Rental prices have remained relatively stable in BrickellHouse despite a legal battle between the developer and parking garage operater. Boomerang Systems and Newgard Development Group's Harvey Hernandez, the developer of BrickellHouse remain locked in a lawsuit after a bankruptcy judge cut Boomerang System's operating contract with BrickellHouse. Boomerang Systems was to operate an automated, robotic, "hassle-free" parking system but residents were met with delays waiting for their cars, some of which reached over an hour during peak times.
Photo via The Real Deal
BrickellHouse is a 46-story luxury condo building at 1300 Brickell Bay Drive. The building was designed by Sieger Suarez as the architect and Yabu Pushelberg for interior design. Amenities include a private owner's lounge, screening room, rooftop resort deck with 50-foot lap pool and poolside cabanas, fitness center and spa as well as 24-hour staff. It features 374 units that start around $400 SF, fairly consistent with pre-construction pricing and range from $239K to $7.5 million. Units range from studio to 3 bedroom with larger penthouse units. Rental prices have held steady around $3 SF and 75 units have been rented this year. Despite this residents have continuously complained about the parking issues which have been a drag on the building's reputation. Mixed with a buyer's market investors may find some deals from owners who don't want to deal with the current legal issues.
