Approval Received for 87 Condo Tower in Coral Gables
A 16-story condo development by Location Ventures has officially been given the green light by the Coral Gables City Commission this past Monday.
Location Ventures plans to construct an 87 condo tower on a 1.6-acre plot at 1505 Ponce De Leon Boulevard, as well as at 122 and 126 Menores Avenue. According to the meeting, the project would cost over $350 million and with only 87 condo units, the average price per unit would be north of $4 million.
The new condo would have 319 parking spaces, 10,500 square feet of retail space, and 87 homes in its almost 500,000 square feet. The fourth story would have an amenities deck. A full board room for private meetings, as well as a spa with a steam room and sauna, were among the features listed by Kapoor. Along Mendoza Avenue, there would also be a public dog park located outside the building.
The majority of the condos would have three or four bedrooms, with a few one- and two-bedroom apartments. According to Kapoor, prices would start in the mid $1 million level or roughly $1,000 per square foot.
The site is mostly unoccupied, however, there is a 1925 structure that is 5,736 square feet in size which Location Ventures consented to refurbish and restore that structure so that it might house restaurants.
The owner of Location Ventures, Rishi Kapoor, plans to partner with a high-end luxury brand to market and design the property but no luxury brand has been named in the agreement documents.
Location Ventures anticipates starting construction in late 2023 and starting sales this fall.
Cipriani Residences Receives FAA Height Approval for 3 Tower Project
As the approval and permit process continues for Miami’s newest luxury tower in Brickell, Cipriani Residences is one step closer to construction.
The developers for Cipriani has just received approval for the height clearance for the 3 tower development with one tower at 80 stories, one at 60, and another at 50 stories. According to the Federal Aviation Administration, the tower is approved at 940 feet above ground or 950 feet above sea level.
The two rental towers have a maximum height of 693 feet above ground.
Cipriani Residences Miami, located at 1420 South Miami Avenue in Miami’s renowned Brickell area, which will represent the famous brand’s elegant design and exceptional service.
Mast Capital paid $103 million, marking this transaction as one of the largest in Miami-Dade in 2021.
Cipriani is currently working with Mast Capital and Arquitectonica to bring this luxury building to life. Not only will the tower feature luxury amenities, but each residence will offer custom finishes and gorgeous designs.
The project will features 1,300 residential units spreading over the 3 towers, 18,300 sq. ft. of restaurant space, and 1,600 parking spaces.
For this specific project, Mast Capital has partnered with a private real estate equity firm, Rockpoint, which will be responsible for the multifamily component. Mast Capital will be utilizing MSD and CanAm for financing. Arquitectonica is listed as the architect for the project.
The groundbreaking for this project is anticipated for Q4 of 2022 with a completion date in 2026.
New Renderings Revealed for Brickell Gateway Miami
Gazit Horizon in collaboration with Atlantic Pacific, has recently released new renderings for the 61 story tower, Brickell Gateway in Miami’s Brickell. The developers for Brickell Gateway tower are also waiting on the county planners for final clearance of the project.
Located at 90 SW 8th Street next to Brickell City Centre, will be the Brickell Gateway Tower. The 377,000 square foot project will bring residential units, office spaces, a hotel concept, and retail to the neighborhood.
The final submission to Miami-Dade on July 22 states that Brickell Gateway will rise 747 feet above ground and comprise the following:
18,287 sq. ft. of retail space located on the first 2 floors
348 parking spaces
504 residential units
The developers are taking advantage of the property’s position in a rapid transit zone, which enables assessment by county planners, rather than going through the City of Miami planners.
Gazit Horizons acquired the land in July 2017 for $29.5 million and March 1, 2021.
Demolition on the site has been completed and once approved, the groundbreaking will be scheduled for Winter 2022. Corwil is listed as the architect for this project.
Legacy Hotel & Residences began selling in late 2019 and despite the pandemic, it is already entirely pre-sold, with $160 million in sales.
The luxury tower located at 942 Northeast First Avenue, will rise 55 stories making it the second tallest tower at Miami Worldcener. This mixed-use development will feature 310 residential units, 219 luxury hotel rooms, a business center, a medical office, retail space, and a rooftop atrium.
The residences will include studio to 2 bedroom floor plans with 368 to 964 square feet options. The units will be fully finished and furnished. One of the unique things about Legacy is that residents will be able to rent their units without any restrictions. This includes utilizing a short-term rental company, whether its the Legacy’s rental program, Airbnb, or VRBO
In December 2021, the developers for Legacy secured the construction financing marking it as the third-largest construction loan ever made in Florida at $334 million.
Construction is anticipated to be complete in 2024.
Related Group Officially Breaks Ground on District 225
The Related Group officially breaks ground on the 37-story mixed-use tower located in Downtown Miami at 225 North Miami Avenue, District 225. The building will feature interiors by the Meshberg Group and rising to a height of 394 feet, will have 343 units.
Also known as ‘The District,’ this tower will enter the market for condos that allow easy short-term rentals through websites like Airbnb, Vrbo, and Flipkey.
Studio apartments start at 446 square feet, one-bedroom apartments start at 557 square feet, and two-bedroom apartments start at 778 square feet. Prices for the apartments begin at $352,000 for studios, $385,900 for one bedroom, and $573,900 for two bedrooms. Each unit will be completely equipped and prepared for rental.
Amenities:
Resort-styled rooftop deck with a pool and spa
Fire pit
Bbq and kitchen areas
Views of Downtown Miami and Biscayne Bay
full-height indoor basketball court
Regulation-size racquetball court
Rock climbing wall
Co-working spaces with multiple seating options
High-speed internet connectivity
Private meeting rooms
Conference room
State-of-the-art fitness center
The Related Group along with ROVR Development and BH Group have been working tirelessly on the sales ever since the launch of the tower in 2021. Since then the development has 100% sold out.
Since the groundbreaking just happened, the developers are anticipating 2 years to fully complete the tower with a target of 2024 completion date.
Oak Road Equities Announces Plans for a 40 Story Tower at 2600 Biscayne
Oak Row Equities recently revealed that it had closed on the purchase of a 2.1-acre site on one of the final vacant city blocks in Edgewater. For $35 million, the company purchased 2600 Biscayne Boulevard in order to build a mixed-use building designed by Arquitectonica.
One of Miami’s most rapidly expanding real estate development companies, Oak Row Equities, has ongoing projects in Wynwood, North Miami Beach, Edgewater, and the Design District.
The company’s most recent acquisition is 2600 Biscayne Boulevard. The 2.1-acre lot in the highly sought-after coastal community of Edgewater has just been closed by Oak Row Equities. A mixed-use development with 399 condo units, roughly 160,000 rentable SF of office space, and 6,500 rentable SF of retail space is what Oak Row Equities intends to construct.
Tower Information
40 stories tall
399 class A residential units
160,000 rentable sq. ft. of office space
6,500 rentable sq. ft. of retail space
The proposed Brightline commuter rail is one block away from the location. Arquitectonica, a renowned local architectural studio, will create 2600 Biscayne. A third of the offices at 2600 Biscayne have already been pre-leased by Oak Row Equities. The development team includes LNDMRK Development, owned by Alex Karakhanian.
The Fairholme Foundation, run by Bruce Berkowitz, had previously intended to turn the site into a museum. In 2013, Fairholme spent $6.79 million to purchase the home.
830 Brickell Tops off Construction in Miami’s Financial District
As it nears completion later this year, Civic Construction has topped off 830 Brickell, Miami’s first Class A office tower to be constructed in the urban core in more than ten years, at 55 floors (724 feet tall).
In addition, 830 Brickell is the only Class A office tower being constructed in Miami’s Financial District at a time when national and international businesses are relocating and developing there. It was developed by OKO Group and Cain International.
Microsoft, Blackstone, Thoma Bravo, A-CAP, CI Financial Corp., Marsh Insurance, AerCap, and WeWork are just a few of the prestigious tenants that have signed leases on the 640,000 square foot office skyscraper, which is already more than 60% leased. One of the biggest airplane leasing firms in the world, AerCap, obtained a 20,000 square foot lease in February and will be moving its new offices to the entire 50th floor.
An investment company from Canada called CI Financial stated a month earlier that it would quadruple the size of its lease at 830 Brickell, increasing it from the previous 20,000 square feet to around 40,000 square feet for its American headquarters.
To house its Latin American regional team, Microsoft inked a lease for 50,000 square feet in September. Private equity firm Thoma Bravo also negotiated a lease for 50,000 square feet, beginning in the spring of 2021.
In Miami, where the city’s business-friendly atmosphere, quick population expansion, and appealing climate are promoting office investment and development, 830 Brickell is currently the largest office skyscraper under construction. As of June, the active pipeline consisted of nearly 2.4 million square feet of office space spread over 18 sites, according to data from CommercialEdge. The Brickell submarket and central business district saw the most of the construction.
In Miami, where the city’s business-friendly atmosphere, quick population expansion, and appealing climate are promoting office investment and development, 830 Brickell is currently the largest office skyscraper under construction. As of June, the active pipeline consisted of nearly 2.4 million square feet of office space spread over 18 sites, according to data from CommercialEdge. The Brickell submarket and central business district saw the most of the construction.
In a prepared statement, Vlad Doronin, chairman and chief executive officer of OKO Group, stated that 830 Brickell is meeting the needs of prestigious users from all over the world who are drawn to the tower’s new quality of construction, technology, and design-led services.
The $300 million construction loan from MSD Capital, secured in 2019, was used to fund the project, which was created by Adrian Smith + Gordon Gill Architecture. Once the COVID-19 pandemic started in 2020, building plans were modified to include the most recent health standards for heating, ventilation, and air conditioning systems, as well as contactless entrance and exit technologies. Construction started that year.
The property, which will be near the intersection of Brickell Plaza and SE 9th Street, will feature sweeping views of both the city and Biscayne Bay. Iosa Ghini Associati, an Italian architecture and design firm, is creating the interiors of the tower.
Building Amenities:
Rooftop bar/lounge
Fine dinning restaurant
Health and wellness center
Conferencing facilities
Outdoor terrace
Cafes
Street level retail
The Metrorail and Metromover, the Brightline, walking and cycling trails, and bay access points are just a few of the close transportation alternatives. Design District, Wynwood, Edgewater, and Miami Beach are just a few of the best residential and lifestyle neighborhoods in Miami that are close by.
Okan Group Officially Breaks Ground on 70 Story Okan Tower
On Friday, June 17, the community along with Miami notables gathered to witness the groundbreaking for Okan Tower, a new Downtown Miami megaplex with residences centered by a Hilton Hotel. The tulip-inspired design of Okan Tower, the largest Turkish investment in the United States, is a nod to the nation’s national flower.
This project will be Okan Group’s first development in the United States. Located at 555 North Miami Avenue, the 70-story Okan Tower, which will stand 902 feet tall, would rank among Miami’s highest structures. The tower has 64,000 square feet of “Class A” office space, 236 Short-Term Rental Residences powered by Hilton Hotels & Resorts, 163 Sky Residences with special owners-only facilities, and a 316-key Hilton Miami Bayfront Hotel with a full suite of amenities and entertainment spaces, etc.
The Okan Tower was created by the eminent architecture company Behar Font & Partners, whose stunning façade curves were influenced by the tulip, the Turkish flag flower.
The Okan Group manages a large portfolio of renowned mixed-use projects that have given the company a worldwide reputation in the construction, banking, textile, production, and tourism industries, among others.
Mayor of Miami Francis Suarez, former Turkish Prime Minister Binali Yildrim, Turkish Ambassador to the United States Murat Mercan, Turkish Consulate of Miami Feyza Barutcu Altug, former Turkish Consul of Miami Burc Ceylan, Miami Police Chief Manuel Morales, Commissioner Ken Russell, and Fortune International CEO Edgardo Defortuna were among the dignitaries present for the groundbreaking
Amenities:
24-hour reception and concierge
70th-floor rooftop pool and sky deck with private cabanas
12th-floor lap pool with clubroom and lounges
State-of-the-art health and fitness center with yoga studio, Peloton bikes, and fitness MIRROR.
Sauna, steam, and treatment rooms
Children’s sensory and playroom
Theater
Wine cellar
Owner’s lounge
The completion date for Okan Tower is set to be complete in 2026. If you or someone you know have an interest in purchasing at Okan Tower, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.
Related Group Proposes 15 Story Residential Development on Biscayne Bay in North Miami
The Related Group has officially submitted plans for a new development located in North Miami, Icon Residences. The development is projected to cost around $150-million and rise 15-story project sited on a one-acre tract of land at 2305 NE 123 Street. The site currently is occupied by the two-story White House Inn, which was built in 1969, closed in 2014, and vacant.
Icon Residences will feature 54 luxury residences, each costing an eye-popping $4.6 million, to be built right at the Shepard Broad Causeway’s entrance, with views across Biscayne Bay to the towers of Sunny Isles Beach to the northeast and due east across Bay Harbor Islands to Bal Harbour – as well as the yards and windows of the single-family homes of Keystone Point just north across the canal. The site would also allow for 184 feet of water frontage.
The Related Group is requesting that the city increase the building height limit on the land from 35 feet to 169 feet, which is the identical height of the Majorca Bay tower located at 11930 N Bayshore Dr., just a few blocks over. The entire height of Icon Residences would be 184 feet, including the 15-foot mechanical plant near the rooftop swimming pool.
Between the White House Inn site and Majorca Bay, related and other entities are considering or preparing a future skyline of structures of similar height. The White House Inn site is presently limited to 35 feet of construction under North Miami’s 2017 Comprehensive Plan, whereas the bayfront land to the south is permitted to 115 feet.
The Keystone Homeowners Association, which covers the area of more than 900 properties, held a full community meeting on May 19 in the recently opened Wildcat Center at 1600 NE 126th St. to discuss their frustrations with this project.
Pedro Gassant, a Holland & Knight partner representing the Related Group, made his best case, claiming that the Icon project would eliminate the vagrancy and illicit dealings currently plaguing the site and bring in $1.7 million in tax revenue in the first year and $45 million over 20 years for the cash-strapped city.
A 184-foot structure, according to Eric Riel, an urban planner who has lived within 500 feet of the projected skyscraper, is incompatible with the single-family dwellings shown immediately across the canal.
The new North Miami Planning Commission meeting is scheduled for June 28th at 7pm at North Miami City Hall.
Edgewater Tower Proposed by Aimco is Denied Approval
After a city of Miami board refused to recommend approval of Aimco’s plans for a luxury rental tower in Edgewater, the developer is determined to revaluate the development plans and come up with a solution to get these plans moving forward.
After identifying a number of “serious concerns” with the design, members of the Miami Urban Development Review Board voted on Wednesday to reject plans for the proposed mixed-use development across from Aimco’s Hamilton on the Bay tower. Despite the board’s rejection, Aimco can still seek approval for the project.
The board was initially split on whether or not to recommend acceptance of the proposals with conditions, with three members voting in favor and three voting against. As a result, the developer can either withdraw its application and start the process all over again, or the board can vote to decline the recommendation, allowing the developer to submit amended plans to the planning director for final approval.
Aimco’s attorney, Tony Recio, a partner at Weiss Serota Helfman Cole + Bierman, said the developer is examining the board’s ideas and looks forward to “addressing their criticisms with the planning director” as the project moves further. Recio submitted the concept to the board of directors on Wednesday.
Though they praised the project’s overall design, board members expressed concerns about circulation on the ground level, including how residents and restaurant customers would access parking, apartments, and the restaurant, as well as loading and trash collection, landscaping, and an oversized mail room.
At 555, 560, 600, 610, 620, 630, and 640 Northeast 34th Street, Aimco, a publicly traded multifamily real estate investment company located in Denver, has proposed a 60-story, 241-unit tower. On more than an acre of land, the construction would include a new parking structure and 4,700 square feet of commercial space for a restaurant on the bottom level facing the water.
Aimco has made a significant investment in Edgewater. It paid over $90 million for the Hamilton on the Bay rental complex, which is currently undergoing substantial renovations, nearly two years ago. A nearby vacant lot and a modest rental building were included in the purchase.
Following the cancellation of its tenants’ leases at the Hamilton last year, Aimco purchased premises across the street, where the new project would be built.
