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, NATIIVO (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 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.
Renderings Released for Baccarat Residences Miami
Baccarat Residences Miami is the newest pre-construction tower located in Brickell that will soon grace the Miami skyline with its gorgeous glass exterior. The location is ideal placing Baccarat Residences in the heart of downtown at 444 Brickell Avenue.
Rising 75 stories, the collection includes 324 residences that will begin on the 15th level. The top 3 floors will feature 8 penthouses with immaculate ocean and skyline views. In addition, there will also be 28 riverfront flats and duplexes of your choosing.
Units will range from 1,330 square feet to over 7,000 square feet, with each unit featuring integrated purified air and water filters, impact-resistant floor-to-ceiling glass doors, 8-foot deep private terraces, and 10-foot high ceilings. Kitchens will be top-of-the-line with high-end appliances, granite counters, and custom cabinetry.
Interior Designed by Meyer Davis Studio, the building design incorporated a mixture of 18th-century French and 1930s Art Deco. The developer includes the Related Group with the landscape architecture designed by Enzo Enea.
The elevated waterfront amenities deck will include an infinity pool with killer views of Miami and Biscayne Bay. Enjoy fine dining at the 10,000-square-foot restaurant that will be announced once construction continues. Additional amenities include a state-of-the-art fitness center, spa, wine cellar, and tasting room.
Quick Facts:
DEVELOPMENT OVERVIEW
Privileged Brickell waterfront position, where the Miami River meets Biscayne Bay
Dazzling contemporary 75-story glass tower
Collection of 324 tower residences, 8 penthouses, and 28 riverfront flats and duplexes
Panoramic views of Biscayne Bay, the Miami River, and the Miami city lights and skyline from every residence
Artful service and amenities impeccably curated by Baccarat Hotels & Residences and expertly managed by SH Hotels & Resorts
Lushly landscaped waterfront promenade and private marina
Lushly landscaped secluded private entrance leading to the riverfront arrival court and elegant porte-cochere entrance
Exquisitely appointed entrance lobby with grand high ceilings leading directly to three banks of double private elevators to each residence
Permanent installation of curated museum-quality art collection throughout the building’s public spaces
Elevated 12th-level amenities resort deck loaded with a dramatic zero-entry heated saline swimming pool, outdoor spa, pool-side cabanas, summer kitchen area, and beautifully landscaped sun terrace
Glamorously designed Grand Salon, set as the ideal location for both intimate gatherings and grand celebrations
Luxurious Clubroom with bar and billiards, catering kitchen, and multimedia facilities
State-of-the-art fully equipped fitness center curated by Altitude
Fitness with cardio theater, spinning room, yoga and meditation rooms, all overlooking the pool deck resort area
Hammam spa with men’s and women’s steam and sauna facilities, luxurious treatment rooms, and spa shop
Private screening room with cutting-edge audiovisual equipment and theater-style seating
Game room with multimedia facilities and children’s playroom
Business Center with conference facilities and private workspaces
Gourmet market
Wine Cellar and Tasting Room
State-of-the-art Chef’s Kitchen and Private Dining room
Pet-friendly community with Pet Spa, Grooming, and Walk Service
Hair Salon & Barber Station
High-speed internet access in all public areas
Electric vehicle charging stations
Air-conditioned storage rooms
Bicycle storage spaces
BACCARAT GLOBAL MEMBER PRIVILEGES
Baccarat Owners Circle Services including private shopping, discounts on Baccarat crystal, discounted engraving and gilding, and priority status for custom production
Exclusive tour package to Baccarat France, available only to owners of Baccarat Residences
Invitations to Baccarat events worldwide
Preferred service and privileges at Maison’s Baccarat (Paris and Moscow), BBar (Tokyo) and Crystal Rooms worldwide
Hotel privileges in Baccarat Hotels and SH Hotels & Resorts worldwide
This project will break ground in 2022 with a completion date of 2024. If you or someone you know have an interest in purchasing one of the units at Baccarat Residences Miami, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
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.
Panorama Tower Parts Ways With General Contractor Mid-Construction
image via Goldendusk Photography
Panorama Tower and Tutor Perini have officially parted ways, according to workmen on the site. Rumors had been swirling for weeks prior that there had been a problem with property damage after Hurricane Irma and that the proper insurance was not in place, causing upwards of $40 million in damage that was not covered by the policies that were in place.
The tower is still slated to open the first 48 floors in January, but there is no update on when the upper floors will become available, according to the leasing office. Many locals had reported that windows and doors from the project flew onto Brickell Avenue and into the pool at the neighboring Plaza at Brickell during the hurricane. That would mean that the building likely also sustained immense flooding from the affected units down, causing costly damage.
According to people on the site, FECR intends to complete the project itself rather than seeking out another General Contractor. In my opinion, this is for the best considering the fact that Mr. Hollo got his start as a successful contractor.
Market Stat Monday: 1010 Brickell
It has now been just over six weeks since 1010 Brickell opened its doors, sending the market into the flurry of interest and curiosity we have become familiar with when the neighborhood gets a new newest building. But does 1010 live up to the hype? Let’s have a look at the market after a few weeks and see…
Closings
Although Hurricane Irma put a hold on closings for two weeks in early September, 12 buyers were able to receive keys before the storm hit. Once the storm passed, things went back to normal and a total of 84 units have closed to-date with an average price of $411/square foot, according to the tax rolls.
Resales
Of the 84 units that closed, 34 have come back to the market as resales so far. None have found buyers yet, but the asking prices are:
When shopping in 1010 Brickell, make sure to look at the floor plan of the apartment you are planning to visit prior to the tour, as I did see several units with dens that were being sold as an extra bedroom. You will want to double check that the den has actually been converted.
For potential buyers who are financing their purchase, you will be pleased to know that 1010 Brickell is one of the few buildings in the area that has Fannie Mae Approval. This will make financing much easier and less expensive.
Rentals
So far there has been only one closed rental in the building, but there are at least four that have already found tenants and are waiting for move-in day.
The rental that has already closed was a 1778 square foot 2 bedroom/3 bath apartment on the 15th floor with a private elevator, a den and a partial bay view. The landlord had listed the property for $4,000 per month and received a full price contract.
The four that are waiting to close all have city views and are listed as follows:
– A two bedroom, three bath on the 37th floor for $3,400 per month.
– A one bedroom, two bath plan with a converted den on the 14th floor for $2,875 per month.
– A one bedroom, two bath with an open den on the 15th floor for $2,700 per month.
– A 28th floor studio for $1,800 per month.
Of course, since these four have not yet closed, we do not yet know the final lease prices but I expect them to be very close to the list price since owners are not very motivated to negotiate when they are among the very first listings in a brand new building.
One surprising factor that I will continue to monitor over the coming weeks is the fact that six weeks after opening, there are only 15 available rentals in a 389 unit building. I had expected to see three times that number! It could be because the closing schedule moves at a more leisurely pace in 1010 Brickell than in Related Group’s projects like Brickell Heights or SLS Brickell. Related Group typically closes 30-40 units per week until all have closed. According to the tax roll, 1010 Brickell is closing 10-15 per week.It could also be because more buyers are moving into their apartments, rather than leasing them out. Only time will tell.
For tenants who are hoping to move to 1010 Brickell, here are the price ranges as of today.
– Studios: $1,800 per month.
– One Bedrooms: $2,150-$2,900 per month. All of these have city views, and some have dens.
– Two Bedrooms: There are currently only two available. For a city view, $3,250 per month and for a partial bay view with a private elevator, $5,000 per month.
– Three Bedrooms: $5,250 per month with a partial bay view and private elevator.
To stay up-to-date with the available inventory yourself, you can visit our 1010 Brickell Rentals page to get real-time availability.
About 1010 Brickell
It isn’t just 1010’s status as the new newest building on the block that has the market so excited. The building also has the most expansive array of family-friendly amenities in the neighborhood, including play rooms for toddlers/little kids, climbing walls, an arcade, basketball court, bowling alley and more in addition to the expected state-of-the-art fitness center, spa, social room and hammam. Scroll through the photos below to get an idea… what do you think?
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Why Panorama Tower And Solitair Will Affect The Brickell Real Estate Market… And Why They Won’t
It is hard to ignore the fact that Panorama Tower and Solitair Brickell are going to throw a wrench into Brickell’s typically lucrative condo market. Panorama Tower is adorned with a huge banner, boasting its status as the tallest tower in the South and Solitair unapologetically sprung out of nowhere, blocking the north-facing views of all of the unsuspecting buyers at Brickell Heights West. But these qualities actually have very little to do with the reason they will disrupt the rental market, at least for awhile.
Miami’s Fascination With “New”
From a marketing perspective, Panorama Tower and Solitaire Brickell have the upper hand since they’re the newest buildings in town… even if they are only a few weeks newer. The process happens quickly in Miami. We are already receiving significantly fewer information requests for buildings like SLS Brickell and The Bond, even though both buildings are effectively brand-new. In their place are people requesting information on 1010 Brickell, ECHO Brickell and SLS Lux… all of which are still preparing to be Brickell’s new newest new building.
Supply vs Demand
It’s the oldest rule in the investor’s handbook… supply vs demand, and we are about to see it in action. Between Solitair Brickell and Panorama Tower, we are going to see over 1,200 new options come available for the same number of new tenants who move to the area each month. That’s a flood.
Pair the flood of new inventory with Miami’s fascination with new things and you’ll start to see the writing on the wall.
Apartment Buildings Hate Vacancy
It is the #1 enemy of any rental investor… VACANCY. Ack! And could you imagine the pain of having an entire vacant building? To be clear, this is not the time to waltz into the rental buildings offering pennies on the dollar for a lease. The rental buildings price their inventory very carefully and offer attractive move-in incentives in lieu of lower rent.
Why This Is Not Horrible News For Rental Investors
Will there be an inventory glut? Yes. Will it pass? Yes.
The beauty of rental buildings is that they seek a rapid initial lease-up, so their investment is operating to the best of its ability. But once they achieve the sought-after initial lease-up, the buildings integrate into the normal neighborhood market, serving the procrastinating crowd (who needs to move in this week and doesn’t mind paying a little extra on a monthly basis in exchange for lower move-in funds). The condo market goes back to normal.
It is my advice that condo owners whose units are coming available should choose a new tenant before these buildings open, else you will have several months of a dry spell. Next year will be more balanced though.
Prices And Deposit Amounts For Panorama Tower And Solitair Brickell
Brickell’s rental market is about to get a lot more interesting. Just as the inventory at the new towers that have opened this year begins to be absorbed, two new rental towers are preparing to open, bringing over 1,200 new apartments to the market. We have fielded questions about Panorama Tower and Solitair Brickell for months, and finally have some solid details about what will be offered…
Panorama Tower
Panorama Tower, the tallest tower in Florida, is slated to open in January, but pre-leasing is already underway. The prices of the 868 foot tower are a bit higher than comparable towers nearby, but the move-in terms are far less expensive.
Deposits are only a half month’s rent, a sharp contrast to the full month that is expected when renting a condo. Approval is also granted within 2 business days rather than the 10-30 days that we commonly see in condo developments.
Prices start at $2,500/month for a one bedroom plus den with 1,100-1,200 square feet. Two bedrooms range from $2,800-$3,000/month and three bedrooms are 2,100 square feet and start at $6,000/month. The developer has been heavily marketing the project already for months with their “Brickellista” campaign, and 80 of the apartments have already been pre-leased.
Solitair Brickell
Seemingly popping up out of nowhere between Brickell Heights West and Brickell City Centre, ZOM’s 50-story/438-unit Solitair Brickell is preparing to open in November. Initially, the monthly prices will be discounted since the building will still be under construction, and the prices are very reasonable!
Studios will range from $1,600/month up to $1,900/month, one bedrooms from $1,850/month to $2,755/month, and two bedrooms from $2,500/month to $3,000/month. This project is also offering a 48 hour approval, and their security deposits are $350 for studios, $500 for one bedrooms and $700 for two bedrooms. They have just released their inventory, so don’t yet have enough pre-leases to give a percentage, but we expect to see the building fill quickly with prices and terms like these.
If you would like more information or a tour of the buildings, just let us know.
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