KAR Properties and Fortune International Group Buy Out Remaining Reach and Rise Residences at Brickell City Centre

KAR Properties and Fortune International Group have bought out the remaining 81 unit inventory at Reach and Rise Residences at Brickell City Centre, officially marking the sell out of the residential development. KAR Properties and Fortune International Group will be focusing on selling the recently purchased units with Fortune Development Sales leading these efforts. 

“As fellow developers in the downtown Brickell area, we have great respect for Swire. The company has played an integral role in the transformation of Brickell,” said Shahab Karmely, CEO and Founder of KAR Properties. “The most dynamic part of Miami is downtown, particularly along the riverfront, where we are developing One River Point by Rafael Viñoly as part of a three-phase luxury development located directly across the river from Brickell City Centre.” 

KAR Properties and Fortune International Group believe the existing inventory in today’s market is attractive for the consumer looking to buy and live in Miami now. The continued investment Swire Properties placed into the development, the timing in today’s real estate market, the residences’ prime location and its elite quality are just a few of the reasons the two firms believed in this investment. 

“Brickell City Centre has enhanced Miami’s Brickell neighborhood, bringing high end retailers, global cuisine and entertainment to the community. As Miami’s global appeal and market demand rises, real estate continues to be a smart investment option,” said Edgardo Defortuna, President and CEO of Fortune International Group. “Our firm has had long-term success in the industry with a strong grasp on what is happening in the South Florida market. It is clear Swire Properties has developed a landmark destination for the community.” 

The luxury condominium towers are an anchor for the mixed-use property of Brickell City Centre developed in 2014. This master plan destination stands out as a hallmark of Brickell’s live-work-play lifestyle, attracting both local and international residents and celebrities.

“Swire Properties is delighted to sell the remaining inventory of 81 units to respected investors KAR Properties and Fortune International Group, in a significant transaction that reflects their shared commitment to this outstanding product and belief in Brickell City Centre,” said Kieran Bowers, President of Swire Properties. “Swire Properties will continue to invest in Brickell over the coming years and attention will now turn to the development of the remaining phases and parcels surrounding Brickell City Centre.”

Brickell City Centre Unveils A Two-Story Penthouse In Reach Residence

Reach Residence of Brickell City Centre just unveiled their two-story exclusive penthouse listed for $6.690 million. Brickell City Centre is a $1.05 billion mixed-use luxury development, “city within a city,” in the middle of Miami’s financial district. Developed by Swire Properties Inc. and designed by award-winning Allan Malouf, the penthouse of Reach Residence crowns the top of Brickell City Centre with new images unveiled for buyers to see.

“We have worked with Allan Malouf for over three years through our annual Art Basel activation, CASACOR Miami. I am always blown away with his level of creativity and how people gravitate towards his design during the exhibition,” said Maile Aguila, senior vice president of residential sales for the project. “With the Brickell neighborhood continuing to lead in condo sales in South Florida, we knew that we had to bring Allan’s forward-thinking design to offer our buyers a turnkey unit that only requires you to receive the key and feel at home. He created a cozy atmosphere in a refined way in our two-story penthouse at Reach Residence that still feels inviting and elegant.”

The fully furnished penthouse is decorated in earth tones for a minimalistic and polished look. The 3,933 sq.ft. of interior houses four-bedrooms, five and a half bathrooms and high ceilings. Floor-to-ceiling glass windows show off the panoramic city landscape and water views of this luxurious home. The penthouse is also complete with a private rooftop pool, garden and outdoor kitchen.

“I wanted to create a universal design that appeals to the couple who is looking for the upmost privacy, snowbirds who are looking to downsize or the entrepreneur who wants a bachelor pad,” said Allan Malouf with over 20 years of experience in architecture, interior design and real estate acquisitions. “To create the contemporary space, we played with earthy-toned colors, velvet and rustic textures, brought in artwork from artist Andre Poli, select pieces from Pure Project Home and wood panels from the Ukraine, all to enhance the level of luxury this unit offers.”

Reach Residents attract buyers not only because of extravagant interiors, but offers the perks of living in the heart of Brickell City Centre. This urban living experience is perfect for buyers who want a work-hard-play-hard lifestyle. Weekly events held at Brickell City Centre are at at your fingertips, along with some of Miami’s trendiest restaurants, shops and bars. Reach Residents also offers many exclusive amenities such as a spa with hair and nail service, poolside café service, and an entertainment suite.

Reach Residence is located at 68 SE 6th Street in Brickell. All residences come fully furnished for buyers to start enjoying everything Brickell City Centre has to offer from the moment they move in.

Brickell City Centre Finally Reveals Their Long-Awaited Penthouse Collection at Rise & Reach

Swire Properties Inc. has unveiled the penthouse collection at their Rise and Reach residential condo towers at Brickell City Centre. The collection features 7 penthouse units which start at $3.95 million and floor-plans range from 3 to 5 bedroom layouts. Units feature 10' to 12' ceilings, marble floors, custom furnishings and interior design by Richardson Sadeki, rooftop terraces complete with outdoor kitchens, hot tubs and pools. The $1.05 billion development was designed by Arquitectonica and amenities include private direct access to Brickell City Centre, outdoor fitness areas, state-of-the-art gym, spa, library, lap pool, residential pool and tropical gardens. 

“The penthouse collection is the quintessential example of how Swire Properties’ vision for the Brickell community has always brought new concepts, innovation with a fresh twist and lifestyle to urban development. There is nothing like this on the market where you’re right in the middle of the action and can have it all right at your fingertips; incredible floor plans, ultimate privacy, elite services, sweeping views of the city skyline and just steps away from top dining and entertainment,” explains Maile Aguila, Senior Vice President of Residential Sales at BCC's Rise and Reach.

Brickell City Centre's Rise & Reach Sales Updates

Swire has announced their quarterly earnings, in them their Brickell City Centre sales update reflecting that 353 contracts have been signed at Brickell City Centre's residential building Reach and another 185 contracts in their other residential building Rise. Of that, 175 of Rise's units have closed. These numbers reflect weaker quarterly sales of just 4 units in Reach and 11 units in Rise during the time period. Both Reach and Rise have 390 units each with units in reach starting slightly cheaper starting at $595K as the lowest currently listed 1 bedroom resale. Closings in Reach began in April 2016 and closings in Rise began in September 2016. Swire did not provide any update on the second phase of the Brickell City Centre project, One Brickell City Centre.

Brickell City Centre Update: Almost All Units Closed at Reach

Brickell City Centre continues to move closer to final completion. After receiving its TCO in April, Reach, the first residential tower delivered by Brickell City Centre, has now closed on 311 of 390 total units. Of thes, 89 are back on the MLS available for rent and 30 are listed for sale. Investors had planned to rent 2 bedroom units for $4,500 and 1 bedroom units for $3,500, but 15 actual signed and leased units are closer to the $2,700 range for 1 bedrooms and $3,500 for 2 bedrooms. While there is still to be a flood of units to hit the market as SLS Brickell, SLS Lux, Brickell City Centre Rise, etc. hit the market, pricing and demand is still factoring in the construction and fact that Brickell City Centre's retail and entertainment portion of the development will not be open until at least November. East, one of the hotel towers of Brickell City Centre, opened earlier this Summer and closings should start soon at Rise.