Brickell House Finally Finds Solution to Its Parking Garage Woes
All eyes on are on Brickell House condominium tower after years of fighting a parking garage battle! More than 6 years in the making, owners now see a solution to their parking concerns.
The Brickell House Association has contracted ParkPlus High Density Parking Systems to complete the parking replacement project. ParkPlus has 50+ years of history in parking automation and they offer a number of solutions for any need; including robotic parking solutions, self-park stacking, and manually operated stacking.
The parking replacement project is estimated to take up to 77 weeks once permits and approval from the city are in place. ParkPlus is estimating 411 parking places with 80 spaces for electric vehicle charges. With the new system in place, it is estimated that 95 vehicles can be parked per hour.
With the $72 million awarded from the previous parking systems lawsuit, the Association will be able to cover the transition to this parking project making a special assessment not necessary for unit owners. The Brickell House Association has stated that they have taken into account the cost of preventative maintenance for 15 years but may need to revaluate due to technology advances in the future.
ParkPlus is bonded and insured, and the Association has additional insurances if the need arises. Initially there will be valet parking only, which will eventually transition into self-parking. Until the transition occurs, there will be personnel ready to assist in the parking and loading areas.
With this new parking replacement project in full swing, prices for Brickell House condos should rebound over the next few years as there is finally a light at the end of the tunnel!
Is Cryptocurrency Changing the Miami Real Estate Market?
With the Miami real estate market so hot right, it is of no surprise that offers are becoming more and more creative. We are seeing contingencies and appraisals being dropped to create a competitive edge for buyers. These aren’t the only items of change! In the MLS (multiple listing service), we are seeing an option for sellers to decided if they will accept cryptocurrency in their offer.
Cryptocurrency is a digital asset used to purchase goods and services. It has made headway in the past few years and it continues to gain popularity. In Miami we are seeing nightclubs, retail shops, and airlines accepting this form of payment. More retail stores are beginning to accept it like Overstock.com, Microsoft, and Home Depot, to name a few.
According to The Real Deal, South Florida is seeing a large number of Financial Managers and Tech-Savvy Entrepreneurs from Silicon Valley and New York using crypto in their real estate offers.
Vice President of Portfolio Development for Idoneus, Tim O’Leary handles a Swiss payment token (native cryptocurrency), which he has seen included in real estate offers more recently. O’Leary stated, “Idoneus has been utilized as a method of payment to acquire properties in Alaska, to Florida, to the Caribbean.”
There are a few different cryptocurrencies currently out and the most popular is Bitcoin. With how mainstream Bitcoin has become, crypto is becoming a common occurrence but there is still much hesitation. Since crypto leaves no paper trail, there is a lot of skepticism.
One of the biggest perks is that it can allow for cheaper and faster transactions, which is huge for the current real estate market.
Formula One Racing Comes to Miami – Scheduled for 2022
Formula One racing is heading to Florida! For those who are unfamiliar with Formula One, it is an international auto race for single-seater formula racing cars. It is considered one of the, “Premier forms of racing of the world since the inaugural season in 1950,” according to a spokesperson for Formula One.
The new Miami Grand Prix is scheduled for the the fall season of 2022. The exact day is still to be determined but the President of Formula 1 stated that it will be a 10 year deal for Miami. The Hard Rock Stadium in Miami Gardens (home of the Miami Dolphins) will be hosting the event.
“The Hard Rock Stadium entertainment campus in Miami Gardens exists to host the biggest global events to benefit the entire greater Miami region and Formula 1 racing is as big as it gets,” stated the Vice-Chairman, President & CEO of Hard Rock Stadium.
According to the press release by Formula 1, the track will be 5.41 km (3.361 miles), 19 corners, 3 straightaways, and 3 DRS zones. The top speed is estimated at 320 km/h (198.83 mph).
This is an exciting and historical time because Miami will be the 11th location in the United States to host the Formula One Gran Prix Race since the Championship began in 1950. Other cities include, Las Vegas, Detroit, Dallas, and Phoenix.
The partnership hopes to provide a boost in tourism for the Miami area and discounted tickets will be available for Miami Gardens residents. Miami will also see a STEM education program provided by Formula 1, along with local business and community support programs.
This is definitely an exciting time to be living in Miami!
Continuum South Beach Penthouse Sells for $35 Million After 6 Years on the Market
You may have heard that the Miami real estate market is hot and if you need any convincing, the Continuum South Beach penthouse that has been sitting on the market for 6 years has just sold!
Ian Bruce Eichner, the developer for Continuum South Beach has sold his penthouse in the tower for a cool $35 million. It was originally listed for $48 million in 2014. According to the Wall Street Journal, Eichner had been renting out the penthouse since December 2020 at $200,000 monthly on a short-term lease.
Located at 100 South Pointe Drive, Miami Beach; this one-of-a-kind 4-story penthouse boasts 11,031 square feet with 6 bedrooms, 7.5 bathrooms, a 6,000 square foot terrace, and a rooftop pool. Some of the more exclusive features of this penthouse is the cabana, guest unit, and 10 parking spaces.
Continuum South Beach is a 2 tower development. Tower one was finished in 2002 and tower 2 was completed in 2003 featuring all of the amenities that luxury towers could ask for. The development amenities include: resort-style pools, lap pool, full service beach club, 13,000 square foot world-class spa and fitness center, restaurant, 3 clay tennis courts, tennis pro shop, 24-hour security, full service concierge and valet parking.
The original asking price for this unit was $39.9 million. Eichner did not disclose who the buyer was for this deal.
With limited inventory and a high-demand for penthouses/condos with luxury amenities in Miami, it is no surprise that this gorgeous penthouse sold!
Miami Q1 Residential Condo and Single Family Home Numbers are In, and They Look Good!
According to the quarterly Douglas Elliman’s report for Q1 in Miami-Dade County, residential sales continue to rise. With limited inventory of single-family residences and condominiums, prices and sales have increased drastically.
Single-family sales increased by 162 percent and new signed contracts for condo sales have increased by 338.9 percent.
What’s interesting for both condo and residential sales in Miami, the sales price of $5 million and higher have increased substantially. With condo sales over $5 million at a 492.2 percent increase and residential sales over $10 million at a 339.5 percent increase.
The median condo sale price is at $300,000, with a 14 percent increase compared to this time last year. According to the report, “Condos showed much larger gains due to their earlier slowdown in activity early on in the pandemic.”
For Miami Beach, sales of condos and houses increased by 85% with 1,425 closings in Miami Beach. Nearly 10-month supply for single-family homes and condos remained. Condo sales in Miami Beach have increased by 75 percent to 1,192 sales. The median condo price at $510,000 rose 44 percent compared to this time last year.
Modera Biscayne Bay Tower Tops Off – Preleasing Begins May 2021
Modera Biscayne Bay recently toped off on the 28-story tower located at 2150 N Bayshore Drive in Edgewater. This luxury mixed-use residential tower features 296 apartments for rent, 11,000 square feet of retail space, and an 8-story parking garage with 425 spaces. This tower was originally occupied by Unity on the Bay Church before demolition.
The 7-story Goodtime Hotel is located at 601 Washington Avenue in Miami Beach and will feature 266 rooms spanning a full block with 100,000 square feet of indoor space. This Deco-style hotel features a pool deck, restaurant, private lounge, and main floor retail.
Grutman and Williams also partnered with New-York based real estate development firm, Imperial Cos. for this project. They have previously collaborated on a Miami Design District restaurant, Swan & Bar Bevy which has been a huge success. Ken Fulk who assisted with the interior design for the Swan Bevy restaurant was also the lead designer for this hotel project.
Grutman stated, “I always wanted to be a hotel [owner] to try to complete my ecosystem in hospitality.”
The hotel restaurant, Strawberry Moon, is a 30,000 square foot Mediterranean restaurant which will also flow into a bar and pool deck, all located on the third floor. The ground-floor retailers have not been released.
According to The South Florida Business Journal, The Goodtime Hotel is expected to be the largest hotel in Miami Beach by rooms.
Property records also show that Imperial Cos. purchased the property for $5.75 million in June 2015.
Since people are wanting to spend more time outdoors due to the pandemic, Miami is now seen as the “go-to” destination. Imperial Cos. owner stated “If there is a net winner coming out of this pandemic, Miami is top of that list.”
City of Miami Approves New 37-Story Tower Called The District
The City of Miami has recently approved The Related Group and Parcel C LLC’s proposal for a 37-story residential tower in downtown Miami, named ‘The District.’ This project will included 343 residential condos, 2,297 square feet of retail space, and will have no parking (the developer is requesting a waiver to allow off-site parking). The design and plans were prepared by Siegar Suarez Architects.
The District is proposed to be 393 plus feet tall and will be located at 225 and 223 N. Miami Avenue. According to Miami Today, The District will have retail on the ground floor and the apartments will be located above the retail space. The paperwork that was filed also includes that some units may be transitioned into hotel rooms as well.
Amenities for The District include a gym, raquetball, basketball, lounges, pool-deck, rooftop spa, and barbeque area.
Several waivers have were requested and approved for the Miami 21 zoning code:
Primary and secondary setbacks
Side and rear setbacks above the eighth story
Permit off-site parking within 1,000 feet
10% increase in the maximum lot coverage
Two residential loading berths substituted for one commercial loading berth
Reduction of the required ground level setback on the property’s frontage
According to the Board member Robert Behar, who shared concerns about pedestrian safety with the limited amount of parking available.
According to the The Related Group’s Attorney, Ms. Escarra, has stated, “The Project limits the interaction between vehicles and pedestrians by removing vehicular access to the Property. This will allow pedestrians to enter the Project with no vehicular conflict, as parking will be provided offsite, per the requested Waiver.”
The city’s Urban Development Review Board voted unanimously to recommend approval of the project on April 9, 2021. The construction permit has not been filed yet and the groundbreaking is set to begin sometime this year.
UNA Residences will feature floor to ceiling glass surfaces on every floor ‘reflecting the Miami sunshine,’ 10′ 8″ foot ceilings in every residence, and the most spectacular views of Biscayne Bay and the Rickenbacker causeway. Prices for these remarkable units range from $942,000 to $6,643,000.
Construction is currently underway. Rebar is being brought in to construct the foundation and cranes are onsite beginning the dig-out of the 100,000 square feet car garage, which will be 50 feet deep and three stories below sea level. According to a construction update from the Florida Construction news, 800 holes will be drilled into the ground then filled with concrete creating interlocking pillars that will eventually construct a cement block for the garage. That block will then be hollowed out to create the deep garage.
BUILDING FEATURES
135 luxury condominium residences
Iconic 45-story waterfront condominium
2 to 5 bedroom residences ranging from 1,100 to 4,786 sq ft
Unobstructed views of the Atlantic Ocean, Biscayne Bay, and the city skyline
High-efficiency and noise-reducing floor-to-ceiling exterior glass
Three levels of underground parking
RESIDENCE FEATURES
Private elevator entries into each residence
Expansive terraces with effortless “lift-and-glide” floor-to-ceiling doors and glass balcony railings
10’8″ ceiling heights, above Miami standard
Chef’s kitchens with Gaggenau ovens, electric induction cook tops, microwaves, dishwashers, and refrigerators/freezers
Master suites with separate his and hers closets and bathrooms
Utility rooms with full-sized washers and dryers
Flow-through residences with east-to-west ocean and city exposures on the top floors
Two penthouses, each with a private pool and 11’7″ to 12’4″ ceilings
AMENITIES
Bayfront pool
Outdoor lap pool
Family pool
Jacuzzi
Catering kitchen
Kids’ splash-pad area
Owners’ lounge
Private dining/party room
Movie theater
Kids’ playroom
Outdoor lounge
Baywalk access
State-of-the-art fitness center, with yoga and personal training areas, plus his and hers dressing rooms
Private marina
Spa with steam room and sauna, as well as indoor and outdoor private massage treatment rooms overlooking the bay
Dedicated beauty suite for private hair styling, manicure and pedicure appointments
Beautifully landscaped outdoor terraces
Dog-walk area
Private air-conditioned storage areas
SERVICES
24-hour concierge service
Combination of valet service and self-parking
Package room
UNA Residences Miami is estimated to be completed summer of 2022. We will continue to update this article once construction has progressed.
Closings Have Started for Monad Terrace Miami Beach
Monad Terrace is a new luxury condo tower in the heart of Miami Beach at 1300 Monad Terr, Miami Beach. This boutique waterfront condo development will feature 59 units with two to five bedroom options including four penthouses. According to the property records, seven condos have sold between $1.4 to $8 million.
The developer for the project is Michael Stern, a New York developer who is making his name known in South Florida. One of his other known Miami projects is the Echo Brickell tower. The project’s partners include Stern JDS (principal), New Valley, Ackerman Development and Mink Development. The designer is Ateliers Jean Nouvel along beside architect Kobi Karp.
According to the Real Deal, this tower has been in a planning stage since 2015. Stern and his partners financed the construction with a $137 million loan from a New York based real estate lender, Madison Realty Capital. The 14 parcel development was chosen in 2015 and cost $51 million plus.
In 2019, penthouse B went under contract for $8 million by Joshua Wander, managing partner for a Miami based private equity firm. Within the past 3 months, there has been an increase in sales with units totaling $70 million plus under contract including three of the four penthouses. The remaining units range from $2 million to $12.5 million.
Building Amenities:
Sundeck with swimming pool
Hot tub that overlooks Biscayne Bay
Cafe and Juice Bar
Wellness center
Dock
Bicycle and water sports storage room
Residence Amenities:
Seamless indoor-outdoor living space
Biscayne Bay views
Kitchens designed by Jean Nouvel
Cantilevered marble island
State-of-the-art appliances
Wood ceilings
Reflective Cabinetry
Custom bathrooms designed by Jean Nouvel
Spacious stone countertops
Stone tiled walls
Spacious soaking tubs
Stern will also have a hand in the development of the 62-story Brickell Treehouse tower project that will feature 1,000 apartments, 200 micro-units, hotel, and office space.
If you or someone you know has any interest in purchasing a unit at the Monad Terrace Tower, please contact Lucas Lechuga via email at [email protected] or by phone at 786-247-6332 for more information.
