Brickell City Centre Reach Tower Is Officially Open

At long last, Brickell City Centre’s first residential tower has opened! Reach Tower has received its certificate of occupancy from the city and closings have begun. The closings just began this week and the first residence to hit the public records was apartment 2109. That closed on Monday, April 11, according to The Next Miami.

Sources with the development have indicated an average sales price of $650/square foot for the 390 residences, 335 of which are currently under contract. The first investors to commit to the development were offered lower prices in exchange for believing in the project when it was in the conceptual phase. Apartment 2109 is a 2 bedroom with 1,501 interior square feet that closed for $884,300, or $589/square foot.

At the time of this post, we have not yet seen any of the apartments come to the rental market although they are expected soon. Some investors have mentioned to our agents that they intend to list the rental units for $3500/month for one bedroom options and $4500/month for two bedroom options.

The apartments are being delivered finished and ready for furniture, so we will not have to wait for interiors to be built out before seeing new neighbors occupying the tower. If you would like a tour of the development for purchase or lease, we are happy to arrange it.

East Hotel Taking Reservations Starting May 9, Reach Tower 95% Sold As Brickell CityCentre Begins to Open

Just three days after the ribbon cutting and official opening of Three Brickell CityCentre, we have exciting news about the other phases of the opening. All three remaining components of the much-anticipated development will be opened within the next six months. Here is the timeline we are working with:

Hotel: The East Hotel is currently accepting reservations with availability beginning May 9, 2016. Rates for the first night begin at $279/night including complimentary wifi and continental breakfast for two according to the booking section of their website. Separate packages are available for business travelers, offering a complimentary welcome cocktail, dry cleaning credit, wifi and continental breakfast for one.

Residential: Sales remain strong at both residential towers, Reach and Rise. Reach is currently 95% sold and awaiting their certificate of occupancy to begin closings this month. For buyers who wish to move-in within the upcoming weeks, a few opportunities remain with pricing averaging at $650/square foot. Rise tower is not far behind, boasting 50% sold status and similar pricing. We expect to see Rise opening later this year.

Retail: The impressive list of tenants have already begun their interior build-out to prepare for the grand opening of the mall, which is expected to be in September of 2016. The mall will be anchored by Saks Fifth Avenue and Cinemex luxury movie theater with a gourmet dining component. Other retailers will include Apple with their largest store in Florida, Valentino, Chopard and Lululemon. Sources have been buzzing since 2014 about the addition of an Eataly location although representatives of Swire have been unable to confirm this claim. Here is a full list of retailers that has been released by Swire.

Office: Three Brickell CityCentre was officially opened on March 1 with a ceremonial ribbon cutting attended by Mayor Regalado along with executives from Swire Properties and Akerman. Akerman is the anchor tenant of the office component of the development with 290 attorneys on staff. The new space will allow them to grow by 10%. Two Brickell CityCentre is the second office tower that is currently awaiting their certificate of occupancy.

It is important to note that these are prospective dates, considering everything goes as planned with the weather, contractors and permit delivery. We will be sure to be on top of any changes. Should you be interested in space in the residential, retail or office components, we are here to help.

Brickell Flatiron Issues Groundbreaking Notices; Construction Begins in March

Fans of Ugo Colombo will be overjoyed to hear that groundbreaking notices have been delivered to the buyers of Brickell Flatiron, the long-awaited project at 10th Street & South Miami Avenue in Brickell. According to the notices, the official groundbreaking is scheduled for March 16, 2016 although preliminary site work will be commencing immediately.

Locals will recall that this groundbreaking has been quite long-awaited. Ugo Colombo’s CMC Group purchased the site in 2013 for $21 million. In January 2015, the popular neighborhood restaurant/nightclub was closed to make way for the development. Since the closing and demolition, not much has been said with regard to the actual construction start date. The site has been used as overflow parking for the neighboring shopping center and restaurants.

This groundbreaking is very much a triumph for the neighborhood as Ugo Colombo is one of the area’s most celebrated developers. His previous projects have been among the most successful developments in the city and tend to hold their value through market fluctuations better than some of the competing buildings due to their quality and unique design. Some of his previous projects include Santa Maria, Bristol Tower and the Epic Hotel and Residences in Brickell as well as the famed Grovernor House in Coconut Grove.

One of the aspects that we appreciate the most from Ugo Colombo’s developments is that they have a more lasting effect on the skyline. Buildings that he built 10 or 20 years ago still appear brand-new in the skyline and do not show their age even as newer buildings pop up around them. The average resale price of Mr. Colombo’s developments stands at $757/foot over the last year, compared to $506/foot for the same time period for all buildings developed by The Related Group.

Purchase opportunities are still available at Brickell Flatiron, in the range of $600/foot depending upon layout and floor location. Residences will be delivered in 2018 fully finished with Italian porcelain tile. Contact us for details about the available opportunities or to speak about your specific needs for a condo.

Week in Review: Brickell Backyard Section of The Underline Receives Large Donation, Auberge Reserves 50 Units in 5 Days and Other News

This week brought great news for supporters of The Underline, a new park that is being developed beneath the Metrorail lines from the Miami River down to Dadeland. Each station is individually funded and the Brickell Backyard section received a $75,000 donation this week from local developers.

The Underline will begin construction in the Brickell phase and continue down 10 miles of the rail tracks. They have also secured $5 million in grants and funding from developer impact fees, Miami Dade County and Florida Department of Transportation. Friends of the Underline CEO & founder, Meg Daly hopes to begin construction by the end of 2016.

Residents of Brickell have been increasingly vocal over recent years regarding their desire for more park space but have lost out due to the laws of economics. The Underline is a solution that meets the needs of everyone involved, as the area underneath the rail tracks is not able to be sold and developed, but is available for public use. Think: the opposite of New York’s High Line… Underline will be a welcome addition indeed. [The Real Deal]

Speaking of the laws of economics, The Next Miami is reporting that the location of Brickell’s Burger King could face the wrecking ball in favor of a 960 foot tower. It appears that plans have been submitted to the FAA requesting permission to build up to 960 feet above sea level on the site.

Before you cancel your reservations on your north-facing apartments at Brickell Heights and hoard a box of Whoppers, let’s take a look at all of the evidence. Yes, a tower could be built on the land and this will likely happen one day. No, the Burger King strip center is not the highest and best use of the lot (particularly after Brickell’s recent growth spurt). We do believe that a tower will be built on the corner, but the likelihood of it happening anytime soon is very low.

The parcel of land at 10 SW 8th Street includes the Burger King on the east side all the way over to La Sandwicherie on the west side. The shopping center was last sold back in 2006 and no developer has been named for this proposed tower. Since shopkeepers in the strip center have been open about the fact that the building is being prepared for a sale, we sense that the proposal is simply a plan to increase the value of the lot in preparation for going to market. Whether or not the sale would happen quickly is another conversation altogether. For the foreseeable future, we will continue to enjoy our late-night La Sandwicherie subs in peace. [The Next Miami]

A little further north, Auberge Residences and Spa certainly had a large week. They released their first inventory on February 10 and successfully reserved 50 apartments in their first 5 days on the market! Given the feedback we have received, we hope that the lucky buyers who were able to secure a reservation hold onto their position when contracts are issued. Many people were disappointed to learn that certain floor plans have already been spoken for. Contracts are expected in late March. [The Next Miami]

While buyers were scurrying for opportunities in the Arts District, buyers of Miami Worldcenter have been scavenging for information regarding the revamped plans of their shopping center. This week finally brought additional details with renderings of the new open-air shopping concept that will replace the enclosed mall that was originally planned.

Some have praised Miami Worldcenter for their revised plans and some have begun to question the development. Have a look at the new renderings and let us know what you think… [Curbed Miami]

Week in Review: How to Avoid the Federal Disclosure Law for Cash Purchases and Other News…

Rendering from Paramount Miami Worldcenter

Week of January 17-23, 2016.

The US Treasury announced this week that starting in March, title companies will be required to disclose the identities of buyers to government regulators for all cash purchases above $1 million in Miami’s residential real estate market. They are hoping to put a stop to illicit funds being laundered through the cash purchases, but effectively are also spooking legitimate buyers who simply do not wish to have their buying habits publicly disclosed.

Fear not, fancy condo shoppers. The ink is not even dry on the new order and The Real Deal has already compiled a list of 7 ways that the rule can be circumvented. [The Real Deal]

Last week, the developer of Miami Worldcenter announced that it is scrapping the plans for an enclosed mall just days after Macy’s announced multiple store closings due to slow sales. After this announcement Taubman and Forbes cancelled their contract with Worldcenter, causing a flurry of rumors and news stories stating that the project would be scrapped. It turns out that everyone jumped the gun. According to the developer and this Taubman release, the project is not scrapped. The contract just needs to be renegotiated to reflect the new building plans. [Zacks]

While everyone was up in arms about the potential drama at Miami Worldcenter, Brickell CityCentre released their updated list of all retailers, shops and restaurants that will be opening with the mall. The shops will begin individual build-out soon and is scheduled to open later in the year. [The Next Miami]

In possibly the least surprising news of the week, Car2Go finally announced that they are suspending service effective March 1. They say that the reason for the service-shuttering is low ridership and high state taxes, locals have not wasted time or minced words with their own theories. It seems they have been in trouble with their client base for some time due to poor handling of a PR incident involving a drunk driving accident, not offering service in many important areas of the community, poor customer service and unreliable service. We think it can be easily explained by simple economics… why pay more to drive yourself in a shared smart car with a complicated service when you can pay less and have an Uber car pick you up at your doorstep and drop you off wherever you want to go? The choice is simple. [Curbed]

Miami Worldcenter Opts for Open-Air Shopping; Residential Amenities Remain Unchanged

News spread earlier today that Taubman has opted to turn Miami Worldcenter into an open air shopping mall rather than the originally planned enclosed mall. We found this to be great news, as open air malls have been more sought after by shoppers in recent years, leaving hoards of enclosed malls vacant and in need of redevelopment throughout the country. The open air plan will also likely be less costly to build.

The shopping center had been slated to be anchored by Macy’s and Bloomingdale’s, although it is not clear at this moment whether they are still on board. Just last week, Macy’s announced it would be closing 40 stores due to dismal holiday stores.

Construction is already underway on Paramount Miami Worldcenter, the luxury residential component of the development. Many people have contacted us regarding these changes and how they affect the condo portion. The developer has reassured us that the changes in the retail component will not affect the amenities slated for Paramount.

Related Group Construction Update

The Related Group is looking to start 2016 ahead of schedule. This morning Carlos Rosso, President of Related’s condo division, shared these construction photos of SLS Lux, Brickell Heights, SLS Brickell and the Paraiso mega-development.

Above, you can see Brickell Heights and SLS Lux. Brickell Heights is the two towers under construction in the center of the photo. The tower to the right is Brickell Heights tower 1. This phase is sold out except for a few penthouse opportunities, Brickell Heights 02 is 85% sold out with select residences and penthouses remaining for purchase. This project is scheduled for completion in late 2016.

SLS Lux is the shorter tower to the right of Brickell Heights. The construction began more recently than Brickell Heights and it is scheduled for completion in the fall of 2017. This project is nearly sold out as well with roughly 20 residences remaining and penthouses. Upon completion, SLS Lux will be 57 floors and Brickell Heights will have 49 floors in each tower.

Above, you can see SLS Brickell. This one is topped off just in time for the new year and has been sold out for some time with the exception of a couple of penthouse opportunities. The construction schedule shows SLS Brickell being completed in the spring of 2016.

Below is a great angle to see the impressive size of the Paraiso Bay mega development in Edgewater. This project features 4 towers on 4.6 acres that will begin to be delivered in late 2016. The four towers are Paraiso Bay, Gran Paraiso, One Paraiso and Paraiso Bayviews.

Bravo to Related for pushing the projects & heading toward the finish ahead of schedule! We can’t wait to see the neighborhoods continue to grow. We are happy to help should you be interested in any of the remaining opportunities in the projects.

Developers Offering Year-End Incentives to Close Out Projects

In an effort to hold the attention of buyers and sell as many apartments as possible before the end of 2015, developers are coming out with attractive incentives packages to help buyers decide to act now and close out their projects. Here are some of our favorite incentives from buildings that are currently under construction and selling pre-construction residences:

Brickell Heights – Related has lowered the down payment requirement to 30% from the original 50%. Prices of remaining inventory start in the $400,000’s.

SLS Lux – All of the condo/hotel apartments are currently under contract, but the developer is offering upgraded kitchens on the remaining condo residences and 30% down payment. The penthouse collection has recently been released and sales are almost finished. Prices start in the $600,000’s for the remaining units.

Paraiso Bayviews – All four towers of the Paraiso development are currently under construction and Paraiso Bayviews is 95% sold. For select apartments, the developer is offering a finishes package with porcelain flooring throughout. The prices currently start in the mid $500,000’s up to the high $600,000’s and penthouses are priced between $639,900 to $1.75MM. The developer has not officially offered deposit flexibility but has indicated that it is possible on a case-by-case basis.

Hyde Midtown – The construction of Hyde Midtown has only just started in recent months, but close out is fast approaching. Prices on remaining inventory start in the $400,000’s and the sales team has offered some flexibility on the 30% down payment on a case by case basis.

We were very happy to see these flexible down payment options, as it will make new condo purchases more accessible to those who hope to live in the apartments. The incentives also help to allow for the possibility of financing the condo purchases, which many people have inquired about yet been unable to easily attain until now.

Let us know if you or someone you know is interested in more information on these or other developments. We will have team members in Miami during all of the holidays and until the end of the year to help visitors by appointment.

Boulevard 57 Bringing Contemporary Design with MiMo Flare to Upper Eastside

Miami’s Upper Eastside neighborhood is preparing to ring in the new year with new neighbors… 107 new neighbors. Unitas Development Group is preparing to launch the sales of their MiMo-inspired midrise development at 5700 Biscayne Boulevard, appropriately named Boulevard 57.

Sieger Suarez was commissioned to design the development, bringing MiMo-inspired design with contemporary finishes and amenities. The project will be 8 stories tall with 107 residential apartments and 40,000 square feet of retail space on the ground level. It has been mentioned that the developers will be seeking a Trader Joe’s/Whole Foods type anchor for the retail space.

Despite previous reports that sales would begin in the summer/fall of 2015, the project will quietly launch in January 2016 with friends and family prices followed by a larger offering in the early spring. Residences will range from 1,100 square feet up to 4,800 square feet and penthouses will include rooftop pools looking out to the Biscayne Bay. Since the development immediately east of Biscayne is single-family residential, the upper floors will have views to the bay.

Boulevard 57 will tie together the historical MiMo District to the north with the booming retail area in the Design District to the south, offering high-end condos with high design, location and finishes. Prices are expected to range from $550,000 for  one bedroom residences up to $3,800,000 for penthouses with rooftop pools.

See below for additional renderings of the design: