The condo market in Miami is flourishing, the projections for new condo units being built has skyrocketed with 1,825 units expected to be completed in 2015 compared to the 33 units completed in 2013. As with anything, this means that the prices are increasing. It is estimated that units currently under construction cost about $500 a square foot, but projects that haven’t started yet, are averaging $600-$650 a square foot. This is especially true for sites on the waterfront because the spaces are all filling up. Most of these projects are luxury condo towers rather than office spaces or lower cost condos.
An important piece of this rise in the condo market is real estate developer Ugo Colombo. Most recently, Ugo Colombo is in the process of proposing the building of a second Brickell tower on Brickell Ave, very close to another one of his projects, the Brickell Flatiron. This second Brickell tower is expected to be extremely luxurious as with all the other buildings Mr. Colombo has undertaken. The Brickell Flatiron will have over 500 condo units at 700 feet tall. Some other projects that Mr. Colombo has developed are the Grovenor House in the Coconut Grove community in Miami as well as Bristol Tower and the Santa Maria on Brickell Avenue. It will be interesting to see what comes of the second Brickell tower. Shown above is a rendering of the Brickell Flatiron rooftop.
Miami’s skyline continues to increase in size, but none are able to claim the title of Miami’s tallest from the Four Seasons Tower at 789 feet. According to Miami’s Council of Tall Buildings, the city needs a very tall building, which they defined as over 984 feet. There are a few proposed buildings that will beat the Four Seasons and some that will reach 984, but none have been accepted yet. The Federal Aviation Administration has been shutting down proposals for safety concerns so this is a major obstacle for real estate developers. The Panorama Tower is currently under construction and is planned to reach 830 feet, while there are a couple of plans for buildings that will surpass 1,000 feet.
Ugo Colombo is behind one of the proposals for a 70 story luxury condo tower on Brickell Avenue. It will be the second Brickell Tower to complement the Brickell Flatiron tower (shown above among other buildings). It is possible that this tower will be taller than Mr. Colombo’s Brickell Flatiron tower, which will stand at 700 feet. Some of Ugo Colombo’s other projects are in the top 30 of Miami’s tallest buildings. This includes the EPIC tower completed in 2008, which stands at 500 feet. One of Ugo Colombo’s older buildings, the Santa Maria stands at 520 feet. It is likely that in the future, developers in Miami will attempt to make taller and taller skyscrapers, but locations are scare in the popular areas.
Beach House 8 is a luxury condominium building that was developed by Ugo Colombo and Valerio Morabito in Miami Beach. The eight in the name is the number of condominium units the building has, including the penthouse. Prices for the units were between $6 and $8 million, with the penthouse for $14 million. As of June 2014, all of the units are sold including the penthouse, which was sold to a Brazilian business mogul and billionaire.
This building was created with luxury in mind for every detail from the structure, exterior design, interior design and amenities. Each unit includes Boffi Kitchens, marble countertop from Italy, efficient LED lighting, prewired for telephone, TV and internet. In addition, each unit has home automation systems that allow owners to control audio, video, HVAC, lighting and windows. The building features include two parking spots for each unit (3 for the penthouse), fitness center with technological equipment, private pool and jacuzzi. The penthouse includes 6,000 sq. ft. of outdoor living space over two floors. Moreover, it has a master guest suite as well as a private pool. It is amazing how quick Miami Beach properties are selling, but it is easy to see why when Beach House 8 is so luxurious.
Plans are being developed for a luxury condominium tower in the Brickell neighborhood at 1001 S. Miami Avenue by Ugo Colombo and Russian billionaire Vladislav Doronin. The tower is named the Brickell Flatiron and was designed by Architect Luis Revuelta. It will stand at 710-feet tall or 64 stories. This will include 40,000 square feet of retail space and 549 residential units. Furthermore, the building will have floor-to-ceiling glass exteriors throughout and the condo units will have 11-foot deep elliptical balconies. The average condo unit size is 1,200 square feet with prices starting at about $400,000.
The Brickell Flatiron tower is planned to have two swimming pools (one on the roof), a spa, fitness center, 24 hour security and valet. In addition, the tower will have a business center with conference rooms, game room, movie theater, recreation rooms and more. The building will boast high-speed elevators with a ground floor featuring restaurants and retail boutiques. It is positioned less than a half a mile from the Brickell City Centre, which is a new luxury mall that is being constructed with an expected competition date of late 2015. The Brickell Flatiron tower is expected to break ground by the end of 2014.
In the Miami Herald, a recent article describes plans for the development of a new high-end condominium in Miami. Ugo Colombo is partnering with developer Vladislav Doronin of Capital Group for his latest architectural project, a 65 story luxury residential and commercial structure at Brickell Plaza and South Miami Avenue.
As the name suggests, the Brickell Flatiron will resemble, in its tall triangular shape, the iconic Flatiron building of New York. The Brickell Flatiron will stand apart with a design emphasis of fluid lines and rounded corners, striking the Miami skyline with an air of elegant prominence.
The building is set to house 552 condos and 40.000 square feet for retail development, including a restaurant and upscale shops. A spa and rooftop swimming pool will be available and plans for penthouse units are still in the works. Condos will average 1,200 square feet and will be designed with floor-to-ceiling glass exteriors and elliptical balconies, many of which will overlook the plaza.
Plans include a second building to be developed in the future.
For the full Miami Herald article, click here:
In a recent New York Post article, titled “5 real estate tastemakers ruling the East Coast,” Ugo Colombo is mentioned by Valerio Morabito, one of these “tastemakers,” as part of his dream team.
Mr. Morabito explains that his dream team is a group of investors that he immediately calls when he sees a great opportunity. The most recent project that Ugo Colombo and Mr. Morabito have collaborated on is Miami’s Beach House 8. The concept of Beach House 8 is eight houses that have been stacked on top of each other. Each residence is essentially one floor (except the penthouse, which is two floors) with four bedrooms and four bathrooms. Some of the other features for each residence include marble counter tops (kitchen and bathrooms), floor-to-ceiling windows, and they are pre-wired for telephones, cable TV, satellite video and high-speed internet. Another interesting feature is that each residence is equipped with a home automation system that gives the owner the ability to control audio (speakers in every room), video, HVAC and lighting for their residence. The building itself has fantastic amenities such as underground parking, concierge services, a fitness center, a 75′ pool with jacuzzi and a pool-side cabana for each residence.
Some of Ugo Colombo’s other recent work includes the EPIC Residences and Hotel and the Grovenor House. EPIC is a 54-floor luxury condominium and hotel that contains 342 luxury condominium units and a 411-room hotel. EPIC is located where the Biscayne Bay meets the Miami River in downtown Miami. The Grovenor House is 32-floor luxury condominium building with 166 units located in Miami’s Coconut Grove community.
For the full NY Post article: