour per resident. The building had done their best to appease the residents, offering free Starbucks coffee during the lengthy wait times, reimbursement for Uber trips and reimbursement for alternative parking arrangements, but the elephant in the room remained. The building had a major problem.

After scrambling to find alternative arrangements for the residents of the 374 apartments, the parking company continued to demand $50,000 per month as a fee for operating the system and $100,000 in back payments. The building resisted the payment as the delays continued to grow as the building continued to fill with residents. According to the South Florida Business Journal, US Bankruptcy Judge Mary F. Walrath settled the dispute on December 21 by cancelling the contracts for purchase, installation and maintenance of the parking system but allowing the building to hire another company to manage the equipment & software that is already on site. In the meantime, the temporary parking solution remains in place.

While the building is busy looking for a new parking service company, many are wondering what will happen to the sales and rental values of the building? 

Now that the market has had a few months to reflect the aftermath of the dramatic news, we are happy to see that not much has changed in the sales values. According to our BrickellHouse Statistics page, the sales figures have steadily risen since the building opened in late 2014.

Over the previous 3 months, the average price per foot has been $641/foot for sold condos, up from $611/foot over the last 6 months and $595/foot at building opening. There are also 4 apartments that have executed contracts that are still in process. The rental market has also steadily grown with 18 new leases in place over the last 3 months, 56 leases in the last 6 months and 143 over the last year.

While we are sure the parking situation is inconvenient for all involved, it is a relief to see that the building is holding its value as planned. Once the parking debacle is resolved, we are confident that the building will be revealed as an even better investment for the long-run.

 

My First Impression of BrickellHouse

BrickellHouse condos

Yesterday afternoon, I finally got a chance to show a few condos at BrickellHouse. While there, I was also able to check out the amenities. Surprisingly, up until a few days ago, I hadn’t received one single buyer or rental lead for that building. Actually, I found that to be very surprising, almost to the point of being alarming. When a new building opens, there typically is a lot of interest and excitement from early-adopter-type people who clamor to be one of the firsts to live there. With BrickellHouse, I didn’t see that this time around, and I couldn’t explain why that was. I’ve already been seeing huge interest from people looking to buy or rent at the soon-to-be-opened 1100 Millecento, but interest in BrickellHouse has been lacking – at least from what I’ve been seeing. Again, I can’t explain it, but I’m here to tell you that if you are in the market to buy or rent a condo in Brickell, you should brush aside whatever reservations you may have about BrickellHouse and go check it out. It’s definitely worth considering. I must admit, I wasn’t expecting much from BrickellHouse in the way of views, given that it has buildings surrounding it on all sides, but views it has. They far exceeded my expectations. I showed one unit facing northwest, located on the 28th floor, and another facing southeast, situated on the 11th floor. Both had outstanding views. Just don’t go there, however, expecting to get uninterrupted water views, because you’re not going to get it unless you’re on a really high floor facing southeast, such as in the photo immediately below. I’ve also included a few other shots I took of the views. Unfortunately, I didn’t take any shots of the actual units. One of the condos I showed was a huge mess because it was in the middle of being built out and the other I didn’t a chance to because I was busy talking with my client. Hopefully, I’ll be back again soon and get a chance to take and share some photos of the actual units.

Overall, I was impressed with BrickellHouse. I think it helps fill a sizable gap between existing high-end condos (e.g. Icon Brickell) and mid-range condos (i.e. The  Plaza on Brickell and 1060 Brickell).

View from rooftop pool at BrickellHouse

BrickellHouse rooftop pool

brickellhouse-condos-views-1

brickellhouse-condos-views-3

view-of-four-seasons-from-brickellhouse-1

northwest view from BrickellHouse