Three MiamiCentral, the first building to open as part of the 11-acre, mixed-use MiamiCentral initiative by Florida East Coast Industries in Downtown Miami, is expected to open by the end of the summer (2017). The second office building, Two MiamiCentral, is expected to open in the fall (2017). Three MiamiCentral features 90,000 SF of rentable Class A Office Space, 35,000 SF of rentable ground level retail space and is adjacent to the MiamiCentral transit station. Two MiamiCentral will feature 190,000 SF of Class A Office Space with tenants including Ernst & Young, Cisneros, Moss & Associates, Venevision International Enterprises, Fortress Investment Group, Florida EAst Coast Industries and Regus. Rental rates at Two MiamiCentral are around $33 to $35 SF triple net; and $29 per square foot at Three MiamiCentral. MiamiCentral will feature All Aboard Florida's Brightline station for rail service connecting Fort Lauderdale, Palm Beach and Orlando.
Construction Update: The Related Group & East End Capital Close on $58 Million Construction Loan & Breaks Ground on Wynwood 25
After closing a $58 million construction loan from Bank of the Ozarks, The Related Group and East End Capital have broken ground on Wynwood 25, the area's first major residential project to be built under the 2015 Neighborhood Revitalization District plan's zoning changes. Wynwood 25 is slated to bring 289 rental apartments, a host of embedded amenities, 31,000 square feet of retail and 340 parking spaces to Wynwood. The efficiently-sized units are designed to add desperately-needed reasonably priced living options to the city’s most creative and artistic neighborhood. Projected to rent for under $2,000 per month. East End Capital announced in May that The Related Group has acquired a 50% partnership interest in its Wynwood 25 project and they both co-control the development.
"Projects like Wynwood 25 are key for the neighborhood to reach its full potential. Wynwood already has some of the city's favorite restaurants, coffee shops and other designations, but we saw a huge demand for urban living options. People have fallen in love with the neighborhood's unique, walkable culture and now it can be their permanent lifestyle. We look forward to setting the stand for all future projects in the area and delivering a project that complements the vibrant and walkable Wynwood Arts District," said Jon Paul Perez, Vice President, The Related Group.
“We are extremely proud to partner with The Related Group, who bring unparalleled development expertise to the endeavor,” said Jonathon Yormak, founder of East End Capital. “More importantly, Related shares our commitment to Wynwood and building a project that contributes to the existing fabric of the community.”
Floorplans will come in studio and one bedroom layouts. Units will feature 10' to 12’ ceilings, luxurious kitchens and bathrooms, and full-sized washer/dryers. Amenities will include a large state-of-the-art fitness center with yoga studio, collaborative work-from-home spaces, a coffee lounge opening onto the building’s 12,000 square foot green courtyard, bike storage, package storage, and dog wash facilities. It will also feature a landscaped roof terrace that includes a pool, barbeque, movie screen, outdoor and covered work areas, and green areas from which to take in the best views in Wynwood. Substantial art programming will be integrated into the building exterior, the paseo and the building interiors, creating a distinctive living experience.
"The vision behind creating the masterpiece of Wynwood 25 was to design a project that truly enhances the creative neighborhood of Wynwood. The Wynwood community is always evolving. Out goal was to create a project that has a sleek and modern design to become an iconic building in this thriving, vibrant community," said Kobi Karp, founder and Principal of Kobi Karp Architecture and Interior Design, Inc.
Construction Update: New Renderings of SLS LUX Yabu Pushelberg-Designed Spaces Include Lobby & Katsuya
SLS LUX is cruising towards completion as construction is just about done and is expected to wrap up this winter (winter 2017/18). They have released new renderings that include the Yabu Pushelberg-designed lobby, lush 9th floor garden, dramatic entrance and Katsuya by sbe. SLS LUX is 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. 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. SLS LUX will include private elevators, a wine cellar and cigar room, a rock climbing wall, limousine services to a private beach club, and two ground floor dining experiences, Katsuya and Sbar. The condo/hotel is located right down the street from SLS Brickell Hotel & Residences, and is the more elevated series from the SLS Hotels & Residences brand.
Construction Update: Related Group's One Paraiso Tops Off in Edgewater
Related Group continues to reach milestones as One Paraiso is now topped off in Edgewater. One Paraiso is the third, most premier tower in the Paraiso District and features spectacular views of Biscayne Bay and Miami Beach. One Paraiso rises 53 floors and features 276 luxury condominium units and penthouses. The tower was designed by Arquitectonica with interior design by world renowned, Italian based designer Piero Lissoni. One Paraiso is the most private of the 4 towers and has only six residences per floor. The tower also features 2 full floors of amenities on the 9th and 8th floors including a restaurant by award winning chef Michael Schwartz, 2 outdoor pools, Beach Club, cigar room, business center, library, wine tasting salon, theater, spa, state-of-the-art fitness center, plus a marina with private slips.
The 4-towers that make up the 11-acre Paraiso District include One Paraiso, Paraiso Bay, Gran Paraiso and Paraiso Bayviews. The buildings were designed by Arquitectonica with interiors by Piero Lissoni and landscaping by Enzo Enea. All of the buildings and the overall Paraiso community include some of the most luxurious amenities include tennis courts, screening rooms, residents' lounges, fitness center(s), bowling alley, spa, yoga room and multiple pools including a 100 ft diameter lagoon pool with "beach" entry. The property will be decorated with works of art and sculptures by Pablo Atchugarry. Paraiso will also feature the Paraiso Beach Club, which will be the home of Michael Schwartz’s new restaurant as well as plans to dedicate a half-acre of land onsite along Biscayne Bay’s for a public park.
Carlos Rosso, President of Related Group's Condo Division
Carlos Rosso and Sonia Figueroa of Related Group
Carlos Rosso of The Related Group
Drama Beginning to Unfold at Island Gardens on Watson Island Between Flagstone Property Group and The City of Miami
15 years ago, the city of Miami and Turkish developer Mehmet Bayraktar's Flagstone Property Group struck a deal to the tune of a 99-year lease to allow Flagstone to develop the Island Gardens property on Watson Island. Last week, city commissioners unanimously voted 5-0 to issue a notice of default to Flagstone Property Group. The city of Miami grew frustrated after the development proposed by Flagstone, which would include 2 hotels, 221,000 SF of retail and restaurant space and a megayacht marina was never built and only the megayacht marina was completed in 2015. The project was approved by Miami voters in 2001 and had expected costs over $1 billion. Flagstone Property Group claims that they can cure any defaults and may sue the city. They also claim that terminating the lease would lead to losses over $100 million. During 15 year period, Flagstone Property Group paid only $6.3 million in rent. Mayor Tomas Regalado could veto the vote and has suggested commissioners bring in a third-party to determine if Flagstone is actually in default.
Architect Rene Gonzalez @ Louver House
Construction Update: South-of-Fifth's Louver House from Mast Capital Nears TCO
Mast Capital's Louver House, located in South of Fifth at 3rd and Meridian, is cruising towards completion. Designed by award-winning architect Rene Gonzalez, the four-story boutique property features 12 exclusive luxury residences and is on track to receive its TCO by the end of June 2017. Louver House complements the residential, walking neighborhoods lush, natural environment. The city of Miami Beach asked that the original bungalow that stood on the property be restored in some way, so Mast Capital created a public walking space via a louvered bungalow, paying hommage to the area's original beachside setting.
“Like all of my work, Louver House is designed to both reflect and respond to its environment. The building embraces the tropical qualities of the South of Fifth neighborhood and reinterprets them for contemporary living," said architect Rene Gonzalez.
“Louver House offers everything that today’s buyers are looking for, including luxurious amenities and an extremely desirable location walking distance to some of the best restaurants and our beach club,” said Camilo Miguel Jr., CEO of Mast Capital. “This milestone gets us one step closer to delivering the Louver House lifestyle.”
“This project broke ground in December 2015 and has progressed very nicely, reaching each progress point on target. Our team is excited to reach the next and final step, completion,” said Beauchamps Construction president Dean Thomas.
Louver House features a number of amenities, including a health club with an outdoor yoga area, pool deck with negative edge pool, landscaped lounge area, rooftop terrace, sunken lobby gardens as well as electric vehicle charging stations. Units at Louver House range from 2,088 to 2,432 square feet and prices range from $2.5 million to $3.9 million. All residences will be outfitted with unique kitchens from luxury Brazilian designer Ornare’s new “High Line” collection. Sales and marketing for the Louver House are exclusively handled by ONE Sotheby’s Realty and there are a few units left.
Architect Rene Gonzalez @ Louver House
Construction Update: Biscayne Beach from Two Roads Development & GTIS Partners Receives TCO, Moves Forward With Unit Closings
Construction is finally complete and residents will begin moving in this summer at the highly anticipated Biscayne Beach from Two Roads Development and GTIS Partners in Edgewater. The 52-story luxury condo tower received its initial TCO, Temporary Certificate of Occupancy, and is moving forward with closings. Residents can now take ownership of their units and begin their interior build-outs as they prepare for move-in and the official grand opening over the next few months once Biscayne Beach receives its Final Certificate of Occupancy. Sales initially launched in 2013 and 99% of the 391 units at Biscayne Beach have been sold. Prices ranged from $400,000 up through $9 million. Only 2 premium penthouse residences and 1 beachouse residence currently remain priced from $1.6 million to $9.4 million. Biscayne Beach's interiors were designed by Thom Filicia in his first residential project where he used a "Beach Chic" style throughout. Resort-style amenities include a private members-only Beach Club level overlooking the bay with an elevated sandy beach, private cabanas, zero-entry pool, daytime concierge services, as well as a renowned restaurant and bar, an indoor/outdoor great room with a library and billiards room, an outdoor summer kitchen and lounge area, a state-of-the-art fitness center, as well as a full-service spa complete with a sauna, steam room, blow-dry bar, and massage treatment rooms.
East Edgewater has seen a massive influx of new development as the area has seen a great rise in demand for luxury high-rise living including including the Paraiso District from Related Group and Elysee, which is Two Roads Development's next project with an expected completion in 2019.
“The launch of Biscayne Beach set the bar for the revitalization of the now-thriving East Edgewater neighborhood, marking a new era for an area that had gone underutilized for years. Miami’s urban core has quickly become a place where people want to work, play and now, live – and we’re excited to be a part of that transformation,” says developer Reid Boren, Managing Partner of Two Roads Development.
Biscayne Beach was developed by a joint venture between South Florida-based real estate developer Two Roads Development and GTIS Partners, a global real estate investment firm headquartered in New York.
“Recognizing Miami’s status as an international city and the special waterfront setting of the Biscayne Beach site, we had a strong conviction that this was the right project for us to invest in and develop. We knew there was demand for luxury condos in East Edgewater because of its central location and proximity to downtown and the beach, but the velocity of the pre-sales we saw at Biscayne Beach exceeded our expectations. We’re proud to say what started with a special location and a vision has now officially become a successful reality,” says Rob Vahradian, Senior Managing Director of GTIS Partners.
Construction Update: Melo Group’s Aria on the Bay Condominium Tops Off Construction at 53 Stories
Aria on The Bay, one of the most highly anticipated new residential condo towers in Edgewater has topped off construction at 53 stories. The Melo Group has reported the 648 unit building over 80% sold which was designed by Arquitectonica. Aria on the Bay is expected to be completed in Q1 of 2018. The Melo Group has also lowered deposit requirements from 50% to 35% to help close out remaining inventory.
“Since we’ve already closed and covered our loan and construction is moving quickly, we’re able to relax our deposit requirements. We’ve sold 80 percent of our units to buyers from over 42 countries across the globe. Lowering deposit requirements is an incentive to attract more local and domestic buyers and sell out our remaining units in advance of the building’s delivery early next year,” said Carlos Melo, principal of the Melo Group.
Units at Aria on the Bay range from 1 to 4 bedrooms and $400K to $6 million and sold around $550 per square foot. Residences feature floor-to-ceiling glass, expansive wrap-around terraces, private elevator access, open-plan living areas, designer finishes and fixtures, European-style kitchens, and modern custom-designed cabinetry. Amenities include a 14th floor resort amenity deck with 2 sunrise/sunset swimming pools, a jacuzzi, custom-seated fire pits, barbecue grills and outdoor summer kitchens, a private spa with massage treatment facilities, a state-of-the-art fitness center, yoga studio, entertainment lounge, and a screening room. Check-out our October 2016 Construction Update here.
Construction Update: Brickell Flatiron Passes 6th Level, On Track for Top-Off in Late 2018
The 64-story Brickell Flatiron from Ugo Colombo's CMC Group is starting to take form as downtown Brickell continues to evolve into a modern, waterfront metropolis. Construction on Brickell Flatiron is being headed up by Moss & Associates who have reached passed the building's 6th floor and expect to reach the 17th floor by the end of 2017. The 736 foot building is expected to top-off in late 2018 and features a distinct, iconic Flatiron shape that was designed by architect Luis Revuelta and interior architect Massimo Iosa Ghini of Italy’s Iosa Ghini Associati.
Brickell Flatiron features 549-unit luxury condominiums with units ranging from 1 to 5 bedrooms starting at $500,000 and ranging up to $15.5 million for penthouses. All units will be adorned with the finest finishes, including Italian-made custom cabinets, stainless steel appliances, Italian marble floors, high ceilings with recessed lighting, custom Italian doors, energy-efficient windows, and glass balcony railings. Brickell Flatiron's amenities include an 18th floor amenity deck with a resort style pool, 24-hour concierge, billiard and cigar room, wine cellar, valet, electric car charging stations and a 64th-floor rooftop that will feature a Sky Spa, Sky Pool and Sky Gym along with stunning 360 views of Biscayne Bay, Brickell, Downtown Miami, Coral Gables, etc. Read about CMC Group closing on their a $236 million construction loan for Brickell Flatiron in April.
Construction Update: One Thousand Museum Passes Halfway Point, On Track for 2018 Completion
One Thousand Museum by Zaha Hadid Architects, has passed the halfway point for the 62-story building which is on track for delivery in 2018. The building will be Zaha Hadid's first residential skyscraper in the western hemisphere and is being developed by Louis Birdman, Gregg Covin, Kevin Venger and the Regalia Group with Plaza Construction as the general contractor. The tower will be among the tallest residential buildings in Miami and required a deep foundation that drilled to a record of over 170'. One Thousand Museum's design features an exoskeleton design which acts as the buildings structural support. This allows the developer to remove columns from the units, creating expansive glass views of Biscayne Bay.
One Thousand Museum is over 50% sold and required over a $450 million buildout. The tower will feature only 83 units ranging from $5.5 million to over $20 million and 4,600 SF to over 10,000 SF. Amenities will include Miami's only private rooftop helipad, state-of-the-art fitness center, spa, two pools, indoor aquatic center, and a sky lounge.
Check-out our coverage of One Thousand Museum closing on their $225 million construction loan in December.