Paramount Miami Worldcenter Going Vertical In August
Miami Worldcenter Overview.
Daniel Kodsi, developer of Miami Worldcenter, gave the Real Deal a quick update on the progress of the megaproject. Having formally broken ground a few months ago with a lavish groundbreaking to-do (and physically broken ground months before that), the Worldcenter’s marquee tower, Paramount Miami Worldcenter, along with the attached retail and entertainment street at its base, is on schedule to begin vertical construction in August. Check out the video to see Ina Cordle rapid fire questions at Kodsi, for updates on sales, who’s buying, completion, etc.
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.
The Bond at Brickell Releases Final Inventory, Prepares for Completion
Miami-based Rilea Group is preparing to open their latest residential tower, The Bond on Brickell. This British-inspired luxury tower has 323 total apartments through 44 floors with layouts ranging from studios, 1, 2 and 3 bedroom apartments along with exclusive lofts and penthouses.
One of the aspects we like the most about The Bond is the fact that Rilea had the foresight to purchase the air rights to the building directly east of the tower, preventing future development that would sacrifice the views of the residents in The Bond. The blocking of views has become an issue for many buildings in the neighborhood, most notably the Infinity at Brickell, whose bay views were blocked by the construction of SLS Brickell just one month after completing their initial sell-off.
Unlike most of the towers in Brickell, The Bond is one of the first to deliver the residences fully finished and ready for occupancy. Many previous buildings have delivered their apartments decorator ready, or still in need of flooring, lighting packages, paint and window treatments. The apartments at The Bond include porcelain flooring throughout, Bosch appliances and Nolte cabinetry.
The developer has released the final 11 opportunities in preparation for the opening of the tower. The remaining apartments are comprised of a mix of 796 square foot 1 bedroom units with a den up to 1,217 square foot 2 bedroom units with a den as well. Prices range from $496,900 to $689,900 depending upon size and view. Contact us for information about specific opportunities. The apartments will be ready for move-in upon closing in March.
Auberge Residences Miami Video, Floor Plans, and More
Along with a few changes, additional information regarding Auberge Residences Miami has been released. Rather than 340 condo residences, there will now be just 290. Each will come with private elevator access and ceiling heights of 9, 10, or 11 feet. There will also be four double-height penthouse residences at Auberge Miami with 22-foot high ceilings.
Below, I’ve included the video for Auberge Miami along with the recently updated floor plans, fact sheet, and brochure. Reservations begin this Wednesday, February 10th. Prices for 1 bedroom units start at $297,400, but I was told earlier today that the developer already has more LOIs than actual 1 bedroom units that exist in the building.
Brickell Heights Construction Progress – Carlos Rosso’s Facebook
Related Group’s Brickell Heights has now reached the 35th floor of construction and less than 100 opportunities remain. To celebrate the development’s success, Related Group has opened their close-out incentives with hopes of selling the remaining 10% of apartments as quickly as possible.
Buyers can now secure their apartment with a lower deposit amount, having paid only 30% of the purchase price at closing time. The remaining 70% comes due at closing, rather than the previously required 50% deposit. All of the apartments will come fully finished with porcelain tile floors throughout and select apartments have price discounts.
Because of the way developers release their inventory in new projects, the remaining opportunities are scattered throughout the different floors and the different sizes offered. The last apartments are not the least attractive opportunities, they are the same as the mix of views and floor placement that were offered earlier in the sales cycle… just at a discount now because the developer is excited to finish up.
With the special incentives and discounts, the remaining apartments range in price from $409,900 for a 1 bedroom on the 33rd floor with a view of Brickell City Center (once offered for $481,900) up to a 2 bedroom with den on the northeast corner, also with a view of Brickell City Center for $589,900 (once priced at $706,900).
Brickell Heights is scheduled to open in early 2017 and is located just across the street from both Mary Brickell Village and Brickell City Centre (opening Fall 2016). Retailers for Brickell City Centre are slated to include Valentino, Chopard, Stuart Weitzman and anchored by Saks Fifth Avenue.
Contact us today to discuss the remaining inventory with information on prices, floor plans and deposit terms.
Brickell Heights Rendering
Brickell Heights Lobby Rendering
Brickell Heights Corner Apartment
Brickell Heights Pool Deck Rendering
Canvas Secures Fannie Mae Approval
Just to the west of the Adrienne Arscht Center is Canvas, a 513 unit condo development that is being built as “affordable luxury” to attract the local buyers who are hungry to participate in Miami’s new condo boom. The site work has begun and over half of the residences are currently under contract.
In order to attract more of the 30-45 year old local buyers, they have also received their Fannie Mae Approval, making mortgages easier to obtain once the development is complete. What this means to buyers is that Fannie Mae is willing to purchase or securitize the mortgages people take out on individual apartments in the development. When a project is Fannie Mae Approved, banks are more willing to issue mortgages to buyers at lower rates and with lower down payments. This is excellent news for local buyers, who are typically priced out of the new condo market due to competition with foreign cash investors.
Because the approval process is so scrutinizing, the approval should be seen as a gold star for any development that obtains one. Of all the condo developments in the Greater Downtown Area (the general area between Brickell and the Design District, east of I95 and west of the Biscayne Bay), Canvas is one of only 6 developments with the approval. Fannie Mae has reviewed the specifications of the project and is pleased with the budget, insurance and legal documents associated with the building. Developments who have the approval are seen as “safer” investments as the buildings are well-run.
Locals have been especially excited about this development because of the quality of finishes/amenities offered, the anticipated restaurant by Kevin Aoki (son of Benihana founder Rocky Aoki and brother of recording artist Steve Aoki) as well as the addition of a new recording studio to the area.
Canvas is still offering new condos with price ranges from the mid $300’s-$600’s and floor plans from one bedrooms up to three bedrooms. The tower will be 37 stories and is expected to be completed in 2017. Groundbreaking is scheduled for next month.
See below for additional renderings just released from the developer:
Building Entry
Lobby
Lobby
Yoga Area
Pool Area at Dusk
Social Area/Bar
Rooftop Dining
Amenity Area
Fitness Center
Kids’ Playroom
Kitchen
Living Room
Bedroom with view
Master Bath
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.
