Despite all of the new development that Miami is currently experiencing, the rising population and the city's ability to attract new companies has put a strain on the supply of office space according to Guy Bradley, CEO of Swire Properties. Enter the next phase of Swire Properties's Brickell City Centre initiative, One Brickell City Centre, which is slated to break ground in 2018 and take advantage of an office market that is gaining steam. One Brickell City Centre will rise 1,049 ft, covering 80 floors, making it the tallest building in the Southeastern United States. The building is designed by Arquitectonica. Over 50% of the proposed project will be office space. On the same earnings call, Bradley touted the success of Brickell City Centre's retail portion, which is over 91% leased. This comes at a time when Swire Properties has seen condo sales in Brickell City Centre's Rise and Reach buildings come to a grinding halt, with just 4 units going under contract since mid-February.
Brickell City Centre's Reach | Photo via One Sotheby's International Realty
Brickell City Centre's Rise & Reach Sales Updates
Swire has announced their quarterly earnings, in them their Brickell City Centre sales update reflecting that 353 contracts have been signed at Brickell City Centre's residential building Reach and another 185 contracts in their other residential building Rise. Of that, 175 of Rise's units have closed. These numbers reflect weaker quarterly sales of just 4 units in Reach and 11 units in Rise during the time period. Both Reach and Rise have 390 units each with units in reach starting slightly cheaper starting at $595K as the lowest currently listed 1 bedroom resale. Closings in Reach began in April 2016 and closings in Rise began in September 2016. Swire did not provide any update on the second phase of the Brickell City Centre project, One Brickell City Centre.
"18" Residential Tower Coming to Brickell in Infamous "Burger King Strip-Mall" Lot
A project that will become known as "18" is coming to Brickell and will replace the strip mall with the Burger King located right next to Brickell Mary Village, Brickell City Centre, Brickell Heights and SLS Lux at 10 SW 8th Street. This last undeveloped lot has become dwarfed by the neighborhood around it and is in need of a desperate redevelopment. City Center Properties, LLC. is the developer on record for the proposed 78-story tower which will rise 950 feet. The first four levels will be 66,618 SF of retail before breaking to 392 residential units on the upper levels. The project will be designed by NBWW as the architect and plans are currently under review by Miami's Urban Development Review Board this month. The tower will bring even more residential units, traffic and retail to an area which has seen immense growth over the past 5 years.
La Centrale, Miami's First Italian Food Hall Coming to Brickell City Centre
La Centrale will be the new Italian Food Hall in Brickell City Centre, the first of its kind in Miami. The eatery will be three-stories tall and 38,000 SF with a "restaurant-forward concept." It will include Italian restaurants, cafes, an enoteca, culinary school and retail space. The first floor with be a "multi-sensory convivial vibe driven by true Italian hospitality." This will include coffee, bakery and homemade pastas. The second floor will feature original restaurants and a gelato shop. The third floor will feature interactive events including wine tastings, food pairings, the culinary school and food programs.
The Related Urban Development Group Proposes Low-Income Housing in Brickell
The Related Group's, Related Urban Development Group is working on a project to bring low-income housing to Brickell. The proposed Gallery at West Brickell will be located at 201 SW 10th Street, which is county owned land. The project will include affordable housing, workforce housing and a school, which the Miami-Dade School Board approved. The Related Urban Development Group also proposed another similar project in Omni.
Developers Aim to Bring "Millennial" Driven Hotel to Brickell
Developer duo Tony Cho and Robert Finvarb plan to bring a "Millennial" driven hotel to Brickell. The two have closed on the purchase of the El Eden motel at 115 Southwest Eighth Street, 726 Southwest First Court and 110 Southwest Seventh Street for $18.4 million and they plan to redevelop the lot into a modern hotel design with expected costs of around $90 million. Arquitectonica will design the building which will ultimately be a 24 story, 250,000 SF mixed-use development that will include 263 hotel rooms as well as retail which will include health and wellness as well as a grocery store. The developers have applied for a demolition permit and plans will soon be submitted to the city for the redevelopment project.
Featured Listing: Jade Brickell #PH707
The 4,300 SF penthouse at the top of Jade Brickell has been listed for $6.95 million with a 2016 Tesla Model X included in the sale price. The unit covers five bedrooms and six bathrooms with high-end deisgner finishes, leather-clad private elevator foyer, European Oak flooring, Boffi fixtures, Coliform kitchen, enormous rooftop terrace with outdoor weather and amazing views of Biscayne Bay. Including outdoor space the unit spans 6,000 SF. The listing is the highest priced in the building and in the Top 10 currently most expensive listings in Brickell. Listing and photos by Brett Harris of Douglas Elliman Real Estate.
Fabrizio & Diana Bianconi to Transform Mast Capital's Brickell Chateau into Italian Restaurant
Fabrizio & Diana Bianconi will launch their first restaurant in Miami after launching successful concepts in St. Barts and Los Angeles. The restaurant will be located in Mast Capital's famous Petit Douy French Chateau at 1500 Brickell which they acquired in 2013 for $2.575 million. Since then the property has gone through multiple changes including renovations to modernize the structure as well as being rezoned for retail and commercial use. Since acquisition Camilo Miguel Jr., the founder and CEO of Mast Capital, has had his sights set on bringing a restaurant to the property. The restaurant will be designed by Diana Bianconi and will feature an outdoor garden and lounge. The menu will be Italian including homemade pasta, steaks and seafood.The Italian restauranteurs also own Via Veneta and Bianconi in Los Angeles and L’Isola and L’Isoletta in St. Barts.
The One by Related Group is Coming to Brickell
Related Group's The One is going to Brickell. Related Group president Carlos Rosso told The Real Deal that sales are expected to launch in Q3 of 2017. One Brickell features three towers designed by Arquitectonica that will be built over two phases. The megaproject will have 1,400 residential condo units and 249 hotel units. The buildout includes a residential 57-story condo tower and a 75-story hotel and condo tower. A third, 82-story residential condo tower will follow. Residents will have access to private beach frontage and over one hundred exclusive amenities according to Related Group.
PROFILE Exclusive: SLS Lux Top-Off Celebration
PROFILEmiami had the exclusive opportunity to tour Brickell's brand new SLS Lux, a collaboration between The Allen Morris Company, Related Group and SBE Group. SLS LUX will be a five-star experience with world-class amenities and personalized VIP service. The project is being developed in collaboration by SBE and The Related Group along with the Allen Morris Company. SLS LUX will be a 58-story tower designed by Arquitectonica with a unique LED façade by lighting artist Ana Isabel Martinez. It will feature 450 residences and 85 luxury suites designed by Yabu Pushelberg complete with world-class art. In attendance were Allen Morris and Carlos Rosso of Related Group.
Penthouse View | Photo via TAMZ
"SLS Lux is the finest condominium in Brickell. It has more amenities than any other building in the Brickell area, and it is right across from the front door of Brickell City Center, so we are very excited about it," says Allen Morris, Chairman and CEO of The Allen Morris Company. "We are completing the building this time next year. About 12 months from now we will finish all of the interiors and today we are celebrating the topping off of the 58th floor,"
Read our original coverage of SLS Lux from August.
