Two Mixeduse Projects Added To Brickell Plans
Written by Miami Today on August 18, 2005
By Sherri C. Ranta
Two new projects could add nearly 3,300 condos and more than 400,000 square feet of office and retail space in three years to Miami’s rapidly growing Brickell area.
Capital at Brickell, under development by Cabi Development, the Aventura firm also building Everglades on the Bay on Biscayne Boulevard, received final approval in late July from Miami city commissioners.
Commissioners in September are expected to consider plans for developer Kevin Reilly’s Brickell CitiCentre, a three-tower project that would feature Miami’s tallest buildings at 69 and 76 stories.
Both projects are planned for South Miami Avenue, one block west of Brickell Avenue.
Capital at Brickell, a mixed-use project to include towers of 53 and 57 stories, would sit on a 2.6-acre site bounded by South Miami Avenue and Southwest 14th Terrace, First Avenue and 14th Street.
Cabi plans to market Capital at Brickell next month, though renderings and sales information have already hit real estate websites.
"The project is brand new. It just came out," said Carmen Vilchez of Interinvestments Realty, whose website lists the project.
In addition to about 830 residential condominiums – lofts, studios and one-, two- and three-bedroom – Cabi plans about nearly 100,000 square feet of office spaces and more than 47,800 square feet of retail space, according to city records. Construction is expected to begin next year, with completion planned by 2009.
A California investor who visited the website has reserved a unit, Ms. Vilchez said. Prices for Capital at Brickell residential units will begin at $357,000 and go up to about $1 million, Ms. Vilchez said. Prices are expected to increase next month.
"It’s an incentive for buyers to make up their minds and freeze the price," she said.
The $1.3 billion mixed-use Brickell CitiCentre, 700 and 701 S. Miami Ave., would include three towers with 2,424 residential condos, more that 200,000 square feet of retail and restaurant space and 130,000 square feet of offices.
If approved as planned by the Miami City Commission, the project would create some of Miami’s tallest buildings. Mr. Reilly said recently he expects commissioners to review his request for a major use special permit in September and he plans to start construction within a year.
Millennium’s 64-story Four Seasons Hotel on Brickell Avenue is now the city’s tallest structure. All three proposed Brickell CitiCentre towers would rise above it.
Several other projects are being planned or under construction on South Miami Avenue – including Mary Brickell Village, under development by Skyline Equities.
Renzi Development plans to expand and redesign the Beacon at Brickell Village from 38 to 50 stories, adding 60 to 70 units to the 250 originally planned. Condos in the Beacon, 30 SE Eighth St. and 830 First Ave., start at less than $350,000.
Renzi officials said they are planning another tower next-door to the Beacon that would add 600 to 700 apartments to the downtown residential pool.
The Sail at Brickell, another Renzi project, is nearing completion at 14th Street and Brickell Avenue. The project is sold out and will be ready for occupancy by early 2006, officials said.
The Related Group of Florida has several projects planned or under way in the Brickell area. Plans for ICON Brickell call for the remodeling and expansion of the Sheraton Hotel building into residential condominiums, retail space and a hotel in three buildings.
ICON will sit on a 10-acre enclave on Biscayne Bay between Brickell Park and the Miami Circle. One-, two- and three-bedroom units start are priced from the $400,000s to more than $1 million. The tower, designed by Philippe Starck, will feature a 2-acre sky garden.
Sales are under way for Related’s 500 Brickell, a 43-story, 633-unit residential tower marketed as the next generation in smart building technology. It will sit on the cusp of the financial district near the Miami River directly across from Brickell Park and the First Presbyterian Church of Miami. The project will include almost 20,000 square feet of retail space. Completion is expected in 2007.
Rilea Development’s 36-story One Broadway, a rental tower, is in the final stages of construction and expected to open next month, officials said. An onsite leasing office is open at 1451 S. Miami Ave. The 371-unit tower across from the Four Seasons Hotel features studios and one-, two- and three-bedroom apartments. Rents will range from $1,200 to $4,200 a month.
Paradise International will develop a triangular site on South Miami Avenue between Southeast 10th and 11th streets previously proposed for the Miami Flatiron Building. Paradise CEO Amir Ben-Zion said this week that plans are expected to be announced in early fall.
Earlier this year, he said the project likely would be mixed-use with more than 500 residential units, 35,000 square feet of retail space and 200,000 square feet of commercial space. The tower likely will be 55 stories.