CMC Group Pays Off $236 Million In Construction Loans For The Recently Completed Brickell Flatiron

Unit closings are underway and residents are moving in at Downtown Miami’s newly-completed Brickell Flatiron tower, with 50% of the 64-story tower’s contracts successfully closed over the last 30 days. The news comes as developer CMC Group retires $236 million in construction loans for the project. The loans, which were issued in 2017 by Bank OZK, Broad Street (Goldman Sachs) and RFR Realty, helped fund the development of the 527-unit tower located at 1000 Brickell Plaza. Brickell Flatiron was completed last month when it received its temporary certificate of occupancy (TCO) with more than 95% of the project’s units already sold and under hard contract,

“Our ability to retire these loans just four weeks after receiving our TCO underscores the sustained buyer demand we’re seeing at Brickell Flatiron and the strength of the Brickell brand, both internationally and domestically,” said developer Ugo Colombo, Founder of CMC Group. “We’re quickly approaching sell-out and contracts are closing as we see a steady stream of primary and secondary home buyers coming from key markets overseas and U.S. markets such as New York, Boston, Chicago and California. Our owners are extremely happy with the quality of the final product and we’re moving through the rest of our closings at a record pace.”

Remaining residences currently available for sale include a range of one- to four-bedroom condos priced from $790,000 to $3 million, and one upper duplex penthouse for $8 million.

Brickell Flatiron has attracted a diverse mix of residents since launching in 2015, including a significant percentage of domestic buyers. While the tower has enjoyed steady sales activity among buyers from Mexico, Argentina, Italy, Venezuela and Colombia, U.S. buyers have accounted for more than half of all unit sales to date. Approximately 70% of the building’s buyers came from U.S. markets, evidence that Americans are increasingly drawn to Downtown Miami’s urban lifestyle, which comes at a fraction of the price of luxury living in other gateway cities.

“Bank OZK was delighted to finance Miami’s Brickell Flatiron Tower. This project embodies the high standards Bank OZK consistently seeks in its project financings – marquee real estate, strong market fundamentals and top-tier sponsorship,” said Greg Newman, managing director of originations for Bank OZK. “Ugo Columbo once again delivered a successful, high quality, landmark building making a bold mark on the downtown Miami skyline.”

Acclaimed Miami architect Luis Revuelta creates a one-of-a-kind architectural environment that combines the tower’s distinct flatiron shape with flowing, curvilinear forms. On the inside, Italian design architect Massimo Iosa Ghini uses inspiration from Brickell Flatiron’s curved façade to outline the building’s sleek amenity spaces, creating a seamless transition from exterior to interior.

The tower’s 64th-floor rooftop amenities encompass a Sky Spa, Sky Pool and Sky Gym with 360-degree panoramic views of the bay and downtown Miami’s glimmering cityscape. Residents have access to a host of therapeutic services and other offerings including private steam, sauna and locker facilities, a 6,300 square foot state-of-the-art fitness center with Pilates, yoga and aerobics studios, and a juice bar. Additional features include a resort-style lap pool and separate children’s pool on the 18th floor, private movie theater with stadium seating, billiards and cigar room, wine cellar, 24-hour concierge and valet parking, on-site vehicle washing and detailing, and electric car-charging stations.

In 2016, CMC Group completed the $22.5 million sale of Brickell Flatiron’s 24,800 SF ground-floor retail/restaurant space to Avi Dishi and Haim Yehezkel. Exciting tenants have already signed on to lease the space, including a popular London-based Japanese entertainment restaurant concept Sexy Fish.

Images via Golden Dusk Photography

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Ugo Colombo Completes Miami’s Tallest Condo Tower As CMC Group’s Brickell Flatiron Receives TCO

Brickell Flatiron, CMC Group’s new 64-story luxury condominium tower in Downtown Miami’s Brickell Financial District, has received its Temporary Certificate of Occupancy (TCO) from the City of Miami. The milestone opens the door for closings to get underway as buyers take ownership of their residences, begin interior build-outs, and prepare to move-in this fall. With its distinct flatiron shape and curvilinear façade designed by architect Luis Revuelta, the 736-foot-high, 64-story, Brickell Flatiron tower becomes the tallest condominium south of New York City. Approximately 95% of the development’s 527 units have already been sold, with remaining residences priced from $790,000 to $3 million, and one upper duplex penthouse for $8 million.

Brickell Flatiron has attracted a diverse mix of residents since launching in 2015, including a significant percentage of domestic buyers. While the tower has enjoyed steady sales activity among buyers from Mexico, Argentina, Italy, Venezuela and Colombia, U.S. buyers have accounted for more than half of all unit sales to date. Approximately 70% of the building’s buyers came from U.S. markets, evidence that Americans are increasingly drawn to Downtown Miami’s urban lifestyle, which comes at a fraction of the price of luxury living in other gateway cities.

“When we started developing in Miami in the early 1990s, our firm viewed Brickell and Downtown as a ‘blank canvas’ that would one day come to life as a vibrant residential and commercial district where streets were alive 24 hours a day,” said developer Ugo Colombo, Founder of CMC Group. “Brickell Flatiron stands out for its unique luxury lifestyle woven into the urban landscape and is a reflection of Miami’s coming of age as a cosmopolitan city with a thriving downtown at its heart.”

Italian design architect Massimo Iosa Ghini used inspiration from Brickell Flatiron’s curved façade to outline the building’s sleek amenity spaces, creating a seamless transition from exterior to interior. The tower’s 64th-floor rooftop amenities encompass a Sky Spa, Sky Pool and Sky Gym with 360-degree panoramic views of the bay and downtown Miami’s glimmering cityscape. Residents have access to a host of therapeutic services and other offerings including private steam, sauna and locker facilities, a 6,300 SF state-of-the-art fitness center with Pilates, yoga and aerobics studios, and a juice bar. Additional features include a resort-style lap pool and separate children’s pool on the 18th floor, private movie theater with stadium seating, billiards and cigar room, wine cellar, 24-hour concierge and valet parking, on-site vehicle washing and detailing, and electric car-charging stations.

In 2016, CMC Group completed the $22.5 million sale of Brickell Flatiron’s 24,800 square foot ground-floor retail/restaurant space. The buyer, Elysee Investments, is a firm led by Avi Dishi of New York and Haim Yehezkel of Miami, which owns and manages a portfolio of commercial properties in New York and South Florida. Exciting tenants have already signed on to lease the space, including a popular London-based Japanese entertainment restaurant concept.

Delivery of Brickell Flatiron coincides with a rapid population boom in Miami’s urban core. Downtown Miami’s residential population has more than doubled since 2000 and grown by 40% since 2010, according to a recent demographics study by the Miami Downtown Development Authority. Today, more than 92,000 people live in the area and that number is expected to eclipse 100,000 by 2021. This growth has been driven by the rise of vertical residential towers and the activation of a thriving streetscape that ranks among the world’s most dynamic urban centers.

Photos via Golden Dusk Photography

Related Group Sells SLS Brickell Hotel For $43 Million

The Related Group has sold the hotel component of SLS Brickell for $43 million to an entity managed by Francois Faber of Fiduciaire Fernand Faber, who has also signed an agreement with SBE for the continued management of the property. The 55-story development, which was completed by Related Group in 2016 and designed by Arquitectonica, features both a condo component with 450 condos and a hotel component which features 124 hotel rooms. The sale accounts to roughly $347,000 per key, with the rooms designed by Philippe Starck. The building also houses celebrity chef José Andres’ Bazaar Mar and Fi’lia by Michael Schwartz. Other amenities include a gym, spa, 10th floor pool deck, theater room and concierge services. The sale marks the second SBE managed hotel sale by Related Group this development cycle after it sold the Hyde Midtown hotel to Haim Yehezkel’s Midtown Hotel Investment LLC for $21.8 million in April 2018.

Related Group & Dezer Development Sells Newly Completed HYDE Midtown Hotel For $21.8 Million

Related Group and Dezer Development has completed the sale the hotel portion of the newly completed Hyde Midtown Suites & Residences luxury condo-hotel project in Midtown for $21.8 million. The buyer was Midtown Hotel Investment LLC, which is led by Haim Yehezkel of Elysee Investments and the agreement was first announced while the project was still under construction. The deal was financed via a $14.5 million mortgage provided by Bank of America and breaks down to roughly $363,000 per key. The deal was brokered by Hernan Gleizer of Optimar First International Realty. The 60-key hotel will be managed by sbe and is located at 4101 Northeast First Avenue in Midtown Miami. HYDE Midtown will be the first hotel to open in Midtown. 

In total the HYDE Midtown Suites & Residences project features 410 luxury residential condos and 60 hotel suites. The 32-story, 480,000 SF building was designed by Arquitectonica with interior design by the Rockwell Group. Amenities were designed to be tailored towards millennials which include a HYDE Music Lounge & Piano Bar, restaurant, pool terrace with jacuzzi, putting green and tennis court, state-of-the-art fitness center and private screening theater. Hyde Midtown Suites & Residences initially broke ground in September 2015.

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