A First Look at Panorama Tower
I recently had the pleasure of attending a group tour of the 49th floor at Panorama Tower: the 85-story mammoth development located at 1101 Brickell Avenue, encompassing a newly opened luxury rental community, along with (eventually) hotel, retail, and office space. Given that the building received its first TCO (temporary certificate of occupancy) only a few days prior, I was told that it was a special VIP treat to get a ride up the elevator and actually view rental units in person. While a construction manager escorted us to the appropriate floor, the leasing specialists delighted in no longer needing to don hardhats and work boots to visit the tower, also noting that air conditioning was a brand new addition.
Even completely empty, the 2-story lobby felt every bit as grand as it should in a building of this magnitude, as did the enormous porte-cochere. The elevator ride to 49 was amazingly quick. The construction manager beamed with pride while he praised the elevator’s security features and explained that guests must be granted specific access in order to get anywhere in the building. While I can’t speak for the other sections of the building, the elevator lobby we used to access floor 49 housed a total of 8 high-speed elevators. According to the floor plan map in the brochure, floors 23 through 51 (otherwise known as City Levels) offer only 1 and 2 bedroom residences – whereas floors 53 through 84 (the Sky Levels) offer 1, 2, and 3 bedroom units.
The 1 and 2 bedroom floorplans I viewed were surprisingly spacious. Whereas new construction condos in Brickell seem to trade living area for amenities, at Panorama, I found large living rooms, bedrooms, closets, and dens. Though kitchen islands were somewhat brief, overall kitchen storage seemed adequate, and the quality and colors of the finishes rival some of the pricier new buildings of greater downtown Miami. Floor to ceiling glass highlighted some breathtaking views of Biscayne Bay and Coconut Grove, and I couldn’t help but wonder how they’d look from the 85th floor. The 868-foot tower is currently the tallest residential tower south of Manhattan, so views that high will stretch as far as the eye can see.
All in all, I was impressed by what I saw on the 49th floor of Panorama Tower (especially of the floor plans and views) and would be excited to see more. I was told that amenities will be opening over the next few weeks, including a pool on the East side of the building that will be shared with the onsite hotel, and a larger one on the Westside that will be exclusive to residents. Other amenities include a poolside cafe & bar, fitness center, spa, yoga & pilates studio, two social lounges, a “muse” room/music studio, three private movie theatres, private dining and entertainment rooms, children’s playroom, personal wine lockers, billiards room, onsite pet daycare/grooming/boarding, and a cyber cafe/coffee bar.
The leasing specialist mentioned at the end of our tour that pricing will be going up next week, but at the time of this writing, the most affordable unit available is a 1 bed plus den, 1.5 bath residence on the 30th floor, featuring city views and 1,161 square feet for $2,856 per month. The most affordable unit on the water-facing side of the building is a 1 bed plus den, 1.5 bath residence for only $2,912 per month, with 1,142 square feet and located on the 34th floor. I was also told that previously scheduled move-ins were just beginning, and that depending on the unit, some of the earliest available move-ins going forward would be mid-July. To learn more about renting a luxury apartment at Panorama Tower, contact [email protected] or call 305-428-3860.
Why Panorama Tower And Solitair Will Affect The Brickell Real Estate Market… And Why They Won’t
It is hard to ignore the fact that Panorama Tower and Solitair Brickell are going to throw a wrench into Brickell’s typically lucrative condo market. Panorama Tower is adorned with a huge banner, boasting its status as the tallest tower in the South and Solitair unapologetically sprung out of nowhere, blocking the north-facing views of all of the unsuspecting buyers at Brickell Heights West. But these qualities actually have very little to do with the reason they will disrupt the rental market, at least for awhile.
Miami’s Fascination With “New”
From a marketing perspective, Panorama Tower and Solitaire Brickell have the upper hand since they’re the newest buildings in town… even if they are only a few weeks newer. The process happens quickly in Miami. We are already receiving significantly fewer information requests for buildings like SLS Brickell and The Bond, even though both buildings are effectively brand-new. In their place are people requesting information on 1010 Brickell, ECHO Brickell and SLS Lux… all of which are still preparing to be Brickell’s new newest new building.
Supply vs Demand
It’s the oldest rule in the investor’s handbook… supply vs demand, and we are about to see it in action. Between Solitair Brickell and Panorama Tower, we are going to see over 1,200 new options come available for the same number of new tenants who move to the area each month. That’s a flood.
Pair the flood of new inventory with Miami’s fascination with new things and you’ll start to see the writing on the wall.
Apartment Buildings Hate Vacancy
It is the #1 enemy of any rental investor… VACANCY. Ack! And could you imagine the pain of having an entire vacant building? To be clear, this is not the time to waltz into the rental buildings offering pennies on the dollar for a lease. The rental buildings price their inventory very carefully and offer attractive move-in incentives in lieu of lower rent.
Why This Is Not Horrible News For Rental Investors
Will there be an inventory glut? Yes. Will it pass? Yes.
The beauty of rental buildings is that they seek a rapid initial lease-up, so their investment is operating to the best of its ability. But once they achieve the sought-after initial lease-up, the buildings integrate into the normal neighborhood market, serving the procrastinating crowd (who needs to move in this week and doesn’t mind paying a little extra on a monthly basis in exchange for lower move-in funds). The condo market goes back to normal.
It is my advice that condo owners whose units are coming available should choose a new tenant before these buildings open, else you will have several months of a dry spell. Next year will be more balanced though.
Prices And Deposit Amounts For Panorama Tower And Solitair Brickell
Brickell’s rental market is about to get a lot more interesting. Just as the inventory at the new towers that have opened this year begins to be absorbed, two new rental towers are preparing to open, bringing over 1,200 new apartments to the market. We have fielded questions about Panorama Tower and Solitair Brickell for months, and finally have some solid details about what will be offered…
Panorama Tower
Panorama Tower, the tallest tower in Florida, is slated to open in January, but pre-leasing is already underway. The prices of the 868 foot tower are a bit higher than comparable towers nearby, but the move-in terms are far less expensive.
Deposits are only a half month’s rent, a sharp contrast to the full month that is expected when renting a condo. Approval is also granted within 2 business days rather than the 10-30 days that we commonly see in condo developments.
Prices start at $2,500/month for a one bedroom plus den with 1,100-1,200 square feet. Two bedrooms range from $2,800-$3,000/month and three bedrooms are 2,100 square feet and start at $6,000/month. The developer has been heavily marketing the project already for months with their “Brickellista” campaign, and 80 of the apartments have already been pre-leased.
Solitair Brickell
Seemingly popping up out of nowhere between Brickell Heights West and Brickell City Centre, ZOM’s 50-story/438-unit Solitair Brickell is preparing to open in November. Initially, the monthly prices will be discounted since the building will still be under construction, and the prices are very reasonable!
Studios will range from $1,600/month up to $1,900/month, one bedrooms from $1,850/month to $2,755/month, and two bedrooms from $2,500/month to $3,000/month. This project is also offering a 48 hour approval, and their security deposits are $350 for studios, $500 for one bedrooms and $700 for two bedrooms. They have just released their inventory, so don’t yet have enough pre-leases to give a percentage, but we expect to see the building fill quickly with prices and terms like these.
If you would like more information or a tour of the buildings, just let us know.
