BrickellHouse and Boomerang Systems Remain Locked in Legal Battle As Rental Prices Remain Stable

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.  

Stantec Unveils Southgate Towers Redesign

Stantec has finally completed their Southgate Towers redesign at 900 West Ave on Miami Beach. The bay-front towers were originally built in 1960 before Stantec plowed $40 million into a multi-phase renovation that included renovating the lobby, amenities and units. Southgate Towers will be a rental only building. Leasing began this summer and it was announced that there is already over 90% rented, 495 out of 500 units. Updates include hurricane-proof windows, updated appliances and lighting and modern furnishings. Southgate Towers is located on West Avenue which itself has seen many updates and construction in recent years and allows walking distance access to Starbucks, Whole Foods and The Mondrian South Beach Hotel & Residences. 

Bijou Bay 60% Sold, To Break Ground in December

Colombian developer Juan Carlos Gonzalez's Acierto Inmobiliario new project Bijou Bay on Bay Harbour Island is closer to becoming a reality as they have announced that the building is now 60% sold and is expected to break ground on December 15, 2016.  Bijou Bay will be a 9-story building designed by Revuelta Architecture International with interiors by Adriana Hoyos. It will feature 41 modern luxury residences ranging from 900 SF to 2,000 SF and prices start at $530 per SF. Amenities will include a poolside lounge and bar, rooftop lounge, gym, outdoor entertainment area with fire pit and pool as well as bay access for boating and water sport. A groundbreaking ceremony will be held on November 30, 2016.

New Renderings of Paramount Miami World Center "High Street Retail" Concept

Arthur Falcone's Miami World Center has submitted their plans and applied for a warrant for their "High Street Retail" with Miami's Planning & Zoning Department as part of Downtown Miami's multi-billion dollar mega mixed-use residential and retail project Paramount Miami World Center. It will ultimately be the second-largest mixed-use urban development in the United States and largest in Florida. In 2015 the developers had received a warrant for an indoor mall, but after adjusting plans earlier this year to an outdoor mall concept, they have submitted the revisions. Although the new plans were reviewed and approved by the Urban Design Review Board, the decision on the new warrant cannot be issued prior to October 6. Construction has started on Paramount residential skyscraper as the first phase of the project and will finish as a 1.1 million SF urban mega-center over 27-acres. 

Barry Sternlicht Flees Connecticut, Officially Becomes Florida Resident

The tax exodus from Connecticut continues as Hotelier and Financier Barry Sternlicht has officially become a Florida residant as of July 1 in order to save more in taxes. He made the announcement in a September CNBC Institutional Investor Delivering Alpha Conference as reported by Reuters. It appears he will build a home at a lot purchased by an entity controlled by Sternlicht last year at 2374 N Bay Road for $17 million. Kobi Karp has previously designed submitted approved designs for the property. Sternlicht joins other billionaire hedge funders David Tepper and Edward Lampert who have also sought to make South Florida their home and tax haven. Sternlicht is the chairman and CEO of Starwood Capital Group and the chairman of Starwood Property Trust, the largest commercial mortgage REIT in the U.S. He was previously founder and CEO of Starwood Hotels and Resorts Worldwide from 1995 to 2005.

FEATURED LISTING: 4730 N Bay Road

Built in 2015, 4730 N Bay Rd. is a 2-story Ne0-Classical estate on the luxurious N Bay Road currently listed for $29,950,000. The residence is an 11,622 SF mansion with 7 bedrooms, 8 full bathrooms and 3 half-baths. It features the finest designer finishes, limestone and oak floors, movie theater, guest house, wine cellar, and huge master suite. The home also features an outdoor entertainment area with a 55' pool and sweeping views of Downtown Miami and Biscayne Bay with over 130' of waterfront. It is currently listed with The Jills of Coldwell Banker. Photos by Coldwell Banker Real Estate. 

Bentley Edgewater to Become Part of Autograph Collection by Marriott

The proposed Bentley Edgewater project by the Quebec-based Heafey Group could receive Marriott branding as the developers work on the approval process and their plan's review by Miami's Urban Development Review Board later this month. Marriott aims to make the Bentley Edgewater part of their Autograph Collection of hotels. Bentley Edgewater will be a 32-story Hotel Condo Tower designed by Kobi Karp. It features 207 rooms and pricing started around $420K for a 1 bedroom an $3.4 million for a penthouse unit, averaging to around $650 SF. The building will also feature a 6th story amenity and pool deck, spa, 180 parking spaces, VIP lounge, restaurant and gym. Units will feature 18 fully furnished penthouse suites, 27 executive suites, floor-to-ceiling windows and the penthouse units will come with a two-year lease for a bentley. The Heafey Group also owns the Hilton in South Beach and buyers in Bentley Edgewater will have limited time Beach Club membership at the Bentley BeachClub located at Hilton Bentley South Beach on Ocean Drive. They purchased the land for $2.27 million in June 2015.

Magellan Development Releases Plans for Midtown 6 and Midtown 7

Plans for Midtown 6 and 7 have been revealed and Magellan Development looks to expand on their Midtown exposure. Midtown 6 and Midtown 7 will be a pair of 32-story towers located adjacent to Midtown 5 at 3001 ND 3101 NE 1ST Ave. Midtown 6 will feature 447 residential apartment units and 39,718 SF of retail with 601 parking spaces. Midtown 7 features 391 residential apartment units with 30,709 SF of retail and 505 parking spaces. Midtown 6 is expected to break ground in the summer of 2017 while Midtown 7 is on a "wait and see" approach as the developer aims to build and deliver based on demand. The buildings will be designed by BKL Architecture and will be reviewed by Miami's Urban Development Review Board later this month. Magellan is building Midtown 5 next door and is nearing completion.  

Coconut GroveHammock House by Shulman + Associates Lists for $7 Million

3503 Banyan Circle, also know as the Hammock House in Coconut Grove has listed for $6.95M.
The 5,968 SF modern home was designed by Shulman + Associates to incorporate the lush feel of Coconut Grove while minding a skin hole on the property. The home includes 6 bedrooms and 8 bathrooms. It features a glass living room that brings the lush landscaping right into the home as well as a nature incorporated outdoor entertainment area with summer kitchen and pool. Architect Allan Shulman designed the home to leave the natural habitat on the property undisturbed, as well as the mastery to design it over a sink hole, a depression in the limestone caused by erosion. The property last sold in 2012 for $795,000.

Wynwood Plant Final Plans Set for Review

The Thor Equities and Touzet Studio's Wynwood Plant is up for review by the Urban Design Review Board in their mid-September meeting. The mixed-use building will feature 306 residential apartment units and 88,000 SF of commercial space while preserving the area's industrial past as a former Coca Cola plant along with Wynwood's  artistic inspiration. 

Read more about the project.