Twintower Condo Project Planned For Brickell
Written by Marilyn Bowden on October 7, 2004
By Marilyn Bowden
A development in the heart of Miami’s financial district will add nearly 600 residential units to Brickell Avenue.
Avenue, set to rise at 1060 Brickell and Southeast First avenues at the site of a former two-story apartment and retail complex and an adjacent surface parking lot, will be developed by New York-based Intell Management & Investment Co. with European investors, said Intell President Gary Barnett.
He said the project will consist of 570 residences in two connected buildings, a 35-story tower facing Southeast First Avenue and a 47-story tower on Brickell. The project also will have a 12-story parking garage with about 700 spaces and 24,000 square feet of ground-floor retail space.
Permits are in place, and he said he expects construction to begin early next year, with a two-year buildout schedule.
Residential units will range from 570-square-foot studios and lofts to 2,500-square-foot duplex penthouses and are being offered at preconstruction prices from the low $200,000 to more than $1 million, said Edgardo Defortuna, president of Fortune International Realty, which is handling sales and marketing. He said most are listed for less than $500,000.
Mr. Defortuna described the target market as "the professional who works in the Brickell or downtown area and is tired of commuting to South Miami or Aventura. As with any luxury Brickell building, we will have a percentage of foreigners who would like to own a place to stay when they are in town."
Amenities for residents include a fitness center with spa treatment rooms, a business center with conference rooms, a virtual golf room, a billiards room, a wine and cigar lounge and a home theater. Gettys Group is designing a 12th-level amenity deck with pools and gardens. The residential buildings will feature smart-building technology and high-speed wireless Internet capabilities. Avenue, Mr. Defortuna said, will be pet-friendly.
Mr. Barnett said the retail portion would complement the nearby Mary Brickell Village, expected to be open before Avenue comes on line.
"We have had inquiries from bookstores and restaurants," he said.
The building’s former tenants include DiGiacomo’s restaurant, a photo and camera shop, a hair stylist and a takeout lunch service.
In 2001, the site was assessed by Miami-Dade County at more than $2.8 million.
Recent Intell projects include W Hotel in Times Square; the redevelopment of the Insurance Exchange Building, a 1.8 million-square-foot office building in downtown Chicago; and the acquisition and subsequent sale of Enron Corp.’s former headquarters in Houston. The company has not had a Miami venture before Avenue.
While Intell would be interested in further investment in South Florida, Mr. Barnett said, "the deal has to make sense. With prices going up, that’s not so easy."