Putting a ‘Rockefeller Center-Type’ Development in Miami

By Keith Loria, Contributing Editor

Brickell, Fla.—Swire Properties Inc. has topped off REACH, the second of two premier luxury condominium towers to top off at the $1.05 billion master-planned Brickell City Centre.

“This is a 5.4-million-square-foot development, and we broke ground in 2012, it was the largest private development starting in the U.S.,” Stephen Owens, Swire Properties, Inc.’s CEO, told MHN. “It’s well over $1 billion and consists of two large condominium towers, two office buildings, a hotel, service apartments and 500,000 square feet of retail, all sitting on two levels of below grade parking, encompassing four city blocks.”

Brickell City Centre’s other residential tower, RISE, topped off in January. Both towers are expected to be completed by the end of 2015.

Owens likened the project to putting a Rockefeller Center-type of development into the urban area of Miami.

“Topping off our second condominium is especially notable because it proves just how far we have progressed with this project,” Owens said. “Our momentum has never been stronger, and as we near the final stages of development, we couldn’t have asked for a more outstanding team.”

Both towers are comprised of 390 luxury condominiums units that include move-in ready conditions and top-of-the-line fixture packages. Amenities will include on-premise concierge services, a half-acre amenity deck with heated lap and social pools, poolside café service, an exclusive Hammam spa with blow-out bar and nail salon, a state-of-the-art fitness center, library, a tech-savvy children’s playroom, entertainment suite, business center, secured parking garage and 24-hour valet.

“These range from one-bedroom all the way to four-bedroom penthouses,” Owens said. “The market acceptance has been quite strong.”

Swire recently launched sales for RISE following the strong demand of REACH, with the condo nearly 80 percent sold. According to Owens, buyers’ interest for RISE is rapidly increasing with prices starting from $595,000 to $2.7 million, with penthouse prices provided upon request.

“REACH was the first condo tower launched for sales and we are thrilled with its success,” Maile Aguila, senior vice president of sales for Swire Properties, said. “RISE is also showing significant market interest after its recent launch. Our buyers know they are not just purchasing a condo, but are embracing a true urban lifestyle within a city center.”

Considering the growth of Miami and the dramatic change thanks to the rise of the arts and culture in the area, Owens said the need for towers of this magnitude was strong.

“If you look at Miami as an emerging international city, it’s not the Miami that many of us knew even a decade ago,” Owens said. “The reality of Miami is as it grows it cannot grow East because of the Ocean, it can not grow West because of the Everglades, and North and South have already emerged, so the only way Miami grows is up, and we are seeing that very much in an urban context.”