SLS Brickell Update May 2013

SLS Hotel and Residence Brickell is definitely taking shape with reservations going under contract.  The property, which will be located at 1300 South Miami Avenue, features retail on the ground floor with three hot restaurants – Katsuya, Bazaar by Jose Andres and a restaurant by Michael Schwartz of Michael’s Genuine.   

The Related Group and Phillppe Starck have a vision with SLS Hotel and Residences Brickell.  The design aesthetic is like nothing else in Brickell with its multi-colored stripes and diagonal lines.  It will truly be an architectural masterpiece that will stand out among all other Brickell condominiums and hotels.

In addition to the hotel occupying the 3^rd through 9^th floor and the condominium residences occupying the rest of the 52-story building from the 10^th floor, the plans are for the 9^th floor to feature top of the line hotel amenities (also available to condo owners) including a state of the art fitness center, a party room, screening room, a long pool, private spa and Hyde Lounge.  There will also be a 3,000-square foot business center with private meeting rooms, an 8,000 square foot ballroom for events, and a rooftop pool and lounge area exclusively for condominium residents.   It is important to note that even though, this property features a hotel and condominium residence, it is NOT a condo-hotel.

Real Estate Update at SLS Brickell

Construction on SLS Brickell is still slated to begin at the end of the year – November 2013 – with completion sometime in 2016. To date, almost of the condominium residences are reserved.  The most recent inventory list show that the following are the units still available for purchase:

Unit	Description	Square Feet	Unit Orientation	List Price
4807	1-BR/1-BA + DEN	698	W	$438,900
3208	1-BR/1-BA + DEN	762	W	$447,900
5108	1-BR/1-BA + DEN	762	W	$565,900
5208	1-BR/1-BA + DEN	762	W	$547,900
UPH-5	1-BR/1-BA + DEN	762	W	$599,900
3404	1-BR/1.5-BA + DEN	810	E	$502,900
5009	2-BR/2-BA + DEN	1,115	W	$643,900
5109	2-BR/2-BA + DEN	1,115	W	$645,900
5209	2-BR/2-BA + DEN	1,115	W	$688,900
UPH-6	2-BR/2-BA + DEN	1,115	W	$745,900
1001	2-BR/2-BA + DEN	1,495	NE	$738,900
1201	2-BR/2-BA + DEN	1,495	NE	$763,900
1205	3-BR/2.5-BA + DEN	1,505	SE	$851,900
1505	3-BR/2.5-BA + DEN	1,505	SE	$879,900
1006	3-BR/2.5-BA	1,346	SW	$641,900
1806	3-BR/2.5-BA	1,346	SW	$726,900
4506	3-BR/2.5-BA	1,346	SW	$826,900
PH
4903	3-BR/3.5BA + DEN	2,270	E	$1,984,900
5003	3-BR/3.5BA + DEN	2,270	E	$2,056,900
4905	4-BR/3.5-BA	2,332	SE	$2,227,900
5005	4-BR/3.5-BA	2,332	SE	$2,306,900
4906	4-BR/3.5-BA	2,125	SW	$1,721,900
5006	4-BR/3.5-BA	2,125	SW	$1,822,900
5106	4-BR/3.5-BA	2,125	SW	$1,817,900
4910	3-BR/2.5-BA + DEN	1,845	NW	$1,299,900
5010	3-BR/2.5-BA + DEN	1,845	NW	$1,356,900
5110	3-BR/2.5-BA + DEN	1,845	NW	$1,333,900
5210	3-BR/2.5-BA + DEN	1,845	NW	$1,419,900

Units are reserved with the following down payments:

• $30,000 for one-bedroom units
• $40,000 for two-bedroom units
• $50,000 for three-bedroom units

Following the reservations, the payment schedule for buyers as follows:

• Reservation Down Payment Listed Above
• 10% at Contract – Approximately 2-13 Months Later
• 10% at Ground Breaking – November 2013
• 10% at 25^th Floor – Approximately 9 Months After Groundbreaking
• 10% at Top-Off – Approximately 9 Months After Previous Payment
• 50% at Closing/Completion -- 2016

Keep an eye on this blog as Miami Riches continues to update the progression of SLS Hotel and Residences Brickell.  This project is an exciting addition to the Miami skyline and one that is expected to create a lot of stir once construction begins.   

SLS Brickell Update

On the heels of other successful Brickell condominiums going under construction, the Related Group recently announced its plan for a new hotel/condominium building in Brickell.  The SLS Hotel and Residences Brickell is officially on the books and tentatively slated to start construction late this year.  The Daily Business News said in a recent article that “Brickell is experiencing a demand for hotel rooms.”  This new project is a new project that will answer those demands by designing a luxury boutique hotel with luxury condominiums.   

SLS Hotel and Residences Brickell Details

The Related Group and Philippe Starck are embarking on the SLS Hotel and Residence Brickell that will include a 52-story building with three restaurants – Katsuya, Bazaar by Jose Andres, and another restaurant by Michael Schwartz (Michael’s Genuine Kitchen) as well as a luxury boutique hotel occupying the 3^rd through 9^th floors; and 451 condominium residences from the 10^th to the 51^st floors (11 units per floor).  The condominium residences will consist of one, two, and three-bedroom residences with square footage ranging from 717 square feet to just over 1,500 square feet.   Arquitectonica, the architectural firm behind the likes of the Miami Museum of Art, the South Miami Cultural Arts Center and more, will design this spectacular building. 

Location

The SLS Hotel and Residences Brickell’s address is at 1300 South Miami Avenue which his adjacent to Infinity in the heart of Miami’s fianancial district.  Also close to Brickell Village and CitiCentre which is also under construction, the views from SLS Brickell showcase Biscayne Bay and the Miami skyline.   Brickell real estate is situated in the hub of Miami action where residents have access to every part of the entire metro area including the Design District, Wynwood Arts District and the beaches.  

Amenities

Residents at the SLS Hotel and Residences Brickell have access to all of the hotel amenities most of which plan to be on the 8^th floor and include the hotel swimming pool along with access to the Hyde Lounge, Ciel Spa, state of the art fitness center, executive business center and grand ballroom.  On top of that, amenities slated are a 3000-sqare-foot business center with private meeting rooms; a roof-top exclusive pool and lounge area exclusively for residents of the condominiums; floor to ceiling windows; top of the line appliances; valet and concierge services; and more. 

Real Estate at SLS Hotel and Residences Brickell

Since its announcement, the reception has been unbelievable!  In fact, the number of allowed pre-reservations has been met and the developer has created a waiting list.  At the time the applications go to contract, those on the waiting list will be given the opportunity to purchase a residence should a potential buyer opt out of the pre-reservation.  If a potential buyer on the waiting list receive an opportunity to opt-in, at that point, the deposit must be made (10 percent of the sale price). 

The pricing has been adjusted from what was first announced and is as follows:

Line#	Type	AC/SF	Location	Approx. Starting Price
01	2BR/2BA+Den	1,486	NE Corner	From the $700s
02	2BR/2BA+Den	1,290	East	From the $600s
03	1BR/2BA+Den	971	East	From the $400s
04	1BR/1BA+Den	813	East	From the $400s
05	3BR/2.5BA+Den	1,505	SE Corner	From the $800s
06	1BR/1.5BA+Den	1,332	SW Corner	From the $600s
07	1BR/1BA	717	West	From the $300s
08	1BR/1BA+Den	734	West	From the $300s
09	2BR/2BA	1,137	West	From the $400s
10	2BR/2BA+Den	1,362	NW Corner	From the $500s
11	2BR/2BA	942	North	From the $400s

Construction is expected to start in November with a payment schedule for buyers as follows:

• 10% with Reservation (April 2013)
• 10% at Contract (July 2013)
• 10% at Groundbreaking (November 2013)
• 10% at 25^th floor (9 months after groundbreaking - August 2014)
• 10% at Top off (June 2015)
• 50% at closing (mid-2016)       

As we said before, the Miami skyline is being transformed in response to the huge demand for Brickell real estate by real estate investors and buyers who are actively searching for property in this and most other parts of Miami.  Over the next year, more and more luxury condominiums are slated to take shape throughout the area.  As SLS Hotel and Residences Brickell begins to come together, its demand will continue to grow.  One thing is for sure, Miami real estate is in high demand and will continue to grow.