Monday, April 06, 2015

News on Brickell Heights



The Related Group obtained a $160.5 million construction loan for its dual tower Brickell Heights project in Miami.

 

Wells Fargo Bank, acting as an administrative agent for a group of lenders, granted the mortgage to Related Group affiliates 9SMA LLC and 9SMA West LLC. The Miami-based developer broke ground on the 49-story project at 850 South Miami Ave. in July 2014. Like most Miami condo projects during this new cycle, it’s heavily funded by 50 percent buyer deposits.
Brickell Heights will have 358 units in its east tower and 332 units in its west tower.
The project should be completed in early winter 2017. Prices start in the low $300's per square foot for the smaller units and reach $500 per square foot. Unit sizes range from 600 square feet to 2,400 square feet for the penthouses.
Amenities include a 35,000-square-foot Equinox gym, a Soul Cycle studio, and several restaurants. The east tower will include 35,000 square feet.

 April 5, 2015 – From Florida Business Journal






Timing is everything for Related Group with Brickell Heights


The Related Group broke ground on the 49-story Brickell Heights in July 2014 
The Related Group is pacing itself in this new development boom so it doesn't flood the market with too much supply – a strategy it's employing in Miami's wealthy Brickell area.
The developer broke ground on both towers of the 49-story Brickell Heights in July 2014. After selling out about 95 percent of the 358 units in the east tower, Related has now launched sales of the 332 units in the west tower. Given that the construction schedule was the same for both, they could have put them on the market at the same time.
"The way Related programs all its condo development is we don't want to flood the market with too much product at once," said Arden Karson, Related's project manager for Brickell Heights. "We are strategic in how we release inventory. It allows us to go to market with a lot of pent up demand."
Some analyst estimate that about 6,400 condos are scheduled to be completed east of Interstate 95 in South Florida this year, followed by 6,700 units in 2016 and 5,000 in 2017. That's assuming all of those projects move forward as scheduled. Related is once again the largest developer in this round of building.
Brickell Heights, located on South Miami Avenue between 9th and 10th Street, is scheduled to be completed in early winter 2017, Karson said.
Karson said Brickell Heights has a pricing advantage over much of the new products in downtown Miami. It starts in the low $300's per square foot for the smaller units and goes up to $500 per square foot. Many other new condos on Brickell are listed in excess of $600 per square foot.
Related can offer a lower price point at Brickell Heights because it purchased the site for a reasonable price in 2013 and locked in construction costs before the explosion of development activity, he added.
"We bought it at a different point in the cycle so our buyers can experience tremendous value," Karson said.
Units in Brickell Heights range from 600 square feet to 2,400 square feet for the penthouses. Amenities include a 35,000-square-foot Equinox gym, a Soul Cycle studio, and several restaurants. The east tower will include 35,000 square feet of office condos, which are mostly sold out, she said.
The Related Group broke ground on the 49-story Brickell Heights in July 2014

Jan 26, 2015, From Florida Business Journal


For more Information about pre-construction projects, please email or call:

Henry B. Nathan: 954.296.6741

hbnathan@gmail.com

Florida Real Estate Agent – United Realty Group

View all South Florida New Construction projects

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