CMC Group has topped off construction of Brickell Flatiron in downtown Miami. Construction will go no higher than the current 64 floors and 736 feet on the 527-unit luxury community located at 1001 S. Miami Ave. When fully completed, Brickell Flatiron will be the tallest condominium building south of New York City.
The coming down of the last construction crane caps a half-decade development cycle that witnessed the building of thousands of new condos within the downtown district. The building boom solidified Brickell’s reputation as Miami’s own mini version of Manhattan. Brickell Flatiron—which broke ground two years ago—is currently 87 percent sold ahead of scheduled completion this summer.
Downtown Miami’s growing demographics
The wave of luxury developments in the Brickell Financial District extends back to the construction of Bristol Tower and Santa Maria Tower, both by Ugo Colombo’s CMC Group, in 1994 and 1996, respectively. In the 25 years since the construction of Bristol Tower, the Brickell name has grown synonymous with premium shopping, dining and luxury living. Brickell Flatiron is situated in the heart of that district, near myriad public transit stops, five-star hotels, fine dining and retail and corporate headquarters.
“Ever since we delivered Bristol and Santa Maria, and later EPIC, Brickell has been emerging as one of the most desirable residential neighborhoods in the world,” Colombo said in prepared remarks. “Today, Brickell is a cosmopolitan district that embraces Miami’s unique breed of tropical urban living.”
Miami’s downtown district population has doubled over the past nearly 20 years and has ballooned 40 percent in just the last nine years, according to a 2018 demographics study by the Miami Downtown Development Authority. More than 92,000 people live in the area, a number expected to surge past the 100,000-mark in the next three years. The sprouting of vertical development has yielded a veritable forest of 150 towers downtown.
Global buyer base
Since the inauguration of sales in 2015, Brickell Flatiron has lured a widely-varied blend of buyers. They come from Mexico, Argentina, Italy, Venezuela and Columbia, with U.S. buyers accounting for more than half of all sales. Domestic purchasers’ influence is clearly increasing, as 70 percent of all sales in 2018’s second half were to domestic buyers.
Among the building’s many amenities, standouts include the Sky Spa and pool, located 64 floors above the streets of downtown. Also noteworthy is the billiards and cigar room, private theater with stadium seating, wine cellar and children’s playroom and pool.
Images courtesy of CMC Group