New Renderings Released and Plans Updated for 888 Brickell Tower

For the new construction tower 888 Brickell, located in the heart of Brickell, JDS Development Group has submitted updated blueprints to the Miami-Dade County review committee.

The tower will still be built to a supertall height of precisely 1,049 feet or 82 stories, which is the highest height allowed in Brickell.

888 Brickell will still feature 259 luxury units but some of the changes include 52,144 square feet of fitness areas, 38,727 square feet of restaurant space, and over 250 parking spaces.

ODP is listed as the official architect, with Studio Sofield still named as the building’s designer.

JDS Development originally partnered with Major Food Group on the project but Major is no longer involved in the partnership. According to the announcement about the updated plans, JDS plans to reveal a potential new partner in the coming months.

New renderings have also been released and prices are expected to range from $1.6 to $11 million.

Empira Group Purchases Building Site for an 85 Unit Residential Project-CoralGrove Brickell

Empira Group, a Swiss company, has recently invested $9 million in a multifamily building site in Miami’s The Roads neighborhood as part of its introduction into South Florida’s real estate market.

According to a news release from the developer, Empira plans to erect the eight-story CoralGrove Brickell project on a half-acre plot of land adjacent to Coral Way, between 3025 and 3051 Southwest Third Avenue.

The property currently consists of a two-story and a one-story apartment structure, both of which are vacant and scheduled for demolition this year.

CoralGrove will contain 85 units, ranging from one-bedroom to three-bedroom homes, and 900 square feet of ground-floor retail space.

According to Rafael Aregger, Empira’s head of investments in the U.S., the previously approved 79-unit proposal for the site is being modified by Empira to add more units and relocate a pool that was originally planned for a mezzanine level to the rooftop.

According to Aregger, Empira, which has its headquarters in the town of Zug, manages investments on behalf of German organizations like pension funds, insurance companies, and banks. Empira, led by CEO Marcus Bartenstein, manages $7 billion in assets.

The company entered the United States two years ago, but its primary area of interest is real estate in German-speaking regions of Europe. Together with its joint venture partner Zidan Management Group, it has since built up a 2,100-unit apartment portfolio in the Midwest. The company’s American headquarters are in Empira’s Miami location. Additionally, it maintains offices in Stockholm, Dubai, and London.

According to Empira, the business is considering future development in Sun Belt states including Arizona, Texas, and Florida.

Construction on CoralGrove Brickell is anticipated to begin in 2023 with a completion date in 2025.

Ken Griffin’s Citadel Continues to Purchase Land and Properties in Miami

With a record-breaking purchase on the South Florida waterfront months ago, Ken Griffin has officially moved the Citadel’s headquarters from Chicago to Miami at the 830 Brickell new construction tower.

Along with the move and the purchase of a private residence, Griffin and his company were responsible for the $363 million acquisition of a 2.5-acre (1-hectare) unoccupied land at 1201 Brickell Bay Drive. Since the transaction closed in April, the buyer was hidden behind a limited liability company with a mailing address in Chicago.

The company announced last week that it intends to collaborate with developer Sterling Bay to design and construct an office tower on Brickell Bay, which is located in the city’s economic district and spans less than a mile.

Another LLC purchased a 28-story office building at 1221 Brickell Avenue earlier this month for $286.5 million across the street from the 1201 Brickell Bay site, according to public papers. Randall Davis, who also acted in this capacity for the 1201 LLC, is the authorized signatory for the 1221 Brickell LLC. Emma Bass and Angela Cusumano, the witnesses in a 1221 Brickell filing, also work at Sterling Bay.

The relocation of Citadel by Griffin represents one of the largest financial company expansions in Florida. Developers in Miami applauded the decision and said it would encourage more businesses to look for space in the city. Among the companies that have grown in the state recently are Dan Sundheim’s D1 Capital Partners and Goldman Sachs Group Inc.

According to the Bloomberg Billionaires Index, Griffin, 53, just relocated to Miami with his family and has a personal wealth of $29.1 billion. He has recently expressed his dissatisfaction with the governmental leadership in Illinois and Chicago’s crime rate, although he has long been investing in real estate in Florida, where he was born and raised.

Over the past ten years, the millionaire has amassed property in Palm Beach that has cost at least $350 million. During the Covid-19 epidemic, some of Griffin’s traders fled their offices in Chicago and New York and took over the Four Seasons Palm Beach.

Griffin recently purchased a number of properties in the Miami area, including homes on the prestigious Star Island in the middle of 2020 and a $45 million mansion in the Coral Gables district in April. An individual with knowledge of the situation claims that he has had Citadel personnel assess the commercial real estate in the city for at least two years.

$110k Loss for Singer Trey Songz After Selling his Miami Condo

In 2017, singer and songwriter, Trey Songz purchased a condo in Miami’s Brickell Heights East for $1.09 million. In January 2022, Songz listed the unit for $1.2 million and ended up selling the unit in March for $980k to an undisclosed buyer.

The property itself features 2 bedrooms, and 3 bathrooms, with over 1,356 square feet. With 12-foot ceilings, floor to ceiling heigh impact glass windows, and a modern kitchen that opens to the living room.

These specific units showcase elegant entry foyers, wrap-around terraces, and custom bathrooms with designer porcelain tile. The bathroom rooms also feature porcelain tile and custom vanities.

Amenities for Brickell Heights East

Equinox Fitness Club & Spa with high-performance fitness programs
3,500 square foot SoulCycle studio
24-hour concierge
24-hour valet parking
Rooftop pool
9th-floor pool terrace with swimming and lap pools
Screening room
Two beautifully designed entertainment rooms available for private events
Kids’ playroom
WiFi access in all amenity areas

Songz previously purchased a unit in the same building in 2010 for $473k and sold it for $710k right before purchasing the second unit.

Trey Songz, whose real name is Tremaine Aldon Neverson, is an American songwriter, singer, record producer, and actor. Songz released his first album in 2005 with Atlantic Records, I Gotta Make It. One of Songz’s highest charting songs to date is Bottoms Up which featured Nicki Minaj. Songz has released a total of 8 albums.

Lofty Brickell Begins Demolition with Tower Construction Beginning 4th Quarter of 2022

Lofty Brickell launched sales in 2021 and officially reached 50% sold in February 2022. Now, site demolition is now underway with the tower construction scheduled for the end of 2022.

Approval for the demolition was received on April 28th. This demolition would be for the entire building site where 20,000 square feet of space would be demolished. The estimated cost of the demolition is $105,400.

TBRC Group is listed as the demolition contractor and there is not a current construction permit pending or filed.

Similar to its sister tower, NATIIVO (which sold out less in less than a year) Lofty will feature 380 units of fully finished and furnished interiors that will be available for rent nightly, daily, and/or monthly. Residents will have the option of self-managing their units (VRBO or Airbnb) or using Lofty’s onsite management.

Rising 44 stories, Lofty will feature studio, 1, and 2 bedroom floor plans with 485 to 930 square feet options. Pricing starts at $493k for a studio. There will also be available penthouses but the information hasn’t been released as of now.

Designed by internationally acclaimed, Arquitectonica, interiors will be designed by a New York-based interior design company INC New York. Developer Harvey Hernandez is also responsible for Brickell House and Centro towers. Hernandez purchased Lofty lot for $50 million

Lofty will feature a number of wonderful amenities including a butler service, rooftop pool, car service, and a 5-star restaurant that hasn’t been disclosed. This tower will also include a private marina with available docks for boating.

Building Features

The 40-story landmark building designed by internationally acclaimed architecture firm, Arquitectonica
Prime Brickell location is steps from Brickell City Center
Short-term rentals permitted as-of-right
Spectacular panoramic Miami River, Brickell, and Miami skyline views
2 Story lobby with floor to ceiling windows 24-hour welcome desk with concierge 24-hour valet parking 24-hour secure access Advanced technology smart-building with high-speed fiber-optic wireless internet access throughout common areas
Exclusive LOFTY app
Cutting-edge green building technology
6 high-speed passenger elevators with access control
On-site hospitality management Curated River-front restaurant with outdoor dining terrace

Building Amenities

Exotic resort pool with pool-side cabanas
Bar and grill on pool deck 24/7
Co-working lounge Private meeting rooms
Event room with exclusive terrace
A fully-equipped, state-of-the-art fitness center with HD TVs and wireless audio Private Peloton studios Yoga lounge and terrace
LOFTY Rooftop Experience

Residence Features

Urban luxury residences with modern open layouts from 485SF—930SF Studio, one and two-bedroom units
All residences are delivered fully finished and furnished specially curated by INC
Panoramic Miami River, and Miami skyline views
Private balconies for every residence
Corner units offer wrap-around balconies
High ceilings ranging from 9’ to 11’
Owner closets in every residence
Floor-to-ceiling sliding glass doors and sound attenuating impact-resistant laminated glass throughout
Advanced technology Smart Building wiring for HD TV,
Multiple telephone /data lines and ultra-high-speed internet access
Individually controlled energy-efficient central air conditioning and heating system

Kitchen

Imported European cabinets with premium hardware and drawer pulls
Top of the line appliance package including stainless steel refrigerator, oven, cook-top, microwave, dishwasher and sink disposal
Elegant imported stone countertops and backsplashes
Contemporary stainless steel under-mounted sink
High-arc gourmet faucet with integral sprayer

Master Bathroom

Imported European cabinets with premium hardware and drawer pulls
Elegant imported stone countertops and backsplashes
Custom-finished floors and walls in wet areas
Frameless glass shower enclosures Spacious, extra-depth soaking tubs
Premium European-style fixtures and accessories

Construction completion date is anticipated for 2024. If you or someone you know have an interest in purchasing at Lofty Brickell, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332.

Tibor Hollo’s Record-Breaking Sale and the Development of Miami’s Brickell

Florida East Coast Realty, owned by Tibor Hollo just sold a Miami Brickell development site for a record price, $363 million, to a company in Delaware under the name Florida LLC. The sale price equated to around $3,340 per square foot or around $145 million per acre.

The 2.5-acre site itself is located at 1201 Brickell Bay Drive and has been in limbo for a major development to come in and utilize the property. It is currently approved for 2 supertall towers rising 1,049 feet tall.

The original plan also included 1,120 residential condo units with underground parking and a walkway connecting the two towers. This project itself was referred to as Villa Magna and was proposed in 2006-07 but was later canceled in 2007.

Florida East Coast Realty, Corigin Real Estate Group, and McCourt Global Properties originally planned the 2 tower development with British architect Foster + Partners.

The buyer LLC (Florida LLC) was created in March 2022 and is managed by Randall Davis, a Houston developer. Although listed as a Delaware company, Randall Davis has a Chicago address.

According to county records, Florida East Coast Realty paid $15.5 million for the property in 2000. The current acquisition outperforms the previous record price for the property, established in 2011 when Genting Group paid $236 million for a 14-acre site that was the longtime home of the Miami Herald in downtown Miami’s Arts & Entertainment District.

Tibor Hollo is an American real estate developer and founder of Florida East Coast Realty. Hollo was born in Budapest, Hungary, and obtained his degree in architecture from Ecole Polytechnique Institute before immigrating to the United States with $18 in his pocket.

Before becoming a big name in real estate, he worked at a curtain factory and shortly after became an estimator for a general contractor. He worked at a curtain factory before landing a job as an estimator for a general contractor. During this work, he noticed that a lot of contractors were turning down jobs in New York so he started his own firm. In 1956, on a business trip, he fell in love with South Florida and then sold his contracting company and moved to Miami. He later founded East Coast Realty in 1972.

According to his biography, Hollo only works on one project at a time and never borrows more than 40% of the cost of the project. Hollo is responsible for the creation of the Vizcaya Tower, Opera Tower, Biscayne Bay Marriott, and the Panorama Tower.

ECHO Penthouse Slashes Price by $1 Million

Echo Brickell Penthouse Indoor Pool and Terrace

Echo Brickell is one of the most sought-after buildings in downtown Miami. Completed in 2017, it was designed by architect Carlos Ott and developed by PMG and JDS Development Group. Rising 57 stories with 180 condo residences, it is the epitome of Brickell living.

With all of Echo’s luxury features and gorgeous units, one heavy hitter penthouse is currently on the market and just had a massive price cut. The penthouse was previously listed at $42 million in 2018 and was relisted in 2021 for $39.5 million. Now, the property has had a significant price reduction of $1 million at $38.5 million.

Located at 1451 Brickell Ave #PH01, this 11,000 square foot ultra-luxe penthouse spans over 2 floors (56th and 57th) with 5 bedrooms and 7.5 bathrooms. It’s all in the details with 28 ft ceilings, 360-degree views of the Miami skyline and Biscayne Bay from the expansive terrace, and an indoor Sky Pool.

The sophistication continues with its signature staircase, marble and glass throughout, and the gorgeous Poliform kitchen that will truly amaze. The primary suite features a midnight bar, designer closets, and dual marble baths. With the 6 parking spaces, aquatic center, office, staff quarter, and a BBQ, do you really even have to leave this penthouse? The best thing about this penthouse is that it was personally designed by Carlos Ott.

Echo’s units come fully furnished with 1 to 4 bedroom floor plans ranging from 748 to 11,068 square feet. Each residence features panoramic views of the water and skyline, 9 to 14-foot ceilings with floor-to-ceiling windows, and 6 to 8 foot deep terraces with a bbq area. The interiors are inspired by yoo Studio with 7-foot high Italian entry doors, marble flooring, Italian custom cabinetry, and high-end stainless steel appliances.

Tower Amenities Include:

Vanishing-edge pool and deck with panoramic views of Biscayne Bay, Downtown Miami, and Miami Beach
2,800 square foot, state-of-the-art fitness center and spa overlooking pool, bay, and city
Resort-style poolside food and beverage service
Two hot tubs with sunbathing deck overlooking the Brickell skyline
Full-service concierge services
Ground-floor retail tenants Rosetta Bakery and Joe & the Juice.

Below is a video of the Carlos Ott Penthouse at Echo Brickell: https://www.miamicondoinvestments.com/property/1451-brickell-av-ph1-miami-fl-33131-a10521016.

If you or someone you know have an interest in purchasing at Echo Brickell, or any information on this penthouse, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

Plans Submitted for 48 Story Tower: Brickell Gateway

Israeli-developer, Gazit Horizons, is on track to bring a 48 story tower to Miami’s Brickell. Located at 90 SW 8th Street next to Brickell City Centre, will be the Brickell Gateway Tower. The 377,000 square foot project will bring residential units, office spaces, a hotel concept, and retail to the neighborhood.

Gazit Horizons acquired the land in July 2017 for $29.5 million and March 1, 2021, was the date that the developers submitted plans for demolition. The tower is proposed to include 500 condo units.

The demolition approval is still pending. According to the plans, the site only permits plans for a building up to 48-stories and they are taking full advantage.

The demolition costs for the property would total $139,698 with an estimated cost for completion at $150 million. BG Group is listed as the demolition contractor for the project. Once approved, the developers are aiming for a completion date in quarter 2 of 2023.

The developers met with the City of Miami on February 15, 2022, for review. The current status of the project is still in redesign.

You may be familiar with the current site of the proposed tower. It is a black building with magnificent artwork portraying soccer-based graffiti. The soccer club, Club Internacional de Fútbol Miami, that houses the building has been renting the space since 2018. David Beckham is the Miami MLS Owner and President of Football Operations.

LOFTY Club Residences Debuts in February-50% of Units Reserved

Lofty Club Residences will officially debut on February 17th with the grand opening of the brand’s sales lounge. As of this month, the project has reached 50% reserved and continues to climb.