Archives for posts with tag: Brickell Bay

Fabio Faerman Closes Bulk Sale Of Miami Condo Units For $6.7 Million

Aug 12, 2015
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FA Commercial’s Fabio Faerman closed a $6.7 million bulk deal for a total of 21 units at Mint Condominium, located at 92 SW 3rd Street in Miami.

Faerman was the broker of record in the all cash transaction.

The deal represented an opportunity for the buyer to acquire a large number of units in the prime downtown building, strategically located in the epicenter of Miami’s flourishing cultural arts scene.

Situated on the eastern side of downtown Miami, Mint at Riverfront was built in 2010, designed by the renowned Revuelta Vega Leon  Architects and developed by Key International.

Mint – Press Release

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This year will be the 12th for Art Basel Miami Beach. Each year the event has grown and has continued to play an integral part in the development of South Florida’s artistic culture. This weekend, visitors can count on the festival to feature more than 250 of the world’s leading galleries.

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Art Basel creates a key opportunity for continued growth

Art Basel Miami Beach has become an international artistic spectacle with visitors, including many celebrities, coming from all over the globe to get a look at the newest trends in the art scene. Miami expects more than 60,000 visitors to attend the event this year. Of course, with international cash-buyers playing such a key role in the revival of South Florida real estate, Art Basel creates a key opportunity for continued growth.

Brokers will be able to highlight South Florida’s latest real estate development to Art Basel’s international guests. Condominium inventory is running thin, thanks in large part to international buyers who accounted for approximately 70 to 80 percent of condo sales during the latest boom. South Florida is compensating for the diminishing inventory with 175 new condo projects planned for the area that would be of great interest to overseas buyers.

With the evolution of Art Basel over the years, the festival is no longer solely taking place in Miami Beach. Events and showings connected with Art Basel are popping up all over Miami-Dade County, creating unique opportunities for brokers to mingle with VIP guests over a meal or drink. Private events can be the perfect place to develop relationships today that will help sell a luxurious space in a development months from now.

A sign of the spectacular mark that Art Basel has made in the development of South Florida’s culture can be seen in the opening of the Perez Art Museum earlier this week. The building itself was touted as a work of art and contained 500 pieces on display the day it opened. The future of the Miami art scene and its contribution to the development of our city is bright.

Envision, if you will, a stadium in Miami that actually manages to represent the luxury that the city has to offer. If you were to do so, you might imagine attending a sporting event in which the vibrant environment is contrasted with a view of the calm waters of Biscayne Bay and nighttime events accentuate the glittering Brickell skyline.

This is also the vision that David Beckham’s group, Beckham Brand Limited, has for their potential Major League Soccer franchise in Miami.

As many local soccer enthusiasts may have heard, the group has been scouting locations for a 25,000-seat stadium for quite some time, with Arquitectonica as the rumored choice to design and plan the project. Though the group has surveyed around 30 potential sites, one has generated enough interest to inspire talks with Miami-Dade County.

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PortMiami has been interested for quite some time in creating a better connection with the mainland

According to the Mayor’s office, Beckham’s group has asked them to consider allowing the stadium to be built in the southwest corner of PortMiami in Dodge Island. PortMiami has been interested for quite some time in creating a better connection with the mainland. A soccer stadium may fit perfectly with their 25-year master plan for the southwest corner that would include a hotel, retail and office space.

25 acres would be available for the group to lease and build on, but the location raises some questions. For one, the port is only accessible through Port Boulevard and the Port Tunnel that is scheduled to open next year. Adding the event traffic to roads already clogged with cruise ship travelers on weekends may add up to a local nightmare. Similarly, the issue of parking would cause a major stir, though the idea to build an underground garage like that of the American Airlines Arena has been discussed.

Either way, the discussion between Beckham’s group and the county has just begun and any plan would eventually require approval from the Miami-Dade County commission. As a matter of fact, MLS has yet to formally announce an expansion franchise for the city of Miami.

However, a professional soccer stadium built with private money could be a boon to the local economy and provide a large opportunity for retail in the underutilized PortMiami area.

This past week Miami Today spoke to FA Commercial Advisor’s very own, Fabio Faerman to get his perspective on the booming real estate market in Miami’s downtown area. Faerman divulged some interesting tidbits for investors interested in the future of Brickell.

Take a stroll down the streets of downtown Miami these days and it is easy to see that times are once again changing. While South Florida may have experienced one of the largest busts in the real estate crash years ago, the recovery, particularly that of the Brickell area, may be one of the most rapid in the nation. Several sites are set for demolition and construction cranes have now become the “unofficial bird” of our city. Existing buildings are chipping in, too. Many office buildings have begun pouring millions of dollars into upgrades.

Faerman says that all of this excitement is attracting celebrities, financial advisors and families alike to move downtown and experience life on Miami’s sunny shores. Faerman receives calls from buyers looking to invest in Brickell about one to two times per day.

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The beautiful Brickell skyline

Last year, a buyer purchased a package from Faerman that included the landmark Tobacco Road, River Seafood & Oyster Bar, as well as six parcels on Seventh Street for $12.45 million. With values currently sky-rocketing, Faerman estimates that the same assemblage would be sold for double that amount this year.

Those are prices that buyers these days are more than willing to pay, if the investment properly fits their objectives. For example, this past summer Swire spent $64 million to acquire 700 & 710 Brickell in order to build One Brickell CityCentre, the 80-story gateway to their $1 billion Brickell mega-project. Faerman believes this deal was good for Swire because it gave them the Brickell Avenue frontage that their project needed.

Faerman touted a river-facing site behind Brickell CityCentre that could have that type of value for the right buyer. The 2.52-acre off-market property would give a potential investor the opportunity to create a mixed-use project of up to 1.98 million square feet. The owners are seeking a buyer in the range of $100 million for this site, which Faerman says has, “huge potential.”

This summer, Swire acquired the rights to the 1.5 acre site at 700 Brickell Avenue for $64 million. We all knew that their plans for the property were big. Now it turns out those plans could actually be the largest that Miami has ever seen.

Swire has proposed a project to the City of Miami that, if approved, could end up becoming Miami’s tallest building and easily the tallest project currently under construction in the crane-flooded streets of South Florida. One Brickell CityCentre, the proposed 80-story tower, would be connected to phase one of the CityCentre project in downtown and would be covered by the project’s climate control trellis.

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Rendering of One Brickell CityCentre

Designed by Arquitectonica, the tower would add more Class-A office space, condos, retail and even another hotel to downtown’s development. Upon completion, One Brickell CityCentre would be seen as the gateway to the entire mega-project. The tower would be built not only on the 700 Brickell site, but also on the Eastern National Bank building property that Swire acquired in 2011 for just over $13 million in 2011, combining for a total of 2.7 acres of land area ready for development.

Swire has estimated the total economic impact of One Brickell CityCentre at $851 million. The project would create over 2,000 construction jobs at peak manpower and nearly 2,500 permanent jobs once it is completed according to an analysis by the Miami Economic Associates. They also project the tower to bring in over $137 million in sales tax to the state of Florida.

The hope for Swire is that the city will approve One Brickell CityCentre as an extension of the current project. If this were to happen, it would save them the trouble of going through a new grueling approval process with the City of Miami. Phase one of the Brickell CityCentre is still currently set for completion in 2015.

“A planned passenger rail service would be an ideal way to link the nation’s most visited city with Florida’s gateway city for business and leisure travel.”

This is the sales pitch to citizens that can be found on the website for All Aboard Florida, the new railway project that hopes to create an Orlando-to-Miami passenger train service. The train would provide the vital mass transit that so many have longed for in this large state. Stops would include Miami, Fort Lauderdale, West Palm and, of course, Orlando.

The project would create tens of thousands of jobs, not only in the railway industry, but by connecting major cities and granting Floridians more flexibility to travel to work. However, another industry that would benefit greatly from All Aboard Florida is commercial real estate.

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Rendering of All Aboard Florida train

All Aboard Florida is currently in negotiations with Miami’s Community Redevelopment Agency to acquire land in downtown Miami to build a large transportation hub. As a matter of fact, a compromise was reached yesterday and is currently awaiting approval from the county. The transportation hub would include restaurants, retail, office space, and residential apartments.

Commercial real estate is extremely important to revenues for All Aboard Florida. The project will dedicate $325 million to develop about 1 million square feet of commercial real estate. They are expecting a yield of around $35 million in rent.

The money being put into the $2.4 billion project by All Aboard Florida will amount to about $125 million, or around 5 percent of total costs. A large sum of the money will be provided by institutional investors, paying up to $600 million for a preferred investment. The organization is counting on the federal government to play a part in the development as well. All Aboard Florida is expecting a federal loan to aid them with the $1.5 billion in infrastructure costs.

The next step for All Aboard Florida would be the most important, bringing in revenues through ridership. All Aboard is currently projected to attract 4 million riders by 2018, a mark that took the Tri-Rail service about two decades to hit. If All Aboard Florida can achieve these numbers, it would yield a return of $785 million.

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Icon Brickell, future home to Cipriani Downtown and La Cantina No. 20

Fabio Faerman of the Fortune International Realty Commercial division has been looking forward to this week for some time. Last May, Faerman represented the landlord in the lease of three floors of space in Icon Brickell to two restaurants, La Cantina No. 20 and Cipriani Downtown. The latter of the two is officially opening this week on May 10.

Cipriani Downtown, the Italian eatery from owners Maggio and Ignazio Cipriani, will include a bar as the central point of the restaurant and luxurious floor-to-ceiling windows displaying a view of the breathtaking Brickell waterfront. These features will be similar to those of other Cipriani locations in New York and Los Angeles.

The Cipriani restaurants are known as celebrity magnets, and it was most likely for that reason that they were originally looking at property on Collins Avenue in Miami Beach. As fate would have it, those plans never came to be, thus creating the opportunity for the perfect marriage between the Cipriani name and the vast nightlife of Downtown Miami.

Also leasing space at the Icon is La Cantina No. 20. The product of a group which owns 30 restaurants in Mexico, La Cantina is sure to bring a sophisticated style of Mexican cuisine to the Brickell area. Along with Cipriani, La Cantina will manifest a reputation for the Icon Brickell as a must-see destination in one of the most active areas in the city of Miami.

“This property was on the market before for almost four years,” said Faerman. “We focused our search on high end restaurants outside of Florida and we repositioned Icon as a brand spot and the only space left on the water in the entire Brickell area.”

Miami has long been one of the most rapidly developing cities in the world. Therefore, it is no surprise that the future of the city holds much to be excited about. Many famed architects have recently decided to use Miami-Dade and/or Broward County as locations for their latest projects. The Beach and Downtown areas of the city, in particular, have attracted many new condominium developments in recent years.

The best, however, is yet to come. Star architect, Bjarke Ingels, has recently created designs for the Marina Loft in Ft. Lauderdale and the Grove at Grand Bay in Coconut Grove, all while competing with Rem Koolhaas for the right to design the new Miami Beach Convention Center. Koolhaas has also teamed up with Lord Norman Foster to create the Faena Saxony in Miami Beach.

Famed architect, Enrique Norten, also has several projects set for Ocean Drive in Miami Beach: the Ocean One and 321 Ocean buildings. Meanwhile, Carlos Ott (designer of the Bastille Opera in Paris), has five projects in the area that are set for development!

These are just a few of the many new projects from star architects that residents of Miami and potential buyers have to look forward to, as displayed by this interactive map:

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By Yudislaidy Fernandez

With the first half of the year almost in the rearview mirror, commercial realty professionals pronounce conditions better than projected, with industrial, office and retail markets activity picking up.
   From sales to leasing to new projects, activity is rising in a market badly hit by the real estate bust and financial crisis, which have left their marks.

But large transactions, international investment growth and new developments on the horizon are firm indicators that Miami-Dade is positioned for a strong comeback.
   On the industrial side, leasing has been significant in the year’s first five months, with about 1.5 million square feet leased in the first quarter, said Audley Bosch, director of industrial brokerage at Cushman & Wakefield in Miami.

Those industrial coups included beauty products business Betty Dain Creations leasing 130,000-square-foot headquarters in Medley’s Flagler Station and Gamma USA taking 150,000 square feet in East Hialeah.
   The main factors driving demand in the industrial market are international trade, specifically in the Caribbean and Latin America, Mr. Bosch added, and local pent-up demand “from the uncertain times we were going through.”

Reviews are mixed in the office market, as business hubs like downtown Miami and Brickell face an added inventory of 2 million square feet, with the last of three new towers to open its doors in August.
   With few new-to-market entries, office tenants have been hopscotching from one building to another, absorbing space in one building while leaving a void in another.
Despite not having sufficient demand for the abundance of office space available, some properties have managed to boost their tenant rosters.

For example, new 1450 Brickell is 65% leased, with 27 tenants committing to the 35-story building since it opened last year, including several new to the market.
   The 32-story Brickell Bay Office Tower has signed seven new leases and renewals for a combined 37,000 square feet so far this year, said Christian Driussi, the tower’s vice president.

“We are in talks with different prospects” for the remaining 26,000 square feet, Mr. Driussi said. “We believe, with some of them, we are very close to reaching an agreement.”
   Retail hot spots such as South Beach, downtown Miami, Brickell and Midtown are gaining tremendous traction and are seeing a positive growth in sales, said Lyle Stern, president of Koniver Stern Group.
   “The Lincoln Road customer [base] is as strong as it’s ever been,” he said. “I think the hotel occupancy numbers reflect that.”

In February, popular retailer H&M announced plans to open its first Miami-Dade store on Lincoln Road.
Add to that major commercial projects close to breaking ground.
   The planned Met Square and Met 3 are to bring a Whole Foods Market, movie theater and 2,000-space garage to downtown. In Brickell, the newly unveiled 4.6 million-square-foot CitiCentre is to house a major shopping center, hotel, two residential towers and an office building.



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