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.
Why Do Developers Put Trees On Top Of Buildings Under Construction?
There are many signs that a building has completed vertical construction. Of course, the scaffolding will be removed and there is a celebration/media event, but there is also one lonely tree on the top level. Many people have asked why developers leave those trees on top, and it is quite interesting.
The construction tradition dates back to pre-Dark Age Scandinavian cultures and was thought to appease the tree-dwelling spirits of their ancestors who were now displaced because the trees were cut down. It would also ward off evil spirits from those who ultimately inhabited the structure. The first record of this tradition dates back to 700 A.D.
In modern times, the tradition is continued to acknowledge a smooth construction process and is typically a media event celebrating the project. Even if builders today do not believe in tree-dwelling spirits, the tree symbolizes good luck for future residents, continued growth and celebrates their achievement of completing vertical construction.
When the tradition began, builders used pine trees for the celebrations, many times Christmas trees. In modern times, many different types of evergreens are used. Pine branches are still used in Northern areas of the US, Danish people use Evergreen garlands and it seems only appropriate that we should use palm trees in Miami. Above, you can see the palm tree atop Muse Residences in Sunny Isles. It doesn’t look too happy on top of the 49 story tower, but the residences will have good fortune still.
A closer look at Muse Condos’ Top Off Tree via Goldendusk Photography
Brickell Heights’ top off tree is faint, but is there on the East Tower via Goldendusk Photography
Inside ECHO Brickell: Construction Tour Of The $42 Million Carlos Ott Penthouse
ECHO Brickell is topping off this week and we were lucky enough to be the first to get a hard hat tour of the 57 story project, including the Carlos Ott penthouse. The penthouse covers the entire 56th & 57th floor and is the most dramatic, most expensive penthouse in the history of Brickell.
With over 10,000 interior square feet, the residence will have 4 bedrooms, 7.5 baths, a den, fitness center, service suite and 30 foot indoor lap pool and spa overlooking the Biscayne Bay. In the video, you can already see the dramatic 14 foot ceilings and double height living room, giving the living room a 28 foot ceiling with floor to ceiling windows. The project will offer top of the line biometric security for the elevators, a dramatic 50 million gallon fish tank in the lobby and round the clock concierge services. The penthouse is custom designed by Carlos Ott and is priced at $42.2 million.
Here is a video of our hard hat tour of the penthouse. Please remember that this is a raw video of the tour and the property is still very much a construction site.
Here is a virtual tour of what the property will look like once finished.
Stay tuned to the blog as we post construction tours of other units to celebrate ECHO Brickell’s milestone! There are 13 remaining purchase opportunities with prices starting at $2 million.
Paramount Miami Worldcenter Adds Indoor Observatory to Rooftop Sky Deck
Paramount Miami Worldcenter’s upcoming rooftop ‘Sky Deck’ complex will a little less open to the sky, with the luxury condo tower’s latest design tweak, made by developer Dan Kodsi. The Real Deal got the low-down from Dan. A portion of the multilevel, yacht-like complex of decks, pools, and lounge areas that is going at the tower’s top is being enclosed in 12-foot floor-to-ceiling glass, with panoramic views. The new observatory’s telescope (Telescopes? A new rendering shows more than one) will connect to a large digital screen, for group sky-gazing. Finally, a specially added glass elevator just off the 56th floor lounge will take those ‘looking up’ to the 1,200 foot observatory on the building’s 60th floor. Paramount construction, meanwhile, is still in the very early stages, leaving plenty of time for design tweaking like this.
Paramount Miami Worldcenter Construction. Photo by Michbelle La Llave.
