One Thousand Museum Tops Off; Stunning New Renderings Released
Sky Lounge
On February 3, 2018, One Thousand Museum officially topped off, marking a major milestone not only for construction of the elaborate and intricately designed tower, but also for the city’s ever-expanding skyline. “We’re now one step closer to revealing Zaha Hadid’s forward-thinking design,” says co-developer Louis Birdman. “Even in its current state, the building already stands out as the most iconic architectural work on Miami’s skyline. We’re excited to have developed something so unique and special for Miami.”
The developers of One Thousand Museum will celebrate their milestone accomplishment this week with a private evening event on the rooftop of the Frost Science Museum, located across the street from the project. Attendees will enjoy unobstructed views of the tower, flowing champagne, and passed hors d’oeuvres.
The process of constructing One Thousand Museum has been arguably one of the world’s most challenging builds. According to a recent press release, “the project’s curved exoskeleton is comprised of 5,000 pieces of lightweight glass-fiber reinforced concrete (GFRC) manufactured in and imported from Dubai. This is the first skyscraper in the world to utilize GFRC as a permanent formwork in the construction of the tower’s structure.”
While developer Louis Birdman had the foresight for One Thousand Museum and Pritzker Prize winning architect Zaha Hadid had the vision, general contracting firm Plaza Construction played an instrumental role in making both a reality. “This is a project that will not only enhance Miami’s skyline, but also redefine the standard of luxury for residential projects,” said Brad Meltzer, President of Plaza. “We do not shy away from challenging projects, as such we were immediately interested when we saw the overall complexity of the job. To date, the project team has faced some major tests, but the project has remained on schedule and we’re looking forward to the successful completion.” To learn more about the complexity of this groundbreaking process, make sure to watch “The Scorpion Tower” episode of Impossible Builds, a PBS documentary featuring 1000 Museum.
Now that the “heavy lifting” has been completed, it’s time for the building’s interior build-out to begin. For those who can’t wait to see the finished product, perhaps these newly released renderings will sate your appetite. Enjoy!
aquatic center
fitness center
spa
sauna
lobby
pool deck
pool deck
Icon Brickell Pool Deck Slated to Reopen April 1st
The pool deck at Icon Brickell has been closed for renovation and repairs since December 5, 2016. Originally, the plan was for it to reopen by December 15, 2017. However, due to Hurricane Irma, along with other unforeseen circumstances, construction was delayed. According to a recent email sent by the Icon Brickell Master Association Board of Directors, the new anticipated opening date is April 1, 2018, barring any additional delays due to the weather.
Below is the update that was emailed last week to Icon Brickell owners and residents:
As we are entering into the final stage of our pool deck project, we wanted to provide you with an updated schedule for completion. Due to a couple significant events that were beyond the control of the Association and the Contractor, including the hurricane and unforeseen construction items, we were not able to meet our original target date to reopen the pool at the end of 2017. That said, we have been working diligently with the construction team and consultants to get this project across the finish line. At this point, based on all available information, we are anticipating an opening date of April 1, 2018, assuming we don’t have a significant number of rain days between now and then.
As you may have noticed, there is now water in the pools. We are in the process of flood testing the pools to ensure the construction has been successfully completed in a way that meets code and will provide a long-lasting end result. The Contractor is also completing the electrical wiring and will start installation of lights shortly thereafter. Lights will be installed on the observation deck first, followed by placement of the wall sconces and the bollards. In addition, we are making strong progress with respect to the landscaping. Three more trees remain to be planted, and immediately following that completion, we will move on to reinstalling the large decorative pots.
Lastly, some of you have asked what will become of the space previously occupied by Café icon. The Board, and residents present at the last Master Board meeting, recently saw three presentations from potential operators for the space. The Board has asked each of them to provide additional information before a decision is reached at an upcoming Board meeting.
We are very cognizant of the need to return the pool deck to operation, but also the necessity to deliver a space that provides for the optimal enjoyment of residents at a reasonable expense. Accordingly, now is not the time to cut corners, as we want to do everything possible to avoid having to deal with this inconvenience again for a long time to come.
900 Biscayne Bay Pools Close for Renovation
According to a notice that was sent earlier this week to all 900 Biscayne Bay residents, BOTH of the building’s pools will be closed from Monday, January 29th, to “sometime in October of this year”. The closure allows for work to commence on the “Pool Deck Restoration Project”, which was approved last year. Designed by ArquitectonicaGEO, the restoration project will include new lush landscaping, resurfacing, new furniture, the addition of a BBQ area, and an extension of the upper pool deck.
In the meantime, the condominium association has made arrangements with the Intercontinental Hotel, located next to Bayfront Park, for residents of 900 Biscayne Bay to use their pool. As to how this news will impact prices in the building, only time will tell.
Bitcoin-denominated Penthouse Switches to U.S. Dollars
Well, that didn’t last long! The Bitcoin-denominated penthouse at Platinum Condominium has switched its denomination to U.S. Dollars. With Bitcoin’s recent plunge in value and high-risk volatility, this should come as no surprise. As of today’s trading, Bitcoin had lost 50 percent of its peak value set just last month.
The asking price of the penthouse is now quoted as $525,000. Had it remained listed in bitcoins, the price would be roughly equivalent to $355,000…$170,000 less than its current asking price but still $40,000 more than what the seller paid! The owner of the penthouse purchased it for $315,000 about one year ago.
Perhaps Bitcoin had its shining moment but, today, it’s all about the Benjamins baby!
Monthly Assessments at 900 Biscayne Bay Drop 12 Percent Year-over-year
The owners at 900 Biscayne Bay received highly favorable news heading into the new year – their monthly assessments would drop 12 percent when compared to the amount that they paid throughout 2017. A big reason for the unusually large reduction was the $15M that the condominium association received last year as part of the settlement agreement resulting from 558 construction defect litigation it had with the developer and other related parties.
That litigation had been a thorn in the condominium association’s side, but now, with such a sizable settlement, they can make some nice improvements to the building. They recently updated the spa and, later this year, will begin renovation on their pool deck.
The monthly assessments at 900 Biscayne Bay are now at 74 cents per square foot, which is outstanding considering the level of amenities and services that the building offers. Below are the 2017 vs. 2018 condo dues for three of the 1 bedroom lines at 900 Biscayne Bay:
03 line
2017: $765.85 per month
2018: $673.25 per month
05 line
2017: $780.16 per month
2018: $685.80 per month
07 line
2017: $787.72 per month
2018: $692.45 per month
Grammy Award-winning Artist Timbaland Snags “Mansion in the Sky” at Aria on the Bay
Timbaland – the Grammy Award-winning artist – is in contract to purchase a “Mansion in the Sky” at Aria on the Bay – at least according to the Instagram account of John Parsiani, the Senior Sales Executive for the development:
The caption of yesterday’s post reads: I’m delighted to welcome 4 time Grammy Award Winner & Legendary @timbaland to his new #MansionInTheSky at #AriaOnTheBay.
The #MansionInTheSky hashtag is typically reserved for penthouse condos or condos with very large floor plans. Besides PH1 and PH2 at Aria on the Bay, which each have roughly 7,800 total square feet, the next largest floor plan in the building has just under 3,000 total square feet – not exactly a “Mansion in the Sky” if you ask me. Therefore, one could assume that one of two things has taken place: (1) Timbaland has under contract the last remaining penthouse at Aria on the Bay – PH2, or (b) Timbaland took over the contract for Giancarlo Stanton’s penthouse – PH1.
As you may recall, last year, it was reported that former Marlins slugger Giancarlo Stanton was in contract to purchase PH1 at Aria on the Bay. The contract price has not yet been disclosed, but, at the time that Stanton put that property under contract, PH2, a three-story penthouse of the exact same size but located on the northeast corner of the building, was available for $6M. It was the last remaining penthouse at Aria on the Bay. My guess is that Timbaland snagged PH2. Stanton may have been traded to the Yanks but, at $325M, he’s also the holder of the largest sports contract to date. And that’s before taking into consideration the money he makes from endorsements. $6M is a drop in the bucket to him!
According to public records, Timbaland, whose real name is Timothy Mosley, currently resides in a luxury home in Pinecrest. He previously owned a condo at Murano Grande, which he sold in 2013 for $4.8M. I guess he’s missing that condo life! I don’t blame him!
Marquis Residences Condo Owned by Mario Chalmers Back on the Market with 11% Price Reduction
After being on and off the market for the past 3-plus years, the 5 bedroom condo at Marquis Residences owned by former Miami Heat player Mario Chalmers is back once again…but this time priced at $2.66M – that’s an 11 percent reduction from its previous list price of $2.99M, and 33.5% off its original list price of $4M set back in August 2014.
The two-story residence, located on the 49th and 50th floors of the northeast corner of the building, has 5 bedrooms and 5 bathrooms with 5,475 interior square feet, a game room, wet bar, and soaring 20-foot ceilings. It boasts views of the Atlantic Ocean, Biscayne Bay, and the Miami Beach skyline. The Mario Chalmers residence also includes 4 assigned parking spaces.
The new list price equates to $486 per square foot, which is much lower than where comparable two-story units have recently sold at Marquis Residences. Unit 6101, a two-story residence located on the northeast corner of the building, sold just weeks ago for $716 per square foot. Hopefully four times will be a charm for Mario Chalmers!
Zaha Hadid’s Personal Beachfront Residence To Come Back To Market
After nearly a year on the market, Zaha Hadid’s customized home in South Beach’s W Hotel is going to be re-listed with an enormous price reduction. It had been listed after her sudden and untimely death in the Spring of 2016 for $10 million, but there were no takers.
It hasn’t officially been re-listed yet, but the Wall Street Journal has reported that it will be coming back on the market at $6.5 million, a 35% reduction from the original price. Neither price included the furnishings, but most pieces could be negotiated separately through her estate trustee. There are a few pieces of artwork/exceptionally unique pieces that the estate prefers to hold on to.
The Pritzker Prize-winning starchitect purchased two beachfront units at the W, which is located between The Setai and Faena House at 22nd Street on Miami Beach, in 2010 for $2,785,000. She then combined them and added her unmistakable personal touch.
While I imagine there will be a new set of photos unveiled any day now, let’s have a peek at the listing photos from last year..
The Ultimate Market Stat Monday: Downtown Development Authority’s Mid-Year Report
Despite the fact that many media outlets and whispers in the marketplace would leave you to believe that the cards are stacked against us in the Miami condo market, things really aren’t so bad according to the Downtown Development Authority (DDA) Mid-Year 2017 Report. As they state in the report, “2017 has not been the best of times, but it hasn’t been the worst of times either.”
I have included the full 28 page report below, but also a synopsis…
RENTALS
The report separates the rental market into two sub-categories. Conventional rentals are the rental-only buildings that are all managed by one company. 2017 has brought 969 new rental units to the market, leaving just under 3,600 under construction. The condo rentals are considered shadow inventory since there is no way to tell whether a unit would be a rental, resale, or final sale until after delivery.
Amazingly, despite increased inventory, rental prices have increased slightly in conventional rental communities. I had previously been skeptical about the rental community market with so much inventory going up, but our neighborhood is very attractive and people are flocking in.
The segments of the rental market showing the biggest price gains are 1 bedrooms and 3 bedrooms, showing 3.4% and 3.6% growth since last year respectively. Studios are showing a slight decrease in price, but I suspect that this is due to the fact that tenants who would typically take a studio are now taking one bedrooms. Three bedrooms are less plentiful in the neighborhood, so are almost always a good investment opportunity.
PRE-CONSTRUCTION
The market in new developments is also hanging on. The researchers report that 2016 and 2017 YTD have garnered about 50% of the sales experienced in 2015, which experienced 25%-50% less than 2014. It’s undeniable that things have changed, but we will survive and the projects will be sold.
While the market has slowed markedly, projects that are currently under construction and 55%-60% sold do not seem to be in distress, according to the researchers.
One submarket that could flourish in the upcoming 18 months is the smaller-scale boutique project market. According to the report and our experience, these developments tend to capitalize on infill lots between the larger developments and do very well when the larger buildings slow down.
RESALES
Our resales are facing a tremendous amount of inventory with a 6% decline in overall pricing since last year. From July 2016 to June 2017 there were an average of 99 resales sold. That rate needs to be raised by an additional 500-700 listings sold per month to reach pricing equilibrium.
The conclusion of the report is that because so many new construction projects continue to be delivered and fewer projects are announced, we could see some stability in 2018 if nothing crazy happens.
New Renderings Emerge Of PMG’s New Supertall Condo Tower At 300 Biscayne
Property Markets Group has revealed renderings for their new super-tall tower that will be constructed at 300 Biscayne Boulevard in Downtown Miami. The project will be named 300 BiscayneWaldorf Astoria Hotel and Residences, according to their new website and the renderings were produced by ArX Solutions.
A sales center is currently under construction on the site that is expected to open in early 2018. Once completed, the tower will offer a five-star hotel and residences in the tallest residential tower south of New York City.
Although approval has not yet be granted, the developers have submitted a request for approval of a 1,041-foot tall tower with 88 stories.
