Tibor Hollo has filed a proposal to the FAA for their One Bayfront Plaza development, which will be an ultra-tall mixed-use tower in Downtown. The proposal is for a 1,044 ft mixed-use tower with residential units, office space, retail mall and hotel units. Construction would be scheduled to begin in January 2018. Plans had previously been approved for the project at 1,005 ft in 2015, but the developers seeks to go higher as FAA restrictions has eased since. The lot has quite a bit of history and has long been expected to be developed into one of the tallest buildings in Miami and an iconic part of the future Miami Skyline. Tibor Hollo has over 50 years of experience as a real estate developer in Miami including as the president of Florida East Coast Realty
Hassan Whiteside Purchases La Gorce Contemporary for $7.3 Million
Hassan Whiteside of the Miami Heat is wasting no time putting his new $98 million contract to use by purchasing a La Gorce contemporary for $7.3 million according to The Real Deal. This should be quite the move from his previous condo in Downtown's Marina Blue. The waterfront bachelor pad is 5,406 SF with 6 bedrooms, 6.5 bathrooms and was first listed for $13 million is February 2016 before seeing several price cuts. It is designed by Borges + Associates Architects with an open floor plan to allow for water views through the structure and a detached guest house. Photos by One Sotheby's International Real Estate.
Swire Properties Announces Brickell City Centre a Success to Shareholders.
Swire Properties announced to shareholders in August that Brickell City Centre was a success. The development is yet to be complete yet has sold 349 out of the 390 condo units at Reach and 174 of 390 condo units at Rise, the projects two residential high-rises. They also just received their Temporary Certificate of Occupancy (TCO) for their Rise condo tower, allowing buyers to start closing on their units. This marks the end of the residential and hotel parts, as well as the Three Brickell City Centre office building part of the project completed, and just the shopping mall and second office tower are still under construction. The Shops at Brickell City Centre, the retail mall, is scheduled to open in November and they recently released a list of stores with luxury names including Saks Fifth Avenue, Audemars Piguet, Richard Mille, Bally, Agent Provocateur and many more. 75% of the office space is under-contract to lease. WeWork signed a deal for close to 50% of the total office space last week. As Miami continues to evolve, commercial rates continue to rise. The residential rental rates remain to be seen. Swire properties is committed to completing two more phases of the project over the next 8 years.
Palm Island Contemporary Lists for $32 Million
30 Palm Ave. is a Miami Beach dream house. Direct access to Biscayne Bay views of Port of Miami and Downtown. The beautiful contemporary home was built in 2014 is 8 bedrooms, 8 full baths and 1 half-bath with 14,000 SF in living area. I features over 100 feet of waterfront with a private dock, a master suite, movie theater, 4 car garage, gym, tennis and basketball courts and a summer kitchen. It is currently listed for $32 million by Albert Justo of One Sotheby's International Realty. Photos by One Sotheby's International Realty.
Macy's Shopping Around Remainder of Lincoln Road Leasehold
It's no secret that the major department stores are in for a major shake-up. The Real Deal is reporting that Macy's is quietly marketing the remainder of leasehold for their Lincoln Road location. The 98,610 SF at 1675 Meridian Avenue has 34 years left on the lease and could go for about $80 million. It is one of the largest retail spaces available in the area and it is reported that both Nordstrom Rack, HomeGoods, Saks Fifth Avenue OFF 5th and Old Navy have inquired about the space. HFF has the listing on the space. Macy's had reported earlier this year that they would be closing 100 stores, but would not comment on what would happen to the Miami locations.
Bakara "SESTO SENSO" Listed on N Bay Rd. For $35.9 Million
Located at 5004 N Bay Rd., Bakara "SESTO SENSO" is a 17,055 SF luxury palace located directly on Biscayne Bay. The home is an architectural masterpiece and resort in itself, featuring a rooftop swimming pool 35-feet above ground, resort style pool with summer kitchen, beautifully designed interior and stunning master-bath with a marble bathtub. It is 7 bedrooms and 10 bathrooms, 6 car garage, 2 kitchens, an open atrium with vertical garden, movie theater, wine cellar and gym. There are bay views throughout with perfect sunsets and direct water access. Bakara "SESTO SENSO" is currently listed for $35,900,000. Listing by Mirce Curkoski of One Sotheby's International Realty. Bakara "SESTO SENSO" is owned by Christian de Berdouare, the founder of Chicken Kitchen, who owns two other homes along N Bay Rd. One of those is the famed former house of Pablo Escobar, at 5860 N Bay Rd. Photos by One Sotheby's International Realty.
288 S Coconut Ln. On Palm Island Currently Listed for $21,800,000
288 S Coconut Ln. on Palm Island is a 9 bedroom, 11 bathroom 17,737 SF behemoth currently on the market for $21,800,000. The estate is designed by Ramon Pacheco was built in 2011. It includes 100 ft of waterfront on Biscayne Bay with a private dock and amazing views of the Miami skyline. The house also includes smart house technology, beautifully designed foyer, chef's kitchen and 4 car garage. Photos and listing by Douglas Elliman.
Miami New Construction Continues To Show Strength
Although we are approaching the end of this development cycle, the Miami new construction market continued to show strength through 2016. Dodge Data & Analytics is reporting that in July Miami saw over $854 million spent on new construction, down about 18% year-over-year. That also brings Miami to about $4.218 billion spent on new construction in 2016, up 1% year-over-year. This new construction has been sparked by healthy sales, as developers must presell 80% of the project to break ground, which should help support stability in the market as over 14,700 units are under construction with over 30,000 in the planning and pre-sales phase.
Buyers & Investors in Downtown's New Centro Can Now Qualify For a Fannie Mae Loan
Buyers in Newgard Development Group's Downtown's newly delivered 352 loft style unit Centro Condominium will now be able to close with a Fannie Mae mortgage with rates around 3.45%. With the approval, which is through February 2018, buyers may be able to finance up to 95% of the purchase price on a 30 year mortgage. There are less than 30 units left to be sold and new residents have begun to move-in. Centro is located at 151 SE 1st St. in downtown
Those who qualify for the loan can take out up to 95% as a primary residence, 90% for a second home, and 85% for an investment property purchase, though the maximum loan amount cannot exceed $417,000. Rates can be as low as 3.45%. Units at Centro range in from $300,000 to in the $500,000's and from 654 to 1,131 SF. The innovative building has no parking and is a true "New York" style downtown condo building. It is part of the push into cleaning up Downtown Miami and making it a desirable place to live.
“Securing Final Fannie Mae approval means that a buyer’s principal and interest on a unit at Centro can be extremely affordable and beyond-comparable to renting, with the affordability challenges in Miami, specifically within the downtown/ Brickell urban core, Centro becomes one of the area’s greatest values.” said Harvey Hernandez, the chairman and managing partner of Newgard Development Group. “Centro provides a rare value proposition, luxury, high-tech design, within very attainable pricing and financing, something which is virtually unprecedented in today’s downtown/Brickell condominium market.”
Miami Heat's Tyler Johnson Purchases Pinecrest Mansion for $4.85 Million
The Miami Heat's 24 year old Tyler Johnson purchased a mansion in Pinecrest for $4.85 million, as reported by The Miami Herald. The 6 bedroom 10 bathroom residence was listed with Douglas Elliman and is close to 12,000 SF. It features a beautiful pool, 2 kitchens, media room, basketball court, elevator, multiple living rooms and outdoor entertainment area with summer kitchen. Johnson signed a $50 million deal with the Heat earlier this year. Photos by Douglas Elliman.
