In Downtown Miami, at 56 SW 1st St and 65 SW 2nd St, the 57-story M Tower is moving forward after construction plans were filed and renderings released by developers. The Miami Parking Authority and Downtown 1st Street LLC are collaborating on the creation of the M-Tower.
Last week, the developer filed the plans with the Urban Development Review board and those plans included some significant changes. The newly filed plans included a height increase from 49 stories to 57 stories.
The new plans also have an increase of 675 units, up from 404 apartments. There will also be 694 parking spaces in an 8-story podium connecting to a commercial space expanding 10,531 square feet.
Drive aisle, floor plans, and a parking reduction are among the zoning concessions that the developers are asking for.
Although an unlimited is permitted on the property, the Federal Aviation Administration would still have restrictions on the height.
Nichols Brosch Wurst Wolfe & Associates is listed as the architect. The next Urban Development Review Board meeting is scheduled for July 20th. If this new design is approved, construction would begin in Winter 2022.
Spinning Pan Am Globe Installed at Miami “World”center
Since the Miami Museum of Science closed its South Miami Avenue building in 2015, the enormous 1934 Pan Am globe of the world that once welcomed guests to the museum. The massive and vibrant sphere has since undergone substantial restoration, and it has been placed in its new, permanent outdoor location at the massive Miami Worldcenter complex in the Park West neighborhood.
In South Florida, the globe is a significant historical item. The former Pan American station on Dinner Key, which is now Miami City Hall, is where the 31-foot-5-inch, 6,500-pound globe was began.
Since moving it to the Frost Museum’s new facility would have been too difficult, the Miami Worldcenter will start spending $700,000 starting in 2020 to restore and weatherproof the globe with its original “approximately 1934” era lines.
A representative of the Miami Worldcenter stated “The Pan-Am globe depicts the world at a critical point in history – prior to World War II and when Miami was first realizing its position as a gateway for tourism and transportation.”
“It was important to the museum to find a partner that would care for this historic piece and ensure that the community can continue to enjoy this local icon,” stated the President and CEO of the Frost Museum.
Once complete, the Miami Worldcenter will feature 27-acres of retail, restaurants, shopping venues, and entertainment destinations. Retail will include 300,000 square feet of space and 40+ businesses.
Some notable retailers have already signed leases for the Miami Worldcenter which include Bowlero, Lucid Motors, and Sephora. Two luxurious restaurants are also named as the new lease holders, Maple & Ash and Laurel Brasserie. Maple & Ash is a famous Chicago restaurant that has now expanded to Arizona and now Miami. Laurel Brasserie is Miami Chef’s Michael Beltrans creation, with an anticipated opening date this summer.
CP Group and DRA Purchase Miami Tower for $163 Million
The famous Miami Tower was just purchased by CP Group and DRA Advisors for $163 million.
Since its completion in 1987, the 47-story office skyscraper by the late Pritzker-winning architect I.M. Pei has served as a landmark in Downtown Miami, illuminating Miami’s skyline with light displays.
The 636,000-square-foot skyscraper has 37 levels of offices, 10 floors of parking, an on-site Metromover station, and street-level retail space. It is situated at 100 SE 2nd Street, a block from the Miami River.
Leading hedge fund Citadel and its sister company Citadel Securities, a market maker, recently announced plans to move from Chicago to Brickell, Miami’s financial area. The company’s creator, millionaire Ken Griffin, paid $287 million for the office building 1221 Brickell and $363 million for a beachfront property on Brickell Bay Drive where he plans to erect an office skyscraper.
Miami Tower traded with a loss, as opposed to 1221 Brickell, which reported an 85% gain from its most recent sale in 2017. According to public documents, Sumitomo Corporation of Americas, the seller, paid $220 million for the property in 2016.
Losing a significant tenant contributed to Miami Tower’s depreciation. Last year, the law firm Carton Fields moved into the MiamiCentral building, leasing around 95,000 square feet. Currently, Miami Tower is only about 65 percent occupied, down from almost 100 percent in 2016.
According to a source, the property’s renovation by the new owners will probably cost more than $20 million.
The agreement is CP and DRA’s second joint venture in South Florida. For $320 million, New York-based DRA acquired CP’s majority ownership of the Boca Raton Innovation Campus office development. It continues to be the largest office trade in South Florida in terms of gross volume.
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.
YotelPad Has Officially Opened to Guests
As of yesterday, YotelPad has officially opened to guests for the first time since construction has been completed. Sales for the tower began in late 2020 and the development sold out within 15 months after breaking ground.
Developed in a joint venture between Aria Development Group and AQARAT, YotelPad Miami is located at 227 NE Second Street in downtown Miami. The tower include 231 residential units while the hotel features 222 hotel rooms.
Condo units that range from 417 SF studios to 708 SF two-bedrooms. These units are located on floors 15 through 30. There are also 222 hotel units branded by the Yotel Britsh chain that occupy the lower levels of the tower.
Although the units have sold out even without a parking garage, prices for the condo units ranged from $450,000 to $500,000 and the developers have confirmed that more than half of the buyers were from China, Mexico, and Columbia.
The units will also feature high-end appliances including an Electrolux washer and dryer, Grohe and Toto bath fixtures, Smart thermostats, Smart Lock System, and custom furniture packages.
Tower Amenities:
Elevated deck with pool, hot tub, and bar
Full-service restaurant and bar with outdoor paseo
Organic matcha bar
State-of-the-art fitness center
Private meeting rooms with co-working space
Valet parking
TransitScreen displays all your mobility options, in real-time
Private residential lobby with destination dispatch elevators
24-hour security and concierge
Secure storage unit for each residence
Enclosed bicycle storage
Skytop Lounge featuring a game area and chef’s kitchen
Digital package concierge
Stantec is the architect behind Yotelpad. Each unit offers carefully cultivated floorplans with integrated living and dining areas. The fully-finished interiors feature contemporary flooring with floor-to-ceiling glass windows with a European kitchen and baths showcase custom cabinetry with stone finishes as well as Smeg Designer Italian appliances.
540 Unit Tower Planned for Miami’s Art & Entertainment District
With plans for a 540-unit apartment skyscraper in Miami’s burgeoning Arts & Entertainment District, LCOR is making its South Florida development debut.
According to public documents, Pennsylvania-based, LCOR purchased 1.1 acres of land at 1775 Biscayne Boulevard from a corporation owned by Aventura orthopedic surgeon Barry Silverman and his wife, Judy Silverman. The location lies on the outskirts of Miami’s Edgewater district.
Webster Bank provided LCOR with a $33.4 million loan while Walker & Dunlop’s Keith Kurland and Michael Stepniewski represented them in the financing transaction.
According to the developer’s news release, LCOR has proposed a 40-story skyscraper with studios to two-bedroom apartments all equipped with stainless steel appliances, washers and dryers, and quartz countertops.
Amenities:
600 space garage
WiFi throughout the building
Gym
Rooftop pool deck
Outdoor patio
Grilling space
Tenant lounges
Co-working spaces
Conference spaces
Package retrieval services
14,000 square feet of ground-floor shops
The Silvermans initially planned a 53-story mixed-use skyscraper on the site with 444 residential apartments, 200 hotel keys, 45,600 square feet of commercial space, 64,500 square feet of office space, and a 546-parking garage through their V Downtown subsidiary. A Miami board approved the necessary exemptions for the construction in 2017, but the project was never completed.
LCOR’s first ground-up project in South Florida, according to the statement, but the business has been investing in the region and other Southeast regions for more than a decade.
According to its website, LCOR is a real estate developer, manager, and investor with a $9.5 billion portfolio of finished, under construction, and pre-development projects. The California State Teachers Retirement System, Ares Management, and PGIM are among its partners. LCOR’s CEO is Anthony Barsanti, and its senior vice president is Anthony Tortora.
Construction is anticipated to begin in early 2024 with completion in 2026.
One Thousand Museum has Officially Sold Out
One Thousand Museum has hit so many milestones since its inception in 2014. Just in the first month of sales in 2016, the luxury tower reached $30 million sold which remember 2022 tower sales launches. Now, One Thousand Museum has officially sold, solidifying the legacy of the late Pritzker-winning architect Zaha Hadid.
One Thousand Museum, also known as the Scorpion Tower, is a monument to brilliance and creativity, Through the views and design of Dame Zaha Hadid, it is a powerful physical statement about the soul of Miami.
With views of Biscayne Bay, the Atlantic Ocean, and Miami Skyline; One Thousand Museum is only minutes from South Beach and the Brickell financial district. This contemporary tower rises 60 stories with 83 total units; 4 duplex townhouses, 70 half-floor units, 8 full floor penthouses and 1 double story/full floor penthouse.
Two lower level floors are dedicated to an indoor/outdoor wellness and spa, as well as the rooftop featuring the Aquatics Center and Sky Lounge.
Developed by Louis Birdman, Gregg Covin, Kevin Venger, and Regalia Group, One Thousand Museum is South Florida’s first residential complex with its own rooftop helipad, allowing residents to quickly travel to adjacent islands, private and commercial airports, and private boats.
One Thousand Museum Amenities
A spacious fitness center with state-of-the-art strength and cardio training equipment
Spa with private treatment rooms, steam and sauna rooms, plunge pools, and relaxation lounge
Multimedia theater for private movie screenings, lectures, and presentations
Sun & Swim Terrace with pools, lounge chairs, cabanas, and poolside towel service
Aquatic Center with indoor, infinity-edge pool
Private dining room
Triple-height event space overlooking Biscayne Bay
Private rooftop helipad
Specialized security and valet personnel
Full-service concierge
Bank-quality vault with individual safe deposit box for every residence
One Thousand Museum Residence Features
Custom Italian cabinetry by Poliform
Fine quartz countertops by Silestone
Induction cooktop, oven, steam oven, microwave, dishwasher, and integrated coffee maker by Gaggenau
Refrigerator by Sub-Zero
Faucets and fixtures by Dornbracht, Duravit, and MTI
Interior doors by Lualdi Porte with door handles designed by Zaha Hadid
Custom-designed, Italian-made walk-in closets
Extensive state-of-the-art home automation by Crestron, allowing residents to control a range of in-residence applications including lighting, heating, air conditioning, audio, video, window treatments, and security
Oversized terraces
East-to-west flow-through floor plans
Demand for condominiums in Miami has increased within the past year. Residential home shortages, as well as an increase in relocations, are driving factors for this demand. According to Business Insider; bankers, fund managers, and executives are now moving to Miami from New York at an alarming rate. Luxury home sales tripled in December 2020 compared to the previous year and the future for this market looks even better!
Melo Group Tops Off on Downton 1st Tower
Downtown 1st, a 57-story mixed-use tower located in downtown Miami has officially topped off on construction just one year after its groundbreaking. Developed by the Melo Group, this tower is set to be the tallest that the developers have ever constructed.
According to Martin Melo, “After just a year from breaking ground, we are proud to top off. Downtown 1st is another project that showcases our compromise of enhancing Miami’s urban core and the continued activation of downtown Miami.”
Located at 30 SW 1st Street, Downtown 1st will spread over 743,073 square feet which will include 560 units (500,000 square of residential space), 12,930 square feet of office space, 2,925 square feet of ground floor retail and a 453 spot parking garage.
The units themselves will feature 1 to 3 bedroom layouts with penthouse options located on the top 2 floors of the tower. Units will range from 653 square feet to 1,200 square feet.
Amenities:
2 swimming pools
Landscape deck
Fitness center
Study rooms
Lounging areas
Spa
Completion of the tower is expected to be complete by the 4th quarter of 2022.
Melo has amassed a portfolio of over 6,000 condominium and apartment rental properties in the greater downtown Miami area since 2001. All construction and architecture are handled in-house by the fully integrated real estate development organization.
Closings Begin at YotelPad Miami
YotelPad Miami is one of the newest condo-hotel developments in downtown Miami. Sales began in late 2020 and the entire tower sold out just 15 months after breaking ground. Now, closings are beginning for the 31-story tower.
Developed in a joint venture between Aria Development Group and AQARAT, YotelPad Miami is located at 227 NE Second Street in downtown Miami.
The tower features 231 residential condo units that range from 417 SF studios to 708 SF two-bedrooms. These units are located on floors 15 through 30. There are also 222 hotel units branded by the Yotel Britsh chain that occupy the lower levels of the tower.
Prices for the condo units range from 4300,000 to $499,000 and the developers have confirmed that more than half of the buyers are from China, Mexico, and Columbia.
Stantec is the architect behind Yotelpad. Each unit offers carefully cultivated floorplans with integrated living and dining areas. The fully-finished interiors feature contemporary flooring with floor-to-ceiling glass windows with a European kitchen and baths showcase custom cabinetry with stone finishes as well as Smeg Designer Italian appliances.
The units will also feature high-end appliances including an Electrolux washer and dryer, Grohe and Toto bath fixtures, Smart thermostats, Smart Lock System, and custom furniture packages.
Tower Amenities:
Elevated deck with pool, hot tub, and bar
Full-service restaurant and bar with outdoor paseo
Organic matcha bar
State-of-the-art fitness center
Private meeting rooms with co-working space
Valet parking
TransitScreen displays all your mobility options, in real-time
Private residential lobby with destination dispatch elevators
24-hour security and concierge
Secure storage unit for each residence
Enclosed bicycle storage
Skytop Lounge featuring a game area and chef’s kitchen
Digital package concierge
According to the sales team, “YotelPad Miami brought the market what it demanded, and to be successful in sales we really had to embrace the local community.”
The hotel side of YotelPad is scheduled to open on June 1, 2022.
