888 Brickell Ave. Office Tower Proposed

Developers Alphatur, NV have submitted plans to build a new office tower at 888 Brickell Ave. The proposed project has 304,950 SF of office space over 30 floors, a ground floor featuring retail and restaurant space, and a garage with 264 parking spots. The 472 foot tower will be designed by Arquitectonica. The project plans will be reviewed by Miami's Urban Design Review Board this month. 

888 Brickell
888 Brickell Ave.

Aimco Proposes 1111 Brickell

1111 Brickell Aimco

Aimco, a NYSE-listed REIT, has proposed to redevelop the Yacht Club at Brickell not a new mixed-use  tower named 1111 Brickell. The development will ultimately result in a new 61-story, 690-foot residential rental apartment building as well as the renovation of the 32-story which will feature a hotel, retail as well as residential rental apartments. There will be 750 rental apartment units in the development matched with 250 hotel rooms and 961 parking spaces. Aimco has also applied for a potential of no hotel and 897 rental units. Stantec will be the architect and plans have been submitted to Miami's Planning & Zoning Department with a UDRB review scheduled for November 16. 1111 Brickell is sure to add further uncertainty into the Brickell market as developers have already hit the brakes and investors have had trouble renting their units for what they had projected to be market rent. If Brickell Bay Drive wasn't dense enough already, Aimco is looking to increase that density through rental only units. Aimco also owns and operates Miami Beach's Flamingo Tower as well as Edgewater's Bay Parc Plaza. 

Echo Brickell Scaffolding Collapse

Photo via Bizjournals.com

Photo via Bizjournals.com

Echo Brickell Scaffolding Collapse

Scaffolding has collapsed at Echo Brickell, killing 1 and injuring 5. According to the Miami Herald, "One of the three scaffolding platforms on the North side of the buildings plummeted to the ground Wednesday evening, showering bystanders in debris and crushing one car. The two other platforms were dragged down three stories and hung haphazardly onto the building’s face until a crane lowered them to safety hours later." The man who died passed away from a "cardiac incident" stated by Miami Fire Rescue Deputy Chief Joseph Zahralban and The Miami Herald. A woman inside of a car was hospitalized after being hit by falling debris. Roads were reopen Thursday morning. Property Markets Group said that formwork had fallen from the top of the construction site onto Brickell Avenue and that they were working with the general contractor John Moriarty & Associates of Florida as well as city officials including the fire department and police to investigate what had happened. The project will be shut down pending the investigation. While this accident is quite tragic and will cause delays on the delivery of the Echo Brickell project as well as potential legal implications due to the casualties, the project should still ultimately be a great addition to the Brickell skyline. 

Swire Properties Announces Brickell City Centre a Success to Shareholders.

Brickell City Centre

Swire Properties announced to shareholders in August that Brickell City Centre was a success. The development is yet to be complete yet has sold 349 out of the 390 condo units at Reach and 174  of 390 condo units at Rise, the projects two residential high-rises. They also just received their Temporary Certificate of Occupancy (TCO) for their Rise condo tower, allowing buyers to start closing on their units. This marks the end of the residential and hotel parts, as well as the Three Brickell City Centre office building part of the project completed, and just the shopping mall and second office tower are still under construction. The Shops at Brickell City Centre, the retail mall, is scheduled to open in November and they recently released a list of stores with luxury names including Saks Fifth Avenue, Audemars Piguet, Richard Mille, Bally, Agent Provocateur and many more. 75% of the office space is under-contract to lease. WeWork signed a deal for close to 50% of the total office space last week. As Miami continues to evolve, commercial rates continue to rise. The residential rental rates remain to be seen. Swire properties is committed to completing two more phases of the project over the next 8 years.