I recently had the pleasure of attending a group tour of the 49th floor at Panorama Tower: the 85-story mammoth development located at 1101 Brickell Avenue, encompassing a newly opened luxury rental community, along with (eventually) hotel, retail, and office space. Given that the building received its first TCO (temporary certificate of occupancy) only a few days prior, I was told that it was a special VIP treat to get a ride up the elevator and actually view rental units in person. While a construction manager escorted us to the appropriate floor, the leasing specialists delighted in no longer needing to don hardhats and work boots to visit the tower, also noting that air conditioning was a brand new addition.
Even completely empty, the 2-story lobby felt every bit as grand as it should in a building of this magnitude, as did the enormous porte-cochere. The elevator ride to 49 was amazingly quick. The construction manager beamed with pride while he praised the elevator’s security features and explained that guests must be granted specific access in order to get anywhere in the building. While I can’t speak for the other sections of the building, the elevator lobby we used to access floor 49 housed a total of 8 high-speed elevators. According to the floor plan map in the brochure, floors 23 through 51 (otherwise known as City Levels) offer only 1 and 2 bedroom residences – whereas floors 53 through 84 (the Sky Levels) offer 1, 2, and 3 bedroom units.
The 1 and 2 bedroom floorplans I viewed were surprisingly spacious. Whereas new construction condos in Brickell seem to trade living area for amenities, at Panorama, I found large living rooms, bedrooms, closets, and dens. Though kitchen islands were somewhat brief, overall kitchen storage seemed adequate, and the quality and colors of the finishes rival some of the pricier new buildings of greater downtown Miami. Floor to ceiling glass highlighted some breathtaking views of Biscayne Bay and Coconut Grove, and I couldn’t help but wonder how they’d look from the 85th floor. The 868-foot tower is currently the tallest residential tower south of Manhattan, so views that high will stretch as far as the eye can see.
All in all, I was impressed by what I saw on the 49th floor of Panorama Tower (especially of the floor plans and views) and would be excited to see more. I was told that amenities will be opening over the next few weeks, including a pool on the East side of the building that will be shared with the onsite hotel, and a larger one on the Westside that will be exclusive to residents. Other amenities include a poolside cafe & bar, fitness center, spa, yoga & pilates studio, two social lounges, a “muse” room/music studio, three private movie theatres, private dining and entertainment rooms, children’s playroom, personal wine lockers, billiards room, onsite pet daycare/grooming/boarding, and a cyber cafe/coffee bar.
The leasing specialist mentioned at the end of our tour that pricing will be going up next week, but at the time of this writing, the most affordable unit available is a 1 bed plus den, 1.5 bath residence on the 30th floor, featuring city views and 1,161 square feet for $2,856 per month. The most affordable unit on the water-facing side of the building is a 1 bed plus den, 1.5 bath residence for only $2,912 per month, with 1,142 square feet and located on the 34th floor. I was also told that previously scheduled move-ins were just beginning, and that depending on the unit, some of the earliest available move-ins going forward would be mid-July. To learn more about renting a luxury apartment at Panorama Tower, contact [email protected] or call 305-428-3860.
SLS Lux Brickell Hotel To Open June 4th
In a newsletter sent yesterday to owners of the newly opened SLS Lux Residences, it was announced that the SLS Lux Brickell Hotel will open on June 4th. The poolside bar located on the 9th floor of the building will begin operation that day as well, with food and beverages available for purchase to residents and hotel guests.
SLS Lux Brickell Hotel guests will have access to a myriad of amenities including: a 75-foot lap pool, separate 112-foot beach-entry pool, poolside cabanas, poolside bar, state-of-the-art fitness center, full-service spa, full-service concierge, and much more.
Fleming’s Prime Steakhouse & Wine Bar at Brickell World Plaza Opens March 26th
The classic and nationally acclaimed Fleming’s Prime Steakhouse & Wine Bar is set to join a long list of first-class dining options located in the Brickell neighborhood later this month. Fleming’s at Brickell World Plaza will open its doors on March 26th, offering guests an award-winning wine program, local chef features, prime cuts of meats, chops, and poultry, and hand-crafted cocktails.
The impressive, two-story glass storefront is located at 600 Brickell Ave, Suite 150, less than a block from Brickell City Centre. The space features a 12-foot high all-glass wine room, vaulted ceilings, and an ambiance that is comfortable, yet sophisticated. The main dining room will offer booth seating and views of the kitchen. A beach-inspired quartz stone will welcome guests to the bar, and a convertible patio will serve as an outdoor dining area. Fleming’s has also commissioned three large paintings from Miami-based artist, Alex Mijares, as well a piece from Cuban-born Mari Carmen Fernandez that is 20 feet tall.
From weekday lunch offerings, to VIP dining and private events, Fleming’s will suit nearly any occasion. “Prime Happy Hour”, weekdays from 5-7pm, will no doubt become a Brickell night-life institution; along with Fleming’s “Late Night Lounge”, open Sunday-Wednesday until 12am and Thursday-Saturday until 1am.
Chef Partner Carlos Sanz and Operating Partner Edward Everette will lead the new restaurant, adding to the 70 Fleming’s locations nationwide (and one in São Paulo, Brazil). We think the well-known and highly praised Fleming’s Prime Steakhouse & Wine Bar is the perfect addition to Miami’s downtown professional and banking district, and can’t wait to check it out ourselves!
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)
Miami is Getting its First Italian Food Hall
Whether you’re on the run looking for a quick espresso and freshly baked bread or looking to indulge in wine tastings and cooking classes, La Centrale – located at Brickell City Centre – will soon be able to offer you all of this and more.
The three-story, 38,000-square foot space will be comprised of 14 different dining areas, offering a wide variety of Italian treats. The first floor will be home to a café, mercato and pizza bar. If you’re looking for more of an authentic Italian meal, the second floor will have three Italian restaurants and gelateria – because you simply can’t have an authentic Italian meal without gelato! Finally, the third floor will have a wine shop to go along with wine tastings, and cooking classes led by experienced chefs.
At La Centrale, you’ll be able to enjoy different regions of the peninsula known as the “Bel Paese”. From Tuscany and Sardinia to Sicily and Puglia, the many tastes of Italy will be yours to savor!
Casa Tua Cucina in Brickell City Centre is Officially Open
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.
Rosetta Bakery From Miami Beach Plans Two Brickell Locations, One Downtown
Miami Beach’s Rosetta Bakery is gearing up for a HUGE 2018 with seven new locations opening up around the Miami area, according to the Miami New Times. Three of those locations are slated for the Greater Downtown Miami area.
The first Brickell location will be in the base of Brickell Heights’ East Tower, just around the corner from Equinox. The apartments at this location range from the high $300,000’s to $2.8 million for purchase, or $2,000 per month to $11,000 per month for rent and just came available this past summer.
Next, a location will open in the retail space at ECHO Brickell, which opened just last month. The apartments here range from the high $800,000’s for a one bedroom to $4.2 million for a duplex (two-story) three bedroom. They also have a custom-designed penthouse that asks $42 million!
After the two Brickell locations are open, a grab & go kiosk will open in the Miami Central Station in Downtown Miami. We don’t have a date for this just yet, but are very much looking forward to the Brightline link between Miami, Broward, Palm Beach, Orlando and beyond!
The idea behind Rosetta is to offer high-quality, fresh bakery items and coffees quickly and affordably. There aren’t any frozen bakery items, everything is made in small batches by Italian chefs that have been brought here from Italy to share their craft with Miamians. In addition to the sweet pastries and fruit tarts, there will also be savory sandwiches. If you would like a preview of the fare, visit their flagship store at 16th and Collins on Miami Beach.
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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…
