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.
Week in Review: Brickell Backyard Section of The Underline Receives Large Donation, Auberge Reserves 50 Units in 5 Days and Other News
Brickell Backyard Section of The Underline Park
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: Brickell City Centre Reveals Climate Ribbon & Other News…
Week of December 6-12, 2015.
We survived the 13th Art Basel in Miami Beach, drawing record breaking crowds as well as record breaking rain. Despite weather and crowd-related delays and a bit of drama, the yearly art fair drew an estimated 77,000 visitors from around the world and the festival was a success. [NY Times]
Brickell City Centre put a pause on construction to host a beautiful party unveiling their $30 million climate ribbon. The ribbon is designed to filter the tradewinds from the Biscayne Bay into the development, cooling the shoppers and redirecting rain water to the landscaping. [Curbed Miami]
PMG gained approval to build a 1,049 ft tower at 300 Biscayne Boulevard. This would make the new tower even taller than the originally planned 93 story Empire World Towers that was previously proposed for the site. [The Next Miami] The original plan for Empire World Towers was abandoned after the original developers were sent to prison for tax evasion and fraud. [South Florida Business Journal]
Miami Riverfront land is one step closer to being a more usable & pedestrian friendly shopping/culinary destination. Riverside Wharf would have a fish market, restaurants and a public riverwalk. [Miami Today]
Speaking of the Miami River area, David Beckham finally found a spot for his new soccer stadium. The new & approved location is in Overtown, just bordering the Miami River District and close to highways, public transportation and Downtown Miami. The area has often been overlooked until now, we are excited to see the changes that the stadium will bring! [ESPN]
Moishe Mana has been busy in Downtown Miami. He closed on two more sites this week and now owns over 800,000 square feet of space in the area. We can’t wait to see his plans once he reaches his goal of acquisition in the area near Flagler Street in the historic area of Downtown Miami. [The Next Miami]
NetJet and Snarkitecture Customize Private Jet for Art Basel 2015
It has been estimated that 800 private jets have landed in Miami over the last few days, bringing hoards of art-loving visitors from around the world. Those who landed at the Landmark Aviation private jet terminal at Miami International Airport were greeted by their first commissioned piece right there on the tarmac.
Snarkitecture collaborated with NetJets to bring the piece to life for Art Basel 2015. The $40 million Global 5000 jet was wrapped in blue and white ombre wrapping that was inspired by the changing of the sky at dawn/dusk.
NetJets is a fractional ownership/jet leasing service that was the pioneer in executive charter jets. They were founded in 1964 and were the first executive jet charter service in the world. They operate a fleet of over 650 aircraft.
Snarkitecture is a Brooklyn, NY based practice that focuses on collaborations and design of existing spaces. They are not strangers to the Miami design scene, having collaborated in pop-up installations for Alchemist on Miami Beach, Design Miami and the Miami Marlins Ballpark.
IconBrickell Pool To Close For 12 to 14 Months
Residents of IconBrickell and the Viceroy Hotel (W Hotel) are in for a hot and dry summer, as their famed pool deck will be closed for renovations/repair. Our sources have confirmed that the Icon Brickell pool closing is expected to begin around February 2016 and the work is estimated to be completed in 12 to 14 months.
It has been reported that the Icon Brickell pool renovations will include re-tiling of the pool deck for safety reasons (because the tiles used by the developer are too slippery for use on a pool deck). Others have reported that leaks in the pool have caused damage to the spa and gym below; however, the management office has not cited at this time the exact reason for the closing.
IconBrickell opened in 2008 to rave reviews but few sales due to the economic downturn. The amenities in particular won awards and accolades for their grandiose, superb quality and design. Developed by Related Group, Arquitectonica was chosen as the architecture firm and Philippe Starck handled the interior design. IconBrickell was among the first condo developments to rebound from the economic downturn in Miami. Average sale prices for the second quarter of 2015 have been reported at $583 per square foot for the three towers or $796,000 and rentals have averaged $3,150 per month for the same period.
The pool closing at Icon Brickell has been well known among residents and the real estate community for several months. As such, listings at Icon Brickell have already begun to price in the negative impact that the pool closing is expected to have.
Mario Chalmers Traded to Memphis Grizzlies
Mario Chalmers has been traded to the Memphis Grizzlies along with forward James Ennis, according to league sources. The teams have scheduled a trade call with the NBA office to finalize the deal, which is reported to include Grizzlies’ guard Beno Udrih, forward Jarnell Stokes and a second round pick to the league.
According to Yahoo Sports, the trade deal will save Miami $6 million in luxury tax payments. What has not been disclosed is the future of Chalmers’ 5 bedroom condo in Marquis Residences. The 28 year old guard purchased the 5,475 square foot condo in 2012 from hip hop/rap artist Drake for $2.6M. The apartment originally was designed as 2 residences but were combined by Drake in 2011 and features 5 bedrooms, 5 baths, a game room, wet bar, state of the art kitchen and 2 laundry rooms. It is a 2 level residence on the 49th and 50th floors with views of the Biscayne Bay, Atlantic Ocean and Miami Beach skyline. The property includes 4 assigned parking spaces, but is located just 5 blocks from the American Airlines Arena. It was previously listed last August for $4M, but the listing was removed in February of this year.
There is no word yet on whether Mr. Chalmers will keep his Miami property, but we will be sure to find out as news develops.
The Underline Reveals Plans for New Brickell Park
The green area under the Metrorail line in Brickell has historically been the dividing line between East Brickell and West Brickell, but will soon be a thriving park area reminiscent of Manhattan’s High Line. The co-designers of the famed park have unveiled a master plan for the green area under the rail line stretching from the Miami River all the way to Dadeland.
While the 10 mile master plan in its entirety is ambitious, it is also supported by local businesses, governments and locals alike, all of who have been searching for more park space for some time in our community. The initial $5 million government grant is proposed to build out the Brickell section as a demonstration project so that the success story can be taken back to the state Legislature for additional support. Previous requests for additional funding have been approved by the state Legislature but vetoed by Gov. Rick Scott.
The Brickell section of The Underline will feature a riverfront seating area, picnic areas, outdoor gym, shaded play area and a MUCH needed dog park. An area of naturally formed oolite will be incorporated into a play area with a rock climbing wall. Once completed, each stop of the Metrorail will boast different community friendly features to improve the nearby communities.
On Monday November 9, the Friends Of The Underline support group will host another presentation of the plan in its’ entirety. This will be the last opportunity that the public has to comment on the master plan before it goes to the Miami Dade County Commission for approval. Here is the information of this presentation for those who would like to attend:
CNBC’s Diana Olick reported once again on the red hot Miami condo market. She points out that cash-ready foreign buyers are to thank for its swift and amazing turnaround. For those who missed the segment air on live television this afternoon, you can watch it in the video below.
High Stakes Poker Has Arrived in South Florida
Today we discussed two new Florida laws that went into effect July 1, 2010. The first being the change which gives condo associations the authority to collect rent directly from tenants if the owner is delinquent on their homeowners association dues. The second being that no-limit poker is now permissible throughout the state of Florida. This will not only attract the big money tournaments but also some of the world’s best poker players.
