Friday, March 22, 2013

Brickell Citicentre

Another major player in the development of Brickell, Miami’s financial district, is Swire Properties.  Brickell CitiCentre is another big Brickell real estate project underway in this ever growing part of Miami.  This $1.5 billion project’s construction is underway and covers nine acres of land with an estimated 5.4 million square feet of retail, office, condominium, and hotel space.  In addition, plans show two levels of underground parking spread over seven acres with an estimated 3,100 parking spaces.  CitiCentre is, without a doubt, going to be an amazing assembly of real estate just like Swire Properties likes to build. 

brickell-citicentre
The Muscle Behind the Magic
With the ground breaking just under a year ago, Swire Properties, the developer of Brickell Key and the condominiums situated on it, is the brains behind Brickell CitiCentre.    In addition, Arquitectonica, the   firm designing Icon Bay and the newly announced SLS Brickell, is charged with designing this masterpiece.  Finally, Turner Construction and Dragados USA are heading the construction of the underground parking garage and foundation for the mammoth mixed use project.  Turner is well known for 1060 Brickell, The Gables Club Condominium in Coral Gables and many other Miami commercial and residential projects. 

Location
Located at 701 South Miami Avenue, Brickell CitiCentre is situated three blocks south of the Miami River and west of Brickell Avenue.  In the center of Brickell, CitiCentre is just a mere two blocks from Brickell Village and a short drive to the major transportation hubs in and around Miami – port of Miami and Miami International Airport.

brickell-ave
Living at Brickell CitiCentre
While the construction of the buildings is getting underway, the details are beginning to surface.  Some have called it the “city within a city” because of all it plans to offer residents and those who live and work in Brickell.  In addition to the planned office, retail, and restaurant space in addition to a huge wellness center.  With Swire Properties at the helm and Arquitectonica designing this work of art, amenities will include such things as an amazing state-of-the-art fitness center, meeting rooms, 24-hour concierge and valet, pools on tropical pool decks, and more.  Inside each residence, modern kitchens and baths, spacious living areas, and amazing views of the river, Biscayne Bay and the city will make Brickell CitiCentre real estate a goal for all those who live and work in Brickell.

brickell-view
Real Estate at Brickell CitiCentre
While many of the new construction condominium projects begin selling prior to groundbreaking, Swire Properties has a different philosophy where they build first.  As construction begins, more details will emerge regarding condominium sales.  One thing for sure is that the location and amenities of Brickell CitiCentre, sales will be strong and fast.

Fascinating to Watch
When construction on new projects begins, it is always fascinating to watch the progress.  With Brickell CitiCentre, the fascination is magnified especially after viewing the renderings.  As the vertical construction begins, Miami Riches will keep potential Brickell buyers informed with the details about real estate sales.  This is definitely going to be a popular address for Miami residents.  In the meantime, there are so many other Brickell condominiums that offer amazing views, excellent amenities and the perfect location of an ever-growing part of Miami.

Wednesday, March 13, 2013

SLS Brickell - New construction in Brickell

SLS-Brickell
With condominium construction in Miami real estate kicking into high gear, the Related Group seems to be at the helm of many of the projects.  From those currently under construction like My Brickell, Millecento and Apogee Beach in Hollywood to the pre-construction condominiums like Icon Bay and Beachwalk in Hollywood, The Related Group knows that there is high demand for condominium and hotel space in South Florida especially in Brickell.  According to a recent article in Daily Business News, “Brickell is experiencing a demand for hotel rooms.”  Because of this, the Related Group is responding with a new project combining a luxury boutique hotel with luxury condominiums which we refer to as SLS Brickell as the exact name has not yet been announced.   

SLS Brickell
Just announced, the SLS Brickell project includes a 52-story building with three restaurants; a luxury boutique hotel occupying the 3rd through 9th floors; and 451 condominium residences from the 10th to the 51st floors (11 units per floor).  The Related Group and Philippe Starck, who also designed Icon Brickell, have enlisted the architectural firm of Arquitectonica to design SLS Brickell.  Known for other architectural masterpieces in Miami including the Miami Museum of Art, the South Miami Cultural Arts Center, and others, Arquitectonica is also designing the upcoming Related Group residential project, Icon Bay.   Plans currently call for the condominium residences to include one, two and three bedroom units all with the square footage ranging between 717 square feet to just over 1,500 square feet.  Just like the other Related Group projects, SLS Brickell will definitely be a beacon in Miami architecture.

SLS-Brickell-location
Location
Located at 1300 South Miami Avenue, next to Infinity, SLS Brickell will be situated in the heart of Brickell, Miami’s financial district, and close to everything around there including Brickell Village and CitiCentre (under construction) not to mention its close proximity to Biscayne Bay.  Additionally, this ideal location offers super easy access to I-95 and is just minutes away from the growing neighborhoods of the Design District and Wynwood Arts District.

Amenities
With a luxury hotel occupying six floors of the project, the residents of SLS Brickell will have access to all of the hotel amenities and with a hotel at this level, the amenities are sure to be plentiful and well above standard.   Some of the hotel amenities include the hotel swimming pool on the 9th floor terrace along with access to the Hyde Lounge, Ciel Spa, state of the art fitness center, executive business center and grand ballroom.  In addition, there will be three restaurants, Katsuya, Bazaar by Jose Andrews and another by Michael Schwartz from Michael’s Genuine Kitchen. 

While the details of the residences have not been revealed, knowing the other residences developed by the Related Group, residents can expect all the bells and whistles that accompany residential condominiums at this level.  One amenity that has been disclosed is the resident-exclusive pool and club located on the 52nd floor terrace. 

Real Estate at SLS Brickell
The current plans for the residential properties at SLS Brickell include one, two, and three bedroom units with only 11 units on each floor.  With pricing starting in the $200s, SLS Brickell is a great opportunity for investors as well as first time buyers seeking Brickell real estate.  The pricing is as follows:

Line#
Type
AC/SF
Location
Approx.
Starting Price
01
2BR/2BA+Den
1,486
NE 
$600s
02
2BR/2BA+Den
1,290
East
$600s
03
1BR/2BA+Den
971
East
$400s
04
1BR/1BA+Den
813
East
$300s
05
3BR/2.5BA+Den
1,505
SE 
$700s
06
1BR/1.5BA+Den
1,332
SW 
$500s
07
1BR/1BA
717
West
$200s
08
1BR/1BA+Den
734
West
$300s
09
2BR/2BA
1,137
West
$400s
10
2BR/2BA+Den
1,362
NW 
$500s



As the construction date has not been announced, reservations are accepted with a deposit and the payment schedule is structured as follows (dates are tentative and subject to change):
  • 10% with Reservation (April 2013)
  • 10% at Contract (July 2013)
  • 10% at Groundbreaking (November 2013)
  • 10% at 25th floor (9 months after groundbreaking - August 2014)
  • 10% at Top off (June 2015)
  • 50% at closing (mid-2016)       


SLS Brickell is one of several luxury condominium projects that will begin redefining the Miami skyline.  Similar projects in the vicinity have sold out or all but sold out quickly.  With such an increased interest in the Brickell area as well as the neighborhoods that surround it, the demand on Miami real estate is high.  

Friday, March 8, 2013

Icon Bay - Update

icon-bay
One of the most anticipated condominium projects is finally set to break ground in the next month or so.  Icon Bay, the latest residential landmark from world-renowned developer, The Related Group, is a 40-story architectural marvel that will follow the success of the Icon line of condominiums in Miami including Icon Brickell and Icon South Beach.  With magnificent, panoramic views from every residence and a high attention to detail, Icon Bay is set to be one of the most sought after addresses in all of Miami real estate.

The Icon Bay Team
At the helm is Miami developer, The Related Group, one of Miami’s most successful commercial and residential developers of projects like Apogee, 500 Brickell, My Brickell, One Ocean and so many more.   Jorge Perez, the CEO of the Related Group, is a real estate genius and known for his “iconic” and recognizable buildings in Miami and South Florida.

Arquitectonica is the architectural partner that is designing Icon Bay.  In business for over 25 years, it is the name behind other successful Related Group projects as well as the American Airlines Arena, Museum of Modern Art and South Miami Cultural Arts Center.

The landscaping around Icon Bay as well as the adjacent waterfront park being constructed adjacent to Icon Bay is under the direction of ArquitectonicaGEO, a Coconut Grove based “green-friendly” landscape architectural firm with projects like Sonesta Key Biscayne and the Miami Science Museum under their belts. 

Location of Icon Bay
Located in the heart of “new Miami,” Icon Bay is located at 460 NW 28th Street.  Directly between Midtown and the Wynwood Arts District, the building is situated on Biscayne Bay.  Its locale in the up and coming Biscayne Corridor is ideal as it is five minutes from Brickell, a few blocks from the Design District and only a 10-15 drive from Miami International Airport and South Beach.  Icon Bay is set apart from the booming areas of Midtown, Wynwood, and Design Districts but still in the middle of the excitement.  Homeowners can enjoy privacy and a quiet environment while being close to tons of shops, dining and entertainment.

The Design District is a fabulous part of Miami real estate that is growing in popularity by leaps and bounds.  Many high-end shops such as Hermes, Christian Dior and others are relocating Bal Harbour to this chic part of town. 

icon-bay
Icon Bay
The first word that comes to mind when seeing renderings of Icon Bay is WOW!  The exterior fa├žade compliments the water with a woven or checked like contemporary design.  This masterpiece is 40 stories tall with 300 units and features a grand three-story lobby intended to showcase the fabulous artwork that is a passion of Jorge Perez. 

With only eight units per floor, the plan is for all of the one, two and three bedroom residences to have beautiful bay views.  In terms of size, the residences range in size from slightly more than 900 square feet to over 1500 square feet (penthouses are over 2,000 square feet). 

Amenities
The Related Group is known for its affinity of luxury amenities.  Because the Icon line features only the best in their properties, residents at Icon Bay should expect only the best.

icon-bay
Community Amenities.  Amenities will be plentiful around the grounds of Icon Bay.  Residents will have access to 24-hour valet, concierge and security; a state of the art fitness center with top of the line equipment as well as cardio and other group classes, and floor to ceiling windows that showcase the bay front and pool area; a beautiful infinity resort-style pool that overlooks Biscayne Bay and features towel service and luxury cabanas; a coffee lounge and kids and teen lounge; clay tennis courts over the garage and so much more. 

Waterfront Park.  Probably the most amazing part of the project will be the small community park just south of the condominium.  This green space will feature art and sculptures from Miami’s up and coming artists and have areas for running and exercising as well as a dog park and play fountain. 

icon-bay-interior
Residence Amenities.  Residences will be spacious and designer-ready for home owners to select fixtures and finishes.  Other details will include private elevator entrances to a private foyer for each residence; nine-foot ceilings; imported porcelain tile; elegant kitchens with European cabinetry; impact-resistant windows and rails framing large terraces; one assigned parking spot with additional available; and more.
 
Real Estate Information at Icon Bay
From the time the announcement was made presenting Icon Bay, there has been a lot of chatter about the project.  Because of the location and the popularity of other Icon properties, sales were wildly successful out of the gate.  In fact 50 percent of the building had reservations within a month of the announcement. 

Currently, with the exact groundbreaking still being determined, there are only six units (all one-bedrooms) available for sale all of which are located on lower floors.  The pricing of the available units is as follows:

Unit #
Type
AC/SF
List Price
Price/SF

304
1BR/2BA+Den
1,096
$455,900
$415.96
305
1BR/2BA+Den
1,190
$490,900
$412.52
306
1BR/2BA+Den
1,055
$438,900
$416.02
307
1BR/2BA+Den
1,003
$420,900
$419.64
502
1BR/1.5BA+Den
964
$448,900
$465.66
902
1BR/1.5BA+Den
964
$456,900
$473.96

When comparing the price/square foot of the one-bedrooms versus those at the announcement of sales, the current amounts are slightly lower than in August 2012.  With all the remaining units priced below $500K, this is a phenomenal opportunity to live in one of Miami’s most iconic buildings. To be part of the excitement, following is the current payment schedule to purchase property at Icon Bay:
  • 20% at contract (now)
  • 20% at Ground breaking (approximately March 2013)
  • 10% at Top off (approximately March 2014)
  • 50% at closing (approximately beginning 2015)  
To compare to similar sales, newly constructed Paramount Bay Condominium which is located in the same area and also designed by Arquitectonica, features original sales with the price per square foot falling between the upper-$400s and upper-$700s.  Resale numbers show that the price per square foot has increased with the range from the mid-$500s to well over $800K.

Icon Bay’s Success
The success of Icon Bay definitely shows that the Miami real estate market is back in play.  With only six units available for sale, this is an excellent opportunity for investors and buyers who want to live in such a hot part of Miami.

Monday, March 4, 2013

Miami Design District and Surrounding Real Estate

Most major metro areas in the country have a part of town that is considered an up and coming area on the verge of a real estate boom.  In Miami, that area is called the Design District.  Bordered by 36th and 42nd Streets on the south and north, and Federal Highway and Miami Avenue on the east and west, this trendy part of Miami is about to experience a large upswing in the real estate market. 

miami design district

Over the past few years, warehouse space has been converted from low-rise warehouse and gallery space into high end retail space, restaurants, cafes, and art galleries.  In fact, many high end retailers like Louis Vuitton, Hermes, Dior and Cartier are moving their Bal Harbour shops to the Design District.  Surrounded by prominent Miami neighborhoods, the Design District is poised for huge growth and major increases in real estate value.


christian louboutin miami

dior miami design district

hermes miami design district

Design District Real Estate
To the south of the Design District is Midtown Miami with its high-rise condominiums, office space and retail space.  Just north of the Design District (and just south of Little Haiti) is an area of single family homes that offer tons of opportunity for an investment in a position to provide immediate equity.  These homes are situated in neighborhoods like Buena Vista, Old Spanish Buena Vista, Lemontree, and Brentwood and built mostly between 1920 and 1960.  While some homes have tons of character with their Mediterranean and Spanish architectural styles and others are in need of lots of work, the common denominator with all the homes is that they are affordable and are in a location that is hip and close to everything.
design district house
Currently, there are about 15 single family homes in the Design District area that are priced up to about $500K.  These homes are mid-sized homes ranging between 1,000 and 2,500 square feet.  List prices increase as the address gets closer to the Design District.  With list prices at this level, not only are they affordable but they easily accommodate renovations to bring them up to a level that is aesthetically and financially comparable to the beautiful homes in the outlying neighborhoods to the east like Morningside and Bay Point


design district single family home

According to Trulia, over the past six months, similar homes sold for significantly less than their estimated value which is based partly on location.   Remodeled homes within one to two blocks of the Design Districts have listed and sold for well over $500K.

Huge Opportunity
There is a huge opportunity in the Design District to buy a Miami single family home at a very low price and walk into the home with equity.  Not since 2006 has this been an option for home owners especially in Florida.  For real estate investors and those who have the desire to recreate a masterpiece, this is the place to be.  Be part of the transformation of this up and coming neighborhood. 

louis vuitton design district
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