New Brickell condos launch sales in Latin America
By Patricia Hoyos
Condo construction in Brickell is starting to gain momentum once again with the Related Group announcing its second residential project this year in the neighborhood, following the ground breaking of the developer's 192-unit MyBrickell tower, which became the first condo building to break ground in over five years.
The group now has announced its latest Brickell project, the 42-story 1100 Millecento Residences with 382 units and 600 parking spaces at 1100 S Miami Ave.
Sales were launched about two weeks ago in Latin America with close to 60 units out of the 382 already reserved, said Carlos Rosso, president of Related Group's Condo Division.
"We've been to Brazil, to Mexico, to Colombia and the response we had was great," he said.
He said that as available inventory drops in the Brickell area driven by the high demand from international buyers who see Miami and many parts of the US as a bargain, this was the right time to launch the project.
Units from 600 to 1,300 square feet are priced at $220,000 to $550,000, Mr. Rosso said.
To finance the building, Related is using a model that Mr. Rosso said ensures demand before construction. This finance structure is of particular interest to international buyers, who tend to pay with cash and do not need banks to lend them money. The developer will finance 50% of the cost while requiring buyers to put down the other 50% before and during construction.
Mr. Rosso said buyers put down 10% when they reserve a unit, 10% when they sign the contract, 15% when the project breaks ground and 15% as it tops off.
"So the payments are in stages," he said, "so over two years they end up paying 50% of the value of the unit."
This is the same financing structure the group used for MyBrickell, which has sold 80% of its 192 units.
The tower is expected to break ground in September and be completed by the end of 2014, he said.
"The beauty of [living on] South Miami Avenue over Brickell Avenue," Mr. Rosso said, "is that when you come down from your apartment it's a real urban enclave, compared to Brickell Avenue that has more office buildings."
The bottom floor will have space for retail. Mr. Rosso said the group is considering a café and has been in talks with Coral Gables-based Books & Books to set up a shop there.
"There's going to be a big demand for retail," he said. "We have seen a huge interest in the retail space."
Millecento will feature a pool deck, gym and spa. Residents will get free membership to Key Biscayne's Grand Bay Beach Club, he said.
The building's design is by Carlos Ott, who worked on condominium developments like Jade Beach, Jade Ocean and Artec, and will feature interiors by Italian design firm Pininfarina.
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