ROVR Development and Related Plan to Build 48 Story Tower in Downtown Miami- College Station
The Related Group is at it again with another tower proposed in downtown Miami. Along with the Miami Parking Authority, The Related Group, and ROVR Development are proposing to replace a downtown Miami parking garage with a 48-story development.
On Feb. 2, the Miami Off-Street Parking Board, or MPA, will vote on a 99-year lease and development agreement for the College Station Garage at 190 N.E. Third Street which is very close to Miami Dade College.
When the MPA received an unsolicited proposal for the property in July 2021, the process began. It solicited public bids for the property and received bids from College Station Partners LLC, a joint venture with The Related Group and ROVR Development, as well as Terra of Miami. On January 19, an MPA review committee gave College Station Partners’ bid a higher grade for the development.
The College Station project would include 1.88 million square feet of space and include 1,200 residences, 8,214 square feet of retail space, 33,865 square feet of public service space, 30,000 square feet of amenities, and 1,357 parking spots.
The completed facility would contain the same number of public parking spots as the present garage, which will be demolished. The MPA would own these spaces.
The developer stated that 20% of the units would be affordable housing for seniors earning up to 50% of the local median income, while the other 15% would be worker housing for those earning up to 140% of the area median income. Miami’s current median family income is $39,000.
According to the proposal, the public service space might be used for a fire station or an urgent care clinic to support the downtown’s fast-rising population, including a not-for-profit art’s center.
The units would range from 360 to 1,310 square feet in size. There would be 138 studio apartments, 636 one-bedroom apartments, 354 two-bedroom apartments, and 72 three-bedroom apartments.
The lease is expected to be signed in the first quarter of 2023, taking up to 60 months to construct. The application said that the developers would have to establish alternate parking arrangements for tenants of the adjoining Downtown Lofts I and II condos, which would use this garage for parking, during the construction time.
According to the lease’s proposed financial terms, College Station Partners would pay the MPA $500,000 upfront, about $2 million per year during construction to compensate for missed parking revenue and 10% of the project’s net cash flows for rent following completion. According to the developers, this would equate to a $1.27 billion economic gain to the MPA over the life of the 99-year lease, not including the value of the new public parking garage.
A Photo Tour of the Amenities-packed Gran Paraiso
Gran Paraiso – the fourth and final tower of Related’s Paraiso District – has been completed. The 54-story condo development began closings on January 9th. To date, over 225 of the building’s 317 total units have closed (over 70 percent).
Gran Paraiso was designed by international architecture firm Arquitectonica with interiors and common areas designed by famed Italian designer Piero Lissoni. The non-penthouse residences at Gran Paraiso are comprised of one-, two-, three-, and four-bedroom options ranging in size from 1,075 to 2,232 interior square feet plus balcony. Each and every unit at Gran Paraiso offers direct, sweeping views of the water.
Perhaps the most amazing thing about Gran Paraiso is the quantity and quality of its amenities. To be fair, it’s perhaps the most amazing thing about Gran Paraiso AND Paraiso Bay because the two towers share amenities. When Paraiso Bay was delivered last April, it was said that roughly only 40 percent of its overall amenities were completed. That figure was almost incomprehensible because the amenities that were delivered at the time seemed plenty when compared to projects of similar size. (Keep in mind, Paraiso Bay has only 346 total units while Gran Paraiso has just 317).
The amenities that were delivered last April included a large clubroom with billiards table and catering kitchen; private screening theater; wine cellar and tasting salon; a cigar lounge with private humidors; teen’s game room; children’s playroom; a fitness center (albeit a smaller, temporary one); and a three-acre-plus, resort-style amenities deck with a dramatic circular zero-entry pool, outdoor spa, poolside cabanas, and summer kitchen.
Now, with the completion of Gran Paraiso, comes the rest of the amenities, which include a much larger, state-of-the-art fitness center with TechnoGym fitness and cardio equipment; a spin room equipped with TechnoGym bikes; indoor sports facilities with three bowling lanes, two billiards tables, two foosball tables, and high-definition golf simulator; Hammam spa with separate men’s and women’s steam and sauna facilities; and tennis center with lighted tennis courts and multipurpose court. Of those recently-delivered amenities, perhaps the most anticipated has been the bowling lanes. My photographer photographed it a few weeks ago on the day of its official opening and the management office already had reservations booked for several weeks in advance.
When added all together, one could easily make the argument that the amenities shared by Gran Paraiso and Paraiso Bay are the best in town. Related Group has delivered something enjoyable for all ages in this amenities-packed wonderland.
Over the past year, I’ve had the distinct pleasure of touring upon completion each of Related’s four Paraiso buildings with Carlos Rosso, President of Related. “We have created a luxury private neighborhood in Edgewater that will transform the area like we have done in the past with South of Fifth and Downtown Miami; Related has been the first developer to move in and redefine a whole area,” said Rosso. In Paraiso District, Related has brought interior designers from all over the world, including United Studio from London for Paraiso Bay, Piero Lissoni from Milan for One Paraiso and Gran Paraiso, Karim Rashid from New York City for Paraiso Bayviews, and, finally, Meyer Davis also from New York City for Amara Beach Club.
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A First Look at Paraiso Bayviews Designed by Karim Rashid
Three weeks ago, I was given an exclusive tour of the recently completed Paraiso Bayviews by Related Group’s very own Carlos Rosso. Closings for the building started last month. According to Rosso, Related Group was able to close over 100 units in the first week alone…an outstanding start considering that Paraiso Bayviews has just 386 total units.
The interiors at Paraiso Bayviews were designed by prolific designer Karim Rashid. If the name sounds familiar, you may recognize it because he also designed the interiors at MyBrickell. Known for using bright shades of pink, yellow, orange, green, and purple, his designs are difficult to miss. From the lobby to the fitness center to the hallway wallpaper and everything in between, Rashid’s signature look is apparent throughout the building.
Paraiso Bayviews has 386 condo residences comprised of one-, two-, and three-bedroom floor plans plus penthouses. The building’s amenities include a rooftop terrace with pool, hot tub, and BBQ area along with a 5th-floor amenities level with sunset pool, tennis court, handball court, BBQ area, children’s playroom, billiard’s room, state-of-the-art fitness center, theater, spa, clubroom, valet, and full-service concierge. In addition, residents of Paraiso Bayviews have access to the Paraiso Beach Club. Of the four towers comprising Paraiso District (Paraiso Bay, Paraiso Bayviews, One Paraiso, and Gran Paraiso), Paraiso Bayviews is the only one that has a rooftop pool deck.
entrance to rooftop pool deck
rooftop pool deck[/caption]
views from rooftop pool deck
theater
theater
fitness center
fitness center
children’s playroom
sunset pool deck
spa
tennis court
handball court
clubroom
clubroom
clubroom
clubroom
mailroom
Given that Paraiso Bayviews is located behind the other three towers comprising Paraiso District, I was expecting the views from it to be terrible. However, to my delight, the views were quite good; you have views of the water in between the towers and there’s enough of a setback where you don’t feel like you’re living in a fishbowl.
At the time of this writing, there are 13 units listed for resale ranging in price from $530 to $852 per square foot and 38 units listed for rent ranging in price from $2.32 to $3.67 per square foot. Most of the units at Paraiso Bayviews come with carpeted floors, but I was told that a good percentage of the owners purchased the flooring upgrade (as seen in the photos below).
view from kitchen
Paraiso Bayviews kitchen
views from Paraiso Bayviews
Paraiso Bayviews bedroom
Related Group Pays Off $166M Construction Loan for SLS Lux Brickell Hotel & Residences
Related Group has plenty to celebrate about these days. The development powerhouse announced earlier today that it has paid off its $166.1 million construction loan for SLS Lux Brickell Hotel & Residences, more than a week ahead of its official grand opening, which is slated for June 14th. The loan was issued in September 2016 by TPG Real Estate Finance Trust, the commercial real estate debt platform of TPG Real Estate. In two months since closings began at SLS Lux, Related Group has closed over 400 of the development’s 450 condo residences.
“Paying off the loan is a major milestone for us,” said Ben Gerber, Vice President of Finance for The Related Group. “It speaks to the quality of the product and to the strength of the Miami market.”
“We are thrilled about the completion of our second project with sbe in Brickell,” added Carlos Rosso, President of The Related Group’s Condominium Development Division. “The opening of SLS LUX fulfills our long-time vision of a pedestrian-friendly South Miami Avenue, and buyers are excited to move in and begin living the lifestyle.”
The construction loan for SLS Lux Brickell Hotel & Residences marks the fourth such loan successfully paid off by Related Group over the past 18 months. SLS Lux also marks the fourth project developed by Related Group to open in Brickell along South Miami Avenue (the other three being 1100 Millecento, sister property SLS Brickell Hotel & Residences, and two-tower development Brickell Heights, which is comprised of Brickell Heights East and Brickell Heights West).
Drone Footage of the SLS Lux Rooftop Pool (Video)
While Related puts the finishing touches on the uber-amenities at SLS Lux, I wanted to share with everyone a new aerial drone video showcasing its 57th floor rooftop pool deck and 9th floor garden level amenities deck. Although Related received its temporary certificate of occupancy (TCO) for the upper floors last month, the sky lounge and rooftop pool deck have yet to officially open in order to allow the developer adequate time to properly furnish those spaces. In the video below, you will notice that the rooftop pool has been filled with water and has five poolside umbrellas around it but is missing lounge chairs. On the 9th floor amenities level, it’s good to see that the multi-purpose court is nearly finished.
For those curious about how the inside of this beautiful development looks, be sure to check out my photo tour of SLS Lux, which is filled with hi-res photos of the SLS Lux Brickell Hotel, on-site restaurant and bar, and building amenities. And if you’re curious to see the finishes of an actual condo residence at SLS Lux, be sure to check out my photo tour of unit 2009, which I listed for sale on April 26th and got under contract in just six days!
Hyde Midtown Prepares To Open Its Doors
We’re going to take a short break from our Art Basel Trophy Property series today to share some very exciting news. Don’t worry, we’ll still bring a trophy property as well, but this is too exciting to not share. Hyde Midtown is preparing to open this month!
According to a Facebook post by Carlos Rosso, Related Group’s President of the Condo Division, the new development is slated to open in just four weeks. This would keep them right on track with the estimated opening date of Winter 2017/2018. He shared these photo previews of the lobby area, and mentioned to us privately that the hotel portion should be ready to start taking reservations in about 60 days.
The Midtown Miami project is currently 90% sold with prices starting in the low-mid $400,000’s.
SLS Lux Gets Its Rooftop Sign; Closings Begin Soon
Closings are just a few weeks away, and SLS Lux now has its sign. Related Group’s Carlos Rosso posted a photo update as they put the finishing touches on Brickell’s new newest tower.
The 58 story tower is the most luxurious of the Brickell Heights complex, which is easily identified by its signature Fabián Burgos mural wrapping the parking structures of all 3 towers. There will be a Katsuya restaurant in the lobby level as well as interiors and amenities designed by Yabu Pushelberg, which you can preview here.
Closings are scheduled to begin in December. While the project is fully sold, resale opportunities are available on an off-market basis. Please let us know if you are interested.
The Hyde Logo Has Been Installed At Hyde Midtown
Related Group and Dezer Development are putting the finishing touches on Hyde Midtown, which is slated to open its doors by the end of the year. The project will bring 410 condo residences and 60 designer suites, which are managed by SBE Hotels, to the live-work-play neighborhood.
Because the development is nearly 90% sold, the developers have lowered the deposit requirement to just 30% for remaining inventory. They are also offering additional incentives with hopes of opening yet another fully sold building by the end of the year. The incentives include a leaseback program that guarantees a lease rate of $3 per square foot for one or two years after closing (depending upon the unit), or buyers could choose a fully finished and furnished apartment, or HOA credits. They also have special in-house financing options.
Related Companies Buys Brickell Heights Retail Space For $12.2M
I know what this sounds like, Related built Brickell Heights, so how could they sell the retail portion to themselves? What many people don’t realize is that Related Group’s luxury condo development division is only one portion of what its parent company, Related Companies, focuses on. They also have divisions for luxury rental developments, commercial development, even affordable/workforce housing. It is only natural that they should want to pounce on an amazing retail space in a thriving neighborhood that is poised for another growth spurt.
Yesterday, Related Group sold the 30,000 square foot retail space that was recently leased by Equinox along with the 6,000 square foot space that will soon be home to SoulCycle to Related Companies for $12.2 million.
“The closing of Equinox and SoulCycle units Brickell Heights is another step forward in our efforts to transform South Miami Avenue into a vibrant, pedestrian friendly corridor in the same vein as Lincoln Road. Brickell is thriving, and these closings show a long-term commitment to further establish the area as a bustling neighborhood to live, work and play. Our buyers at both Brickell Heights and SLS LUX are excited about these changes and can’t wait to start living the lifestyle,” said Carlos Rosso, President of the Related Group’s condo division.
Aside from the A+ location, the fact that both spaces have newly-signed long term leases with A+ tenants makes them among the most attractive retail investments in the neighborhood. The exact terms of the leases have not been shared.
Despite the high sticker price, it appears that Related gave itself quite a bargain when you consider the size of the space. With a total of 36,000 square feet of leasable space, Related Companies paid just $339/square foot. Just next door, 8,015 square feet of raw space is being marketed for $10.5 million, or $1,310/square foot. Since it is raw space, there is currently no lease income and it is offered for almost $1,000/square foot more than Related Companies paid!!
entrance to rooftop pool deck
rooftop pool deck[/caption]
views from rooftop pool deck
theater
theater
fitness center
fitness center
children’s playroom
sunset pool deck
spa
tennis court
handball court
clubroom
clubroom
clubroom
clubroom
mailroom
view from kitchen
Paraiso Bayviews kitchen
views from Paraiso Bayviews
Paraiso Bayviews bedroom
