Rainer Becker, co-founder and creator of Zuma restaurants worldwide and ROKA London, has teamed up with The Related Group to bring his new contemporary Japanese Robatayaki culinary concept, ETARU, to two of their Broward County projects. ETARU will be featured in Hyde Beach Club and Icon Las Olas. The concept will bring an unprecedented culinary experience to the area and will be the ultimate amenity for residents of Hyde Resort & Residences, Hyde Beach House, Beachwalk and Icon Las Olas. Related is known throughout South Florida for continuously partnering with some of the finest talent and leaders in cuisine such as Michael Schwartz and Jose Andres and bringing their concepts to Related Group properties. ETARU is a prime example of how the developer is always seeking to elevate the luxury lifestyle for residents in their communities. The first location will open at Hyde Beach Club at the end of the summer, and the second at Icon Las Olas will open early in 2018.
The Related Group Pays off $160 Million Construction Loan for Brickell Heights Less Than 60 Days After Project Opening
The Related Group has paid off a $160 million construction loan for Brickell Heights less than 60 days after the grand opening of the project. The twin tower, 690-unit towers were 100% sold out and are already nearly 50% closed since the June 7 opening (2017). The $160 million loan was issued by Wells Fargo Bank in April 2015 and is The Related Group’s second loan pay-off in the last year.
“The speed at which we paid off this loan is further validation of our effort to finance these projects in a responsible manner,” said Ben Gerber, Vice President of Finance for The Related Group. “It also speaks to the strength of the Related brand and the South Florida condo market as a whole.”
“Closing is easy after buyers see that today’s Brickell matches up to what they saw in renderings a few years ago. They bought into a walkable, metropolitan downtown lifestyle, and now they’re excited to start living it. We look forward to delivering SLS LUX in the winter and completing our vision for South Miami Avenue.” said Carlos Rosso, President of The Condominium Development Division of The Related Group.
The 47-and 49-story towers were designed by globally acclaimed architectural firm Arquitectonica and interiors by David Rockwell of the Rockwell Group. Amenities include a state-of-the-art fitness center, men's & women's spas, each building has a lounge room, curated art throughout, 4 swimming pools and a garden. The property will also feature a 30,000 SF Equinox Club, as well as a 6,000 SF SoulCycle studio. Brickell Heights marks the third Related Group project to open on South Miami Avenue, following SLS Brickell Hotel & Residences and 1100 Millecento. Photos via TAMZ.
Brickell Flatiron Unveils New Renderings of Their Exclusive Penthouse Collection Series
CMC Group’s Brickell Flatiron and its developer Ugo Colombo have released a limited collection of penthouses as part of their exclusive Penthouse Collection Series. Brickell Flatiron is a 64-story luxury tower designed by Luis Revuelta with interiors by Iosa Ghini that is currently under construction in Brickell. Brickell Flatiron’s newly-unveiled Penthouse Collection, located on floors 50 through 64 of the tower, include expansive single-story residences along with two-story duplex and three-story triplex upper penthouses. Layouts measure up to 6,500 SF and residences will include 10- to 11-foot-high ceilings, premium finishes and fixtures, and panoramic views of the Miami skyline and Biscayne Bay. Two triplex penthouses will feature private terraces with rooftop pools, summer kitchens and changing rooms, as well as private elevator vestibules within each unit providing access to all three levels. Penthouse Collection residences are also designed for maximum functionality including upgraded kitchens featuring Snaidero motorized cabinetry, Miele under-counter wine coolers and integrated appliances, Bosch laundry room appliances, and floor-to-ceiling windows and sliding glass doors. Every penthouse unit is also fully equipped with state-of-the-art technology systems, including a private wireless network and a secure smart-lock system.
Penthouse residences are priced from about $1 million to $2.5 million, with upper penthouse duplex and triplex residences priced from $6 million to $15.5 million. Approximately 60% of the development’s 549 units have already been sold and are under hard contract, with a total sales volume in excess of $300 million. Brickell Flatiron is located at 1001 South Miami Avenue, just blocks from Brickell Avenue, Brickell City Centre and Mary Brickell Village. With its prominent position at the epicenter of the Brickell Financial District, the over 700' building will become one of the tallest residential towers in the U.S. upon its completion in 2019.
“Brickell Flatiron’s penthouse collection will embody the elegance and sophistication of Italian design. We are sparing no detail and no expense to deliver a memorable product offering our residents the highest caliber of quality and design that will withstand the test of time,” said developer Ugo Colombo, founder of CMC Group.
Featured Listing: Tour a Model Home from the Reserve at the Ranches, a Boutique Collection of Luxury Homes Near Weston
Douglas Elliman has launched sales at the Reserve at the Ranches, a boutique collection of eight new luxury homes in Southwest Ranches, FL; adjacent to Weston and just 15 miles from Downtown Fort Lauderdale. Reserve at the Ranches, located at 12135 Reserve Court, will be a private enclave with custom residences priced from $2 million. Homes will start at 6,000 SF and buyers will be able to custom design the home to their liking. Reserve at the Ranches is being developed by Ellish Builders and The Spear Group. Residences will be built to the highest, eco-friendly standards and will feature sweeping 14-foot ceilings, contemporary interior design, sub-Zero and Wolfe kitchen appliances, resort style pools, and climate-controlled wine rooms. Homes will sit on one-acre, individually gate lots. Homes at Reserve at the Ranches start at $2 million and are listed with Tinka Ellington and Domingos Carlos, PA, of Douglas Elliman Real Estate.
Colombia Tops Foreign Investment List as Miami Sees Surge of New Interest Amongst Brazilian Buyers
2017 has seen a surge of new interest amongst Brazilian buyers after they pulled back in 2015 and 2016, while also seen continued strength from Colombian buyers. Miami has long been a common home for South American flight capital, as wealthy South Americans seek to move their assets out of their countries due to crime and political instability. Colombia has seen an increase in flight capital and Miami has seen a spike in interest from their wealthy buyers over the past several years as their government formally ratified a peace deal with FARC, a guerrilla activist group, after it was rejected by voters (On June 27, 2017, FARC officially demilitarized and handed over their weaponry to the UN). Brazilians have seen a volatile economy, crime and political turmoil effect their country. Unfortunately these same political factors, along with a strengthening Brazilian Real against the dollar put a slowdown on Brazilian buyers in Miami over the past 2 years (2015, '16). Now amid further uncertainty, many wealthy Brazilians have once again set their sites on moving their assets to the United States via Miami.
According to the MIAMI Association of REALTORS, Colombia leads all foreign countries in searches for Miami real estate, followed by Venezuela and Brazil. Colombia and Venezuela remained unchanged year over year as Brazil moved up from 5th, passing the United Kingdom and Argentina. According to Mansions Global, Turnberry Ocean Club is reporting that 21% of their international buyers have been Brazilian and One Thousand Museum is reporting that over 20% of their pre-construction buyers are Brazilian. Three Hundred Collins has seen 25% of their current pre-construction sales go under contract to Brazilian buyers and the building is over 80% sold.
“As Miami evolved from a tourist city to a global metropolis, we’ve seen more diversified foreign home buyers search and buy properties here. It’s no longer just South America. It is home buyers in India, China, Turkey, France and other countries who want to live the Miami lifestyle,” said Christopher Zoller, 2017 MIAMI Chairman of the Board.
Top 10 Countries Visiting Miamire.com in March 2017:
- Colombia
- Venezuela
- Brazil
- Argentina
- India
- Canada
- Philippines
- Dominican Republic
- France
- Spain
YOTEL Gets Final Approval for Downtown Site, Will Be Built Without Parking
The YOTEL has gotten its final approvals to come to Downtown Miami from Miami's Planning & Zoning Department. The hotel will be built without parking as the 10 story parking structure was not approved, an increasingly popular aspect of new construction buildings in the Downtown area as Miami continues to grow into a more pedestrian city. The YOTEL will be a 29 story tower, which is being designed by Stantec, will include both 188 apartment rentals and 225 micro-sized hotel units. The YOTEL is being developed as a joint venture between Agarat, a Kuwaiti real estate company, and Aria Development Group.
Developer Robert Wennett Sells Iconic Mixed-Use Parking Garage, 1111 Lincoln Road
Bayerische Versorgungskammer (BVK), a German investment fund, has purchased the iconic, mixed-use parking garage from developer Robert Wennett. The deal was reached at $283 million and includes adjacent retail space at 1664 Lenox Avenue and 1666 Lenox Avenue. The total assemblage comes to around 146,327 SF, all roughly equating to around $1,932 SF on the sale. BKV financed the purchase with a $66.85 million mortgage from Universal-Investment-Gesellschaft mBh. Wennett originally purchased the properties for $23.5 million in 2005 before undergoing heavy development. 1111 Lincoln Road is an award-winning, mixed-use parking garage designed by Herzog & de Meuron in 2010, that has become an iconic part of Lincoln Road, Alton Road and South Beach. The 7 story, exposed concreted, mixed-use parking structure itself features 94,488 SF of office space, 51,839 SF of retail space, and a 300 parking spaces which can also be used as event space. Ground floor retail space has floor-to-ceiling glass storefronts with high ceilings along with another retail space located on level 5 that also features floor-to-ceiling glass to provide amazing views of the Miami skyline.
Terra Closes on $32 Million Construction Loan, To Break Ground on Mary Street Office Complex in Coconut Grove
Following the successful closing of $32 million in financing from BB&T Bank, a partnership led by Miami-based Terra will break ground on construction next month at Mary Street, a new Class A office and retail complex in Miami’s Coconut Grove neighborhood. The Touzet Studio-designed project will transform a parking garage into 78,000 square feet of contemporary Class A office space with 18,000 square feet of retail space, while preserving public parking use. The mixed-use Mary Street office complex is the latest example of 'adaptive reuse' infill development in Miami. Construction is expected to begin in early August 2017 and be completed in late 2018. Mary Street is being developed in partnership with Mayfair Real Estate Advisors, and will mark the first delivery of new Class A office space in Coconut Grove in more than 20 years, following the completion of Terra's new Grove at Grand Bay condominium two blocks away. Mary Street, Grove at Grand Bay and Park Grove, a nearby three-tower luxury residential complex being developed by affiliates of Terra, represent a new wave of design-driven urban infill development reflecting Coconut Grove’s strong residential demographics and allure as one of South Florida's most walkable and self-contained urban neighborhoods.
Mary Street's Touzet Studio design will feature a terracotta brise soleil whose vertical patterns mirror the contours of a seashell, with transformed retail storefronts that will enhance visibility and accessibility from the street. The building’s amenities include a state-of-the-art main lobby, 24-hour security, ample above ground public and office parking, covered valet and drop-off, and dedicated elevators with direct office access. Electric car charging stations, bicycle stations and bicycle storage will be available for employees, owners and guests who travel by eco-friendly means. The development’s revamped retail, which will include prime street-level frontage along Mary, Oak and Rice Streets, will cater to chef-driven restaurants with café seating and unique retail serving Coconut Grove’s residents, visitors and daytime workforce. The retail component will connect the luxury residential corridor along South Bayshore Drive with the neighborhood’s urban heart concentrated along Grand Avenue and Main Highway.
“Our ability to secure favorable construction financing for Mary Street speaks to the promising office market dynamics in Coconut Grove, the project's superior location, and the surge of interest we've received among prospective tenants within months of unveiling our plans,” said David Martin, president and co-founder of Terra.
Penthouse at Auberge Beach Residences & Spa Fort Lauderdale Goes Under Contract for $9.5 Million
A penthouse unit at Auberge Beach Residences & Spa Fort Lauderdale has gone under contract for a Broward County condo sale record $9.5 million at $1,670 SF. The two level unit features 5 bedrooms and 6.5 bathrooms spread over 5,686 SF. The unit also features a private rooftop terrace with plunge pool. The record for most expensive condo sale in Broward County was previously help by Auberge Beach Residences & Spa as well, set with an $8.9 million penthouse sale last year (2016).
Auberge Beach Residences & Spa features 171 flow-through condominium residences spread over two towers designed by Nichols Brosch Wurst Wolfe & Associates with interiors by Meyer Davis Design Studio. Units feature private elevator access, sunrise and sunset terraces, and floor-to-ceiling glass for unobstructed ocean views. The project is being developed by PRH Fairwinds, a partnership between Related Group, Fairwinds Group and Fortune International. The building's amenities include 2 beachfront swimming pools, full-service spa, 2 restaurants, golf simulator and a state-of-the-art fitness center. Delivery is expected in the summer of 2018.
Tour the Newly Opened Sales Gallery at Aston Martin Residences
G and G Business Developments, the developers behind Aston Martin Residences, and Aston Martin, have unveiled the luxurious, three-level gallery style Sales Center located at 300 Biscayne Boulevard. The Sales Center showcases signature Aston Martin elements and materials that will be incorporated into the design of the building, along with a $2.5 million limited edition Aston Martin Vulcan, one of only 24 in the world will be on permanent display at the sales center’s entrance.
“In this, our first residential development, the interiors are inspired by Aston Martin, but take into consideration Miami’s tropical environment. Our design language is based on beauty and the honesty and authenticity of materials. It’s simple and pure and it has an elegance attached to beautiful proportions. We are incorporating AstonMartin’s DNA through subtle details and fine craftsmanship, with an emphasis on comfort,” said Aston Martin EVP and Chief Creative Officer Marek Reichman. Reichman designed the interior spaces including the two private lobbies, the 2 level fitness center with ocean views and the full-service spa amongst other amenity spaces in the development. These beautiful spaces will be encased in a bold sail-shaped building, an engineering masterpiece designed by Revuelta Architecture and Bodas Miani Anger, renowned for creating landmark properties that are aesthetically pleasing and yet grounded in performance and purpose.
The tower's interiors will feature lighting and handmade detail based on the car in addition to hand-adorned residence door numbers from the same jewelers that place the logo on the hood of Aston Martin cars. The building will features floor-to-ceiling glass with no visible concrete, including glass encased support beams. Units start at $500,000 and range up to $7,000,000 for the "River and Panoramic Residences" part of the building and $14,000,000 to $35,000,000 for the "Penthouses." The ultimate unit will be a triplex penthouse that comes complete with a private pool, helipad and Aston Martin Vulcan.
“We have been overwhelmed by the positive response from the market – pre-sales are extremely encouraging and I’m delighted that we are on schedule both in terms of the development and pre-sales. In Aston Martin, we found the perfect partner – one that resonates globally and is the definition of timeless luxury. Together with the Aston Martin design team, we are creating the ultimate tower that will contribute to redefine the new Miami skyline and support to the local economy and the wider community,” said German Coto, CEO of G and G Business Developments. Aston Martin Residences is expected to break ground this fall (Fall 2017) with expected delivery in 2021.
Check-out our latest coverage of Aston Martin Residences newest release of renderings from earlier this month (June 2017).
