Super tall condo coming to Brickell

A New York developer who made headlines in Manhattan with plans to erect a super skyscraper is now planning to launch a very tall condominium on Brickell Avenue.

Kevin Maloney, founder and CEO of Property Markets Group, said the developer will start taking reservations next week for Echo Brickell, a luxury condominium at 1451 Brickell that will rise about 750 feet — or 60 stories — and include up to 250 units.

Maloney and Ryan Shear, managing partner of PMG in South Florida, held a focus group Thursday at International Sales Group, which will market the pre-construction project. They gathered some of Miami’s top real-estate brokers to sound out what the market wants in what would become the tallest residential building in Miami to date.

“The caché of this building is certainly the height and the view,” said Maloney, who separately expects to break ground in July on Echo Aventura, a 190-unit bayfront condo that launched sales last fall.

Uruguayan architect Carlos Ott is handling the conceptual design of the Echo Brickell building, which will feature larger units than typically seen on Brickell. Penthouses will likely span more than 7,000 square feet.

With Miami’s latest condominium boom gaining steam, Maloney said competition was keen for the 1451 Brickell site, which sits on the east side of the avenue and currently houses the sales center for the Brickell House project. Newgard Development Group is building the 46-story Brickell House at 1330 Brickell Bay Drive a few blocks away.

PMG recently signed a contract to purchase the Echo Brickell land from an investor who holds it through a corporation, 1451 Brickell Inc.

“We like the site. There is a ton of stuff coming out in Brickell,” said Shear. “We will be able to tell buyers you have an unobstructed bay view.”

Shear said the site is zoned for 48 stories, but the developer can buy rights to build much taller under the Miami 21 zoning code. Maloney said the building will be thinner as a result and lose some of its efficiency, but the height — and views — will lend it more pizazz.

The tallest building in Miami is the Four Seasons Hotel at 1441 Brickell Avenue next to the Echo Brickell site. The Four Seasons, which was completed a decade ago, rises 64 floors and 789 feet, according to Emporis, a firm that provides data on buildings.

Southeast Financial Center ranks No. 2, and No. 3 is 900 Biscayne, currently the tallest residential building.

To be sure, records are made to be broken. Among other things, Tibor Hollo’s One Bayfront Plaza, approved years ago for 100 South Biscayne Boulevard, is planned for 1,010 feet, but the timing of that mixed-use project remains uncertain. The building now on the site is full of tenants.

PMG envisions Echo Brickell will have high ceilings — 10, 12 and 14 feet — with the more expensive, upper floor units getting the most spacious heights.

If all goes well, PMG expects to break ground in the first quarter of 2014.

Craig Studnicky, principal of ISG, which is in charge of pre-construction sales, expects the project will appeal particularly to affluent Latin American families.

Maloney, a tall and lean fellow who competes in triathlons and commutes between New York and Miami piloting his own plane, seems to have an affinity for tall and lean projects.

PMG is a partner with JDS Development in a project to build a tall, thin tower at 107 West 57th Street. along one of midtown Manhattan’s major east-west streets. The joint venture last year bought the Steinway piano building next door at 109 West 57th, and plans to use the air rights of that historic structure to go higher at the 107 location. Just how high is subject to negotiation.

“We are committed to keeping the Steinway building and the landlord committments,” said Maloney, whose firm has done scores of projects since it was founded in 1991. The developers, he added, want to keep the Steinway name on the building. The landmark structure includes an ornate rotunda that has served as an elegant showroom for Steinway pianos for decades.

At the Brickell site, PMG plans to feature a swimming pool that covers an entire floor about halfway up the building, with a gym and spa above it. The developers plan to offer various options for units, which will be move-in ready.

The Echo Brickell project comes as Miami’s downtown and Brickell area alone has some 23 other towers in various stages of planning and development, according to Peter Zalewski, principal of Condo Vultures. Eight buildings are under construction in the downtown and Brickell area.

But developers and Realtors insist that the market isn’t heading for another bubble because both the financing and the buyers are more solid than in the last go-round.

Maloney said there is little opportunity for flipping pre-construction contracts, a speculative practice that added froth to the last market. And buyers putting up hefty deposits aren’t apt to renege on deals like the investors who put down 20 percent did when the bottom fell out of the market last time.

PMG plans to employ the buyer-financed model that has recently defined the Miami condo market: Buyers will be required to deposit 20 percent of the purchase price at contract signing. Another 10 percent is due at groundbreaking; 10 percent more, when pool level is reached, and 10 percent when the building is topped off. The 50 percent balance is due at closing.

Shear said an appealing touch for buyers is the developer will pay interest on the deposits.

 

Source: miamiherald.com

Contact Us
Sep Niakan
Broker / Team Lead
(305) 697-7667
sep@blackbookproperties.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

New Construction Miami Condos You Can Move Into in 2024
Real Estate News New Construction Miami Condos You Can Move Into in 2024
It’s no secret that we are in the middle of a major building boom and there are quite a few new developments in Miami opening in 2024 that you’ll be able to move into. So, if you love being the first to turn the key on your crisp new luxury condo, keep reading. (Psst, we also have a bonus list of all the condos you can expect to move into in 2025 at the end!)  With about 100 new pre-construction condos (and counting) in the pipeline since 2021, Miami developers have been on the fast track to deliver on the growing demand for luxury condos in the Magic City, especially condos on the water or condo buildings with water views. Even as most of the global housing market showed signs of a slowdown these past few years, Miami’s luxury condo market has witnessed sustainable growth. Following the business migration trends that started somewhere around 2020, we’ve seen a continued influx of international wealth, families, C-suite executives, and other top earners and investors moving to our...
The Ultimate Expat Guide to Moving to Miami
Lifestyle The Ultimate Expat Guide to Moving to Miami
Ever thought about grabbing your passport and moving to Miami? You wouldn’t be the first to be drawn to this tropical metropolis. It’s a place with a rich history, diverse culture, and spearheading innovation. Also known as the Magic City, it’s the only major city in the US to be founded by a woman, and it proudly claims the origin of sunscreen and the ATM! It’s no secret that Miami is a great choice for expats in pursuit of new opportunities. Its appeal is truly worldwide, attracting people from Latin America, Europe, and beyond. Proof of this is that the city was the most popular destination for people born outside of the U.S., attracting 54,500 new residents in 2023, the most out of anywhere in the country. This diversity is evident everywhere, from the vibrant neighborhoods and incredible food scene to its dynamic business, art and hospitality sectors. Living in Miami offers a global lifestyle with a very local flavor, full of opportunities to grow and explore. So, if you’re...
The Most Luxurious Condo Buildings in South Beach
Opinions and Advice The Most Luxurious Condo Buildings in South Beach
Situated at the southern tip of Miami Beach, South Beach continues to command its status as a premier global destination, attracting discerning individuals from around the world. Developers have meticulously crafted luxury condos in South Beach that appeal to people from every international location, whether for business, favorable tax environments, seasonal escapes from winter weather, or the cultural richness exemplified during events such as Art Basel and the South Beach Food and Wine Festival. Whatever the reason, there is significant investment potential for condos in Miami, specifically South Beach, as well as a proven superior quality of life. Below is our list of the 5 Most Luxurious South Beach Miami condos (or the 5 Most Expensive Condos in South Beach) based on the average listing price per square foot at the time of publishing, as well as some other favorites to note. But first, let’s start with an overview of what makes South Beach so special. Last updated: March 15,...
The Residences at 1428 Brickell Video Tour: Exquisite, Eco-conscious Living with Italian Luxury
Video Blog The Residences at 1428 Brickell Video Tour: Exquisite, Eco-conscious Living with Italian Luxury
Brickell, the Wall Street of the South, one of the most desirable Miami neighborhoods for international business professionals and families alike, is synonymous with innovation, a luxury lifestyle and original ideas. This time, the Brickell spirit is embodied in the fantastic new pre construction condominium — The Residences at 1428 Brickell.  In our latest video, Stephanie Bienstock, our director of Luxury Sales, visited the newly opened sales gallery to talk with Jennifer Behar Cervera about what makes The Residences at 1428 Brickell unlike any new residential development coming to Brickell, Miami. Join us as we learn about the project’s six driving forces — detail, craftsmanship, architecture, nature, privacy, and innovation — and tour the sales gallery to see all the finishes and details up close.     — What You Can Expect at The Residences at 1428 Brickell, Miami  If you care about the environment and love leaning into Italian design, then the first-ever solar-powered...
February 2024: Miami New Development and Pre-Construction Condo Update
Real Estate News February 2024: Miami New Development and Pre-Construction Condo Update
Miami’s pre-construction market buzzed in February with many newsworthy events throughout the city. The much-awaited Bentley Residences, Cipriani Residences, and Indian Creek Residences and Yacht Club all broke ground this month. And Brickell’s Mercedes-Benz Places, Key Biscayne’s Key Cassa, and Sunny Isles’ St. Regis' second tower launched sales.  Also, developers accelerated construction efforts for several luxury condo projects including Una Residences, 501 First, St. Regis Brickell, and more. Read on for details on these and more exciting updates in our monthly Miami pre-construction condo market roundup for February 2024: Launched Sales Mercedes-Benz Places – Brickell St. Regis Residences (North Tower) – Sunny Isles Beach Key Cassa – Key Biscayne New Sales Gallery Bay Harbor Towers – Bay Harbor Islands Broke Ground Cipriani Residences – Brickell Indian Creek Residences and Yacht Club – Bay Harbor Islands Bentley Residences – Sunny Isles...
February 2024: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update
Real Estate News February 2024: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update
South Florida's pre-construction market continues to stay hot with five new condo projects launching sales this February. Newgard’s Natiivo, Stephen Ross’ Shorecrest, and Sympatico’s Mr. C Hotel and Residences are a few of the announcements that made headlines this month in Fort Lauderdale and Palm Beach. Further, given the demand for luxury housing in Fort Lauderdale and surrounding areas, luxury apartment towers Circ Residences and Havn Residences & Yacht Club converted to condos, offering the first few buyers unique benefits. Read below to find details on these and more projects in our February 2024 pre-construction condo market round-up for Fort Lauderdale and Palm Beach: — February 2024 – Fort Lauderdale & Palm Beach Condo Pre-Construction Market at a Glance Sales Launched Natiivo Fort Lauderdale – Fort Lauderdale Shorecrest – West Palm Beach Mr. C Hotel & Residences – West Palm Beach Glass House – Boca Raton Havn Residences & Yacht Club (Renovated) –...