Developer Looking to Acquire 80% of Brickell Harbour

In the past couple of years, Brickell Harbour condominium owners have received multiple offer letters to purchase their units. More recently, one of our long-time clients has received a purchase letter for double the value of their unit. This has come at a time where all units seem to be receiving a similar letter with their purchase price unknown but it is evident of the developer wanting to buy out the tower.

The developer of interest is Brickell Bayfront Acquisition Associates, LLC, an affiliate of Fortune International Group. The limited liability company as well as Fortune International Group is located at 1300 Brickell Avenue in Miami. Their portfolio consists of the development, designing, and financing of Miami condominiums. They also offer brokerage services.

According to the letter (below), Brickell Bayfront Acquisition, plan on obtaining at least 80% of the units at Brickell Harbour. The letter also states that the company has spoken to the condominium owners association about purchasing units but it was concluded that it is up to each individual owner to make the decision to sell. Some of the highlights of the purchase agreement include:

• The purchase price being offered is a significant premium above the market value of the unit and considers each unit’s particular size, view, floor, line, and improvements;
• Cash earnest money is promptly deposited with a third party escrow agent to secure the contract;
• There is no finance contingency;
• Closing in 90 days after the expiration of the due diligence period;
• The owner pays NO brokerage commissions (typically 6%);
• The buyer pays off the recent special assessment for structural repairs; and
• The ability to continue to occupy the unit for a period of up to 6 months after the date of closing.

Brickell Harbour is an 18-story condo tower located at 200 SE 15th Road in Brickell’s Financial District. The tower was built in 1974 and received major renovations in 2019. Residences comprise of 1 to 3 bedroom floorplans ranging from 602 to 1,641 square feet of living space. Tall ceilings, floor-to-ceiling glass windows, wide balconies, and gorgeous views are just a few of the residential amenities these units have to offer.

It is unclear what Brickell Bayfront Acquisitions plans on doing with the tower once they receive purchase contracts but we will update this article as more information is available.

Waldorf Astoria Hotel & Residences Receives Official Approval for Demolition

The Waldorf Astoria Hotel & Residences Miami will rise 100 stories at 1,049 feet tall making it the “highest skyscraper south of Manhattan.” In June, the developers launched Waldorf Astoria’s official sales gallery located at 400 Biscayne Bay, right across from the construction site.

Waldorf Astoria has received official approval to begin clearing the site. According to the Miami Building Department, the demolition permit was submitted in early June 2021 and officially approved on August 4, 2021.

Clearing the actual 5,000 square foot site is estimated to cost around $30,000. The developer is working with The BG Group for demolition.

The developers include PMG with Sieger-Suarez Architects are the designers for the project. This tower will be truly one-of-a-kind with a unique design featuring 9 stacked glass cubes offsetting each other as they go vertical. Design interior created by BAMO design firm.

Waldorf Astoria Hotel & Residences will rise 1,049 feet tall and will feature 360 condos, 205 hotel rooms, and suites.

Tower Amenities:

• Peacock Alley
• True Waldorf Service and concierge
• Unobstructed views of city and downtown skyline, Miami Beach and Atlantic Ocean
• Waldorf Astoria immersive resort-style pool with outdoor café and private cabanas
• Private Bar/ Wine Tasting Room
• Signature Restaurant
• All-Day Dining Brasserie
• Pre-function and function spaces
• Meeting and boardrooms
• Waldorf Astoria Kids Club
• 24-hour valet parking
• Signature spa
• Leading-edge fitness center with private training studios

Residential Amenities:

• 24-hour doormen and lobby desk attendants
• Private porte cochère with 24-hour valet service and private residential entry
• 24-hour concierge services in addition to dedicated on-site professionals
• Live-in resident manager and 24-hour security
• Front-door package and service delivery via signature Concierge Closet
• Owners Lounge with high ceilings
• Billiard and entertainment room with panoramic bay views
• Designed for private functions and equipped with adjacent catering kitchen
• Private residential pool deck with whirlpools with lounging areas
• Exclusive Waldorf Astoria Miami access and benefits, including preferred spa and restaurant rates and access to à la carte hotel services

Property Markets Group, Greybrook, and Hilton are also partnering on the project. The groundbreaking is still planned for the beginning of 2022.

Waterfront Mansion in Coconut Grove Breaks Record at $65 Million

A new record is in the books for Miami-Dade home sales. A waterfront spec mansion just sold for $65 million. Located in Coconut Grove, this home is the highest price sold residential home in Miami-Dade County history.

According to tax records, the property was traded for $50 million but multiple sources stated the home actually sold for $65 million which included the cost of completing construction on the home.

The home is located at 3488 Saint Gaudens Road and was sold by a company that is managed by Isaac Perez. According to the Real Deal and Tampa Bay Times, Isaac Perez is a longtime Key Biscayne resident who is an heir to a Venezuelan oil fortune.

The buyer is unknown but does have a Delaware LLC. Perez’s sister is also listed as the manager of the company.

The estate features 3 parcels totaling 4.3 acres with a pool deck, jacuzzi, boat dock, and outdoor entertaining space with a waterfall.

The lots were originally a part of a larger property that Perez purchased for $18 million in 2013. The 4th lot that a new mansion was built on was separated and sold a year ago for $6.2 million.

The transaction was financed with a $20 million loan from the Maxim Credit Group. This record sale passed the $50 million 2019 sale of the estate at 3 Indian Creek Island Road.

District 225- Formerly Named The District-Have Officially Launched Sales

District 225 is an innovative pre-construction development that will soon grace the Miami skyline. What makes this project unique is its home-sharing capabilities as well as its resort-style amenities.

Located at 225 and 233 N. Miami Avenue in downtown Miami, this 37-story tower will feature 343 fully furnished units that cater to short-term renters. The site is near Miami-Dade College and the Federal courthouse. Just two blocks east is the Government Center transit station. There is currently a 15,000 square foot retail building located on the property but once demolished the construction will begin.

The Related Group, Rovr, and BH group are working together on District 225. Siegler Suarez Architects partnered with Meshberg Group will be responsible for the design.

Along with 343 units, District 225 will not have a parking garage. To alleviate some consumer hesitancy, residents will have close access to public transportation as well as nearby city garages where residents can rent spaces.

District 225 will total 288,400 square feet with studios to 2 bedroom floor plans. Studio pricing will begin around $350,000 up to $700,000 for the 2 bedroom floor-plans. There will also be 2,297 square feet of commercial space located on the main floor.

District 225 Amenities

• Rooftop pool
• Fitness center
• Indoor/outdoor basketball court
• Racquetball court
• Rock-climbing wall
• Yoga/spinning studio
• Coworking spaces
• Lounge with billiard tables
• Summer kitchen

Residence Amenities

• Views of Biscayne Bay and Miami skyline
• Fully finished and furnished studios, one-, and two-bedroom residences
• 9.8-foot-high ceilings
• Smart-home technology experience for seamless personalization with the touch of a button
• Interiors designed by award-winning interior design firm Meshberg Design
• Fully built-out closets in all residences curated by Meshberg Design
• Includes integrated audio, video, window treatment, and lighting systems
• Equipped with a contemporary lighting package, including recessed lighting, dimmers, and lighting control
• Built-in, top-of-the-line washer and dryer
• Flooring selections included with specifications recommended by Meshberg Design
• Pre-wired for high-speed communications and data connection
• Kitchens featuring custom Italian cabinetry curated by Meshberg Design
• Smeg appliance package including an integrated, paneled microwave; dishwasher; built-in convection oven; and refrigerator/freezer
• Master baths featuring rainfall showerhead and custom Italian vanities
• Dornbracht and Duravit bathroom fixtures, features, and accessories

If you or someone you know have an interest in purchasing at District 225, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

Construction Begins on Modera Skyler Phase II in Downtown Miami

Modera Skylar Phase II is a new development located in the River district of downtown Miami. Situated just north of the Miami River, this 21-story tower will feature 97 units with panoramic views of the city.

This project is being developed alongside the original Modera Skylar (which was recently remodeled), developed by Mill Creek Residential.

Located at 1444 NW 14TH Avenue, Miami FL 33125, Modera Skylar residents will have the option of 1 to 3 bedroom floorplans with den options. Floor plans range from 805-1,146 square foot options with pricing at $2,185 to $2,668 monthly.

Modera Skylar is conveniently located near restaurants and shopping with multiple commuter options available. Amenities of Phase II are similar to that of the original Modera but phase II will feature a 2-story amenity center with a resident loft. A dog park, controlled access parking, and dry-cleaning services will be the newest addition to Modera Skyler.

Modera Unit Amenities

• Redesigned kitchens with stainless steel appliances, quartz counters, and tile backsplash 
• Vinyl plank flooring throughout the entire home 
• LED Light Fixtures
• New sink and faucet features 
• Solar shades in every room
• Private balcony 
• In-home washer and dryer
• 9-foot ceilings 
• Pantry
• Ceramic tile flooring
• Generous closet space
• Glass top stove
• Breakfast bars
• Linen closet
• Two full baths
• Walk-in shower
• Wrap-around balconies
• Views of weekly fireworks show at Marlins Park
• *Select homes

Modera Building Amenities

• Redesigned rooftop pool and sundeck 
• Poolside lounge seating with cabanas and daybeds 
• Soothing rooftop hot tub 
• Reimagined outdoor entertainment area with grills and lounge seating 
• Outdoor lawn with lounge seating and cornhole 
• New GymRax outdoor fitness system 
• 24-hour fitness center 
• Chic resident clubhouse with lounge seating and TVs 
• Entertainment kitchen in the clubroom 
• Coffee bar
• WiFi lounge
• Stunning sunset views from the rooftop 
• Unobstructed views of Downtown Miami and Marlins Stadium
• Dog – and cat-friendly
• Ample parking
• Reserved covered parking
• Online rent payments and service requests
• Elevator access
• Controlled access entry
• Easy access to public transportation
• Located in the Health District near the University of Miami School of Medicine 
• Convenient Downtown location
• Minutes from Wynwood Arts District, great restaurants, shopping, and more

Construction for Modera Skyler Phase II is anticipated to be completed by September 2022.

End of June Condo Sales Reach $259 Million

Another week of real estate sales shows a significant increase in volume and the total number of condos sold for Miami-Dade. According to the MLS, for the week of June 27th, through July 3rd, 357 condos sold for a combined $259 million. The previous week shows only 237 condos sold for a combined value of $159 million.

The average sales price for condos is $725,000. Last week’s price fell to $671,000. We are seeing a steady climb in condo price averages as well as an uptick in new construction sales.

The most expensive sale last week was non-other than a penthouse at The Mansions of Acqualina in Sunny Isles Beach that sold for $27 million. This 9,103 square foot condo features four bedrooms, 6.5 bathrooms, and 2 kitchens, also fully furnished by Fendi/Bentley. This developer-owned (The Trump Group) condo sold for $3,000 price per square foot. This sale is considered the third-highest condo sale in Miami-Dade history.

The second most expensive condo sale was at Continuum of South Beach. This unit sold for $8.6 million at a $2,459 price per square foot. This property was on the market for 108 days. This condo features 3 bedrooms, 3.5 bathrooms, with 3,500 square feet of living space. The property also features an Italian kitchen, marble floors throughout, and gorgeous ocean views.

One of the more notable single-family residential sales includes an Indian Creek Island Mansion purchased by a developer, Todd Michael Glaser for $24 million. This property located at 37 Indian Creek features 7,236 square feet of living space situated on 1.2 acres. Glaser plans to demolish this estate to build a larger home with 2 pools and double the square footage with hopes to list the new construction home at $50 million.

Aria Reserve-Tallest Waterfront Twin Towers in the United States are Coming to Miami

I am sure you have heard of the Aria Reserve Towers Miami, and if you haven’t, keep reading. It will truly be the most unique and luxurious towers to grace the Miami coastline. With its modern yet sultry design set directly on Biscayne Bay, it will truly feel like you are living on a resort!

Located at 711 Northeast 23rd Terrace, Miami’s most coveted area in the Edgewater neighborhood, Aria residents will be able to enjoy Miami’s pristine beaches, Miami Beach nightlife, and the Design District’s shopping. This project is being developed by the Melo Group and designed by Bernardo Fort-Brescia of Arquitectonica with interiors designed by MORADA.

Aria Reserve will be the tallest waterfront twin residential towers in the United States rising 62 stories high. Sited on a 5.2-acre development with 547 linear feet of water frontage, it will offer unparalleled amenities. Melo Group also plans to build a public park from Aria connecting to the Miami Baywalk. The development site was previously known as Island Bay.

The Melo Group has recently launched sales for 321 units in the south tower of Aria. With roughly 800 units between the two towers, pricing for Aria Reserve’s first building will start at $750,000. There are 15 penthouses available starting at $12 million. Units will feature 1 to 4 bedroom floor plans with 1,100 square feet to 2,600 square feet of living space. The penthouses will range from 3,500 square feet to 9,000+ square feet, each including a 3-car garage. Sales for the second tower will be launched based on market demand.

Tower Amenities:

• 2-acre recreation deck
• Lap pool and spa
• Gaming center
• Playground
• Tennis courts
• Basketball courts
• Paddle courts
• Miniature golf course
• Wellness center
• Gym
• Meditation Garden

Residence Features

• Unobstructed views of Biscayne Bay and Ocean
• Finished residences with two flooring options
• All residences include 2 high-speed elevators
• All residences include an office/media room
• All residences are sunrise-sunset flow-through from East to West
• 3-month seasonal rentals allowed up to 4 times per year

Construction of Aria Reserve south tower should begin in the spring of 2022 with an anticipated completion date of 2024. If you or someone you know have an interest in purchasing at Aria Reserve, please contact Lucas Lechuga via email at [email protected] or by phone at (786)247-6332.

Construction Permits Filed for NEMA Miami

In the wake of Miami’s construction boom, it is of no surprise that another tower will be underway soon. Plans for NEMA Miami were originally announced in February 2020 with plans to break ground earlier this year. The permits for this tower were finally filed this week with an anticipated groundbreaking mid to late August 2021.

Located at 2900 Biscayne Boulevard, NEMA Miami will rise 39 stories high at 428 feet high with plans of 588 apartments. There will be an additional 56,000+ square feet of retail space with a potential organic grocery store occupying a portion of the space. Located at the edge of Wynwood and Edgewater, NEMA will be centrally located close to the Design District as well as Brickell.

NEMA Miami will be Designed by Arquitectonia and the Rockwell Group, and developers include Crescent Heights. Crescent Heights have been responsible for all of NEMA towers.

The design appears to be a more modern style with a glass exterior reflecting the Miami sky. According to their website, “no two NEMA’s are alike,” and that their designs represent the culture of the neighborhood that they are located.

Tower amenities for NEMA include club benefits when traveling, guest suites, NEMA events, a full-service fitness center, a sky deck pool, and much more!

Residence Amenities:

• Expansive floor-to-ceiling windows
• 9-foot-high ceilings
• 6-inch-wide plank floors
• Acoustic solid wood core doors
• Lutron Caseta lighting and ecobee3 thermostats
• 30-foot-long recessed balconies*
• Extra den or office space*
• Blackout and sheer thermal shades*
• Custom-designed David Rockwell kitchen pendant
• Kitchen island*
• Chicago-sourced custom cabinetry featuring soft closures and dimmable lighting
• Caesarstone countertops and seamless backsplashes
• Blomberg stainless steel gas range and paneled dishwasher
• Baths with polished chrome Hansgrohe fixtures and Duravit sinks
• Dual vanity bathrooms*
• Full-size washer & dryer in every apartment
• Walk-in closets*
• Customizable Elfa closet organization
• Keyless entry via NEMA fob card or mobile app *Select residences.

The estimated construction costs for this project is $165 million.

Doubling in Value – Venetian Island Waterfront Mansion Sells for $30 Million

The Venetian Islands in Miami are man-made islands connected by the Venetian Causeway from downtown Miami to Miami Beach. These islands offer some of the most lavish and unobtrusive island living in Miami. Totaling 6, each island offers its on appealing qualities.

In the winter months, you will see socialites, notables, and celebrities flocking to these gorgeous islands for a private and luxurious getaway. These islands offer a mixture of Mediterranean and Italian inspired architecture and landscaping. With swaying palms, stone exteriors, you will feel like you are on a secluded resort island.

More recently, a waterfront mansion with one of the largest lots on the Islands sold for $30 million. Doubling its value, this property was originally purchased for $13.5 million in 2014. The new purchase price equaled $3,870 per square foot and was sold off-market.

Located at 943 N. Venetian Drive, this lot faces north on Biscayne Bay, making it one of the most desirable locations. The property features 7,752 square feet of living space on 1.08 acres with private gate entrance.

The estate was built in 1937 with additions in 1994 and 2004. Guests are greeted with a circle drive leading to a Mediterranean stucco finish mansion with 6 bedrooms, 7 bathrooms, 7 statues, a pool, balcony, and boat dock.

Sellers for the home include Marjorie E. Stone and Ricardo Rodriguez, but the buyers are currently unknown with a registered name of Delaware LLC.