Resales At 1010 Brickell Hit The Market As Opening Day Approaches
The amenity-rich, Fannie-Mae approved and much anticipated 1010 Brickell is finally preparing to open, bringing 387 new neighbors to Brickell. Although the closing letters have been sent out with anticipated closing dates in August, we have been informed by the developers office that those dates could be delayed into September if the TCO does not arrive this week or next.
As was to be expected after what we have seen in other buildings that opened over recent months, resale listings have already started to appear on the market. There are currently 10 active listings, priced between $571,000 for a 932 square foot 1 bedroom on the 31st floor, up to $1.8 million for the 3 bedroom penthouse. Almost half of the available resales are in the 01 line, the big northeast corner plan with 3 bedrooms, a den, 3 baths and over 2,100 square feet. They are listed for between $1,479,000-$1,639,000. You can compare all of the floor plans here.
Another thing that grabbed my attention is the pricing of these listings compared with the price list that we happened to save when the building opened sales in 2013. Many of these sellers are offering their units far less than they were offered from the developer, which leads me to wonder whether they REALLY need to sell, or whether the developer gave them a REALLY great deal.
We will be watching the closings very closely and scheduling a tour as quickly as possible so that we can figure out which it is! In the meantime, check out this amenity list! Wow!
Construction is moving right along at PMG’s super-luxury tower, ECHO Brickell this week, and the sign has now been installed. The logo is reminiscent of the building’s signature shape, filled with black glass tile and surrounded by slate. The awnings and lighting features are also being installed.
Construction began on the Carlos Ott designed tower at the end of 2014, and is expected to be completed at the end of this year. Earlier this year, we were lucky to receive a hard hat tour of the progress & the views, including the $42 million Carlos Ott Penthouse. Prices of available residences range from $1.9 million to $19.7 million including a handful of one-of-a-kind custom designed floor plans.
Paraiso District Construction Update: Paraiso Bay Closings Set To Begin September 2017
The Paraiso District is now 97% sold and on the verge of opening its first building. Here is a breakdown of each tower with current photos of their progress…
Paraiso Bay – Although previously announced as “Sold Out”, we have received word that one unit has come available. This one is an 05 line with a direct bay view. It has 1,326 square feet with 2 bedrooms, 3 baths and a den. It is being offered for $934,900.
We had previously heard that the building was set to open this month, but opening day has been pushed to September. Delays at the end of the construction process are pretty common, so we’ll be sure to stay abreast of any changes.
Paraiso Bay Homes – Although not as heavily publicized as the towers, the Bay Homes are probably my favorite phase of the complex. They are located directly across the driveway from the Paraiso Beach Club and directly under the pool deck for Paraiso Bay and GranParaiso (with their own entrance). They are townhouse-style beach homes with an average of 4,000 square feet and 3 or 4 bedrooms. There are currently 3 remaining that are priced between $1.9 million up to $2.4 million.
Paraiso Bayviews – The most affordable tower is also nearly sold out, with an anticipated opening of January 2018 after topping off in April. There are now 5 condo residences available and 7 penthouses. The prices range from $420,000 for a 1 bedroom plus den with a garden view to $650,000 for a 2 bedroom with sunset/skyline views. In the penthouse levels, remaining opportunities range from $630,000 to $1.6 million.
One Paraiso – In our most recent construction update, One Paraiso had just topped off with two opportunities remaining… a 1,680 square foot 3 bedroom, 3.5 bath with bay and ocean views for $1.45 million and a 4 bedroom, 4.5 bath penthouse with 2,850 square feet and bay/ocean views for $2.85 million. Both remain available with opening day projected for February 2018.
GranParaiso – The final tower to be completed is also the one with the most inventory to choose from. GranParaiso has currently reached the 46th floor of 53 total. We should see top off early in the fall and final completion in the Spring of 2018. There are 18 condo residences available, ranging from $960,000 for a 2 bed, 2 bath plus den with bay & ocean views, up to $1.88 million for a 4 bed, 3.5 bath plus den with the same view.
There are also four remaining penthouses from $2 million to $3.1 million.
For specific unit numbers and prices (if not listed in this post), just send us a message. We’re always happy to help. As for the Paraiso Beach Club and Amenity Complex, they are both coming along nicely and scheduled to open just in time for the first residents’ move-in.
L’Atelier in Miami Beach Receives $57 Million Construction Loan
North Beach’s L’Atelier Residences, which broke ground in December of 2015, has received a $57 million construction loan to carry them through to completion of the boutique oceanfront development.
The super-luxury development is currently in the vertical stage of construction and expects to top off later this year. Residences are expected to be delivered in 2018. The project is currently 80% sold, with 5 units remaining priced between $3.6 million up to $4.5 million for flow-through residence and the $25 million oceanfront penthouse with 8,000 interior square feet and 8,500 square feet of outdoor amenities including a rooftop terrace with a 40′ foot private pool.
Have a look at their sales brochure, with more renderings of the apartments and a preview of the interiors by famed designer Holly Hunt.
Currently on the 10th, going on 11th floor of vertical construction with over $300 million in signed contracts, Brickell Flatiron has unveiled their dramatic penthouse collection designed by famed Italian architect Massimo Iosa Ghini. The penthouse apartments are located on floors 50-64 of the 700 foot tower and include a wide variety of layouts.
Expansive single story residences are priced between $1 million – $2.5 million. Upper penthouse duplex and triplex residences are priced from $6 million to $15.5 million. The upper penthouses will include rooftop pools and summer kitchens in addition to the upgraded finishes in all of the penthouse units.
The upgraded kitchens have Snaidero motorized cabinetry with customizable cabinet colors, Miele under-counter wine coolers and integrated appliances. The laundry rooms are outfitted with Bosch washers and dryers that have anti-vibration and noise-suppression technology. Every penthouse unit is fully equipped with state-of-the-art technology systems, including a private wireless network and a secure smart-lock system.
Have a look also at the latest construction update video, shared with us by Chris Suarez, our representative for the development:
Fifteen Group Sells Downtown Miami Development Site For $37.25 Million
Fifteen Group has announced its sale of the FedEx building at 200 South Miami Avenue in Downtown Miami. They purchased the property in 2014 for $19 million and have now sold it for $37.25 million, according to their news release.
“This transaction is an excellent example of what Fifteen Group has been doing for years – acquiring undervalued assets and creating value through aggressive asset management,” said Justin Toal, Chief Investment Officer and Senior Principal at Fifteen Group in the news release. “In this case we were able to negotiate a long-term extension with FedEx at an attractive rent and subsequently offer an excellent product to the investment market. This is a highly desirable, urban core location with in-place entitlements for a high-density project. In the interim, the new owner has an investment grade tenant.”
The site is zoned for up to 2 million square feet and 1,395 units if the new owners choose to redevelop it. Otherwise, they have a long-term investment grade tenant. FedEx recently renewed their lease until 2029. Beginning in 2019, they will pay $14.82/square foot for the 110,000 square foot facility with 2.5% increases each year.
The Real Deal reported in May that a call for offers had been issued on the property and the expectation was that it could sell for as much as $40 million. You will recognize the site as the FedEx center just north of the I95 ramp to Downtown Miami. What do you think would be nice to build there?
Inside SLS Lux: June 2017 Construction Update
It has now been 6 months since we got to preview the views from the penthouses at SLS Lux with Carlos Rosso. Since then, they have been hard at work on the finishes and amenities in preparation for the big grand opening later this year.
Here is an update of their progress from Carlos’s Facebook.
This is a bath/shower of one of the suites.
An architectural accent in a hotel suite.
Katsuya and S Bar on the retail level.
Building the form set for the pool on the amenity level.
The Towering Tower Crane at SLS Lux Is Coming Down – How Do They Do That?
The tower crane that erected the nearly sold-out SLS Lux to its height of 60 stories is being removed this weekend. Allen Morris, the co-developer of SLS Lux has joked that the tower crane is the State Bird of Florida and while I chuckle, he does have a point. During the high point of the building boom, I’ve counted as many as 33 tower cranes in the skyline.
Many people have been curious about the process of building and disassembling such monstrous tools. How do you build something that is designed to build a building that tall? There is no tool tall enough or strong enough to take it down when the job is complete, so how do they do it? Interestingly enough, it takes itself down.
The tower portion (also called the mast) is designed in a way that it has a brace, allowing workers to raise the crane with hydraulics, then the crane lifts the next piece and workers slide it into place. This happens gradually as the tower rises, and then the opposite happens when they are finished. When the tower is low enough, a mobile crane will arrive and disassemble the rest.
Here is a short video that demonstrates how the cranes build themselves up:
Below is an image taken from Brickell Heights next door. You can see that the crane is being lowered for disassembly. The jib (arm) is moved into the North/South position so that it does not damage the building, and is slowly shrinking from its tallest height of 700 feet. According to the workers onsite, the process takes about a week.
SLS Lux is expected to open later this year. All of the residences and designer suites have been sold, but 2 penthouses remain available. We had the opportunity to preview the penthouse views when the building topped off in December.
Aria on the Bay Construction Tour
Today we were invited to take a construction tour of Aria on the Bay in the Omni District of Edgewater. I had been curious to see how the building would turn out ever since the day I first saw the renderings, and I was very impressed!
In touring with the developers, Martin and Carlos Melo, their passion and pride in their craft was evident. They seemed to genuinely enjoy giving the tour and were excited to go through the project with us, often pausing to tell the stories behind previous buildings they have built. Aria on the Bay is the first luxury condominium they have built in Miami, but they have built almost 20 buildings in total, typically rental developments that they hold and run. They explained that they build for what the market calls for, whether it be an affordable yet well-appointed apartment building attached to a metromover stop, or a glitzy waterfront development with private elevators, which is what we saw today. Here’s a preview of the residences, which will begin closings early in 2018:
The East view from the 51st floor
The East view from the 51st floor
The Northeast view from the 51st floor
The North view from the 51st floor
The South view from the 51st floor
The views checked out beautifully, and I was also impressed to see that even the residences on the West side of the building (facing Biscayne Boulevard, rather than the Biscayne Bay) also had partial bay views. Bravo!
The interiors of the units were still very much under construction, but some already had the kitchens and bathrooms installed enough to where we could see the quality of the finishes.
This is the vanity in one of the master bathrooms. You can see the cabinets are a textured wooden design from Italkraft and the vanity top is quartz. In the background, you can see the standalone tub. It was still covered to protect the fixture, so I didn’t take a direct photo of it. In the photo below, you can see the rendering of a similar master bathroom.
Here is the soaking tub in one of the guest bedrooms. It hasn’t been shined up yet, but you can see that it is nicer than the soaking tubs in the master bedrooms of some of the competing developments.
This is another guest bath in the same apartment.
Sadly, none of my kitchen photos came out very well, but the finishes are similar to the bathrooms with the same textured wooden paneling from Italkraft on the cabinets and the appliances. Here is the sample kitchen, which has been built out in the sales center.
The amenity deck was also very much still under construction, but I had to make note of how similar the pool deck came out when you compare it to the rendering. They elevated the jacuzzi so that when people sit in it, they can see over the glass and into the bay.
Another aspect of Aria that I was impressed with was their range of floor plans. Buyers have the option to pay a little more and live in the more exclusive East side of the building, that has private elevators and direct bay views. They also have the option to pay a little less and live on the West side of the building with semi-private elevators and partial bay views. Apartments with private elevators have two private elevator bays as well as a shared service elevator. Those with semi-private elevators have four elevator bays for eight apartments on each floor, so residents should feel comfortable that there are plenty of bays to eliminate wait times.
The project is currently 80% sold out and has a nice selection of availability in both sections of the building. For apartments with semi-private elevators, units are available from $433,000 – $597,000 and for apartments with private elevators and direct bay views, prices range from $794,000 – $1,769,900. Penthouses are priced upon request. Buyers of the penthouses will be able to say that the Miami Marlins’ outfielder, Giancarlo Stanton, who just signed the richest contract in MLB history ($325 million over 13 years) is their next door neighbor.
