Despite 2016 completion date, SLS Brickell nearly sold out

Miami /
Sep.September 25, 2013 11:00 AM

The SLS Brickell condo and hotel is years away from opening, but that hasn’t put off buyers. Except for a handful of penthouses, the 450-unit project, a $300 million venture between the Related Group and the Los Angeles hotelier sbe, is almost entirely sold out.

“I wish we had another 100 units to sell,” Related founder and chairman Jorge Pérez told the Miami Herald.

Units sold for upwards of $500 a square foot, an expression of the force of Miami’s recovery from the 2007 real estate collapse. The nearby MyBrickell, another Related tower, was the first post-bust tower to sell out, but at much small margins —  sales averaged $200 per square foot.

Construction is scheduled to start at the end of 2013, and Pérez said the project — designed by architecture firm Arquitectonica and Philippe Starck — will take about two years to complete.

SLS Brickell represents the first time the hotel company is attached to residences. There are SLS-brand hotels in Beverly Hills and South Beach, with new locations opening next year in Las Vegas and New York. [Miami Herald]Emily Schmall


Related Articles

arrow_forward_ios
From left: David Martin, Aby Rosen, Jorge Perez, Barry Sternlicht, Victor Ballestas and Russell Galbut (Getty)
Developers bet on long-term demand for Class A Miami Beach office space
Developers bet on long-term demand for Class A Miami Beach office space
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Jorge Pérez with One Park Grove (Getty, Robin Hill)
Related developer Jorge Pérez buys condo at one of his Miami projects
Related developer Jorge Pérez buys condo at one of his Miami projects
Founders Fund partners Peter Thiel and Keith Rabois (Getty/Illustration by Kevin Rebong for The Real Deal)
Silicon Valley’s Founders Fund inks Miami lease
Silicon Valley’s Founders Fund inks Miami lease
Clockwise from left: A rendering of Water Street Tampa, Ian Schrager, Jeff Vinik, Patrick Mahomes, rendering of Tampa Edition, Bill Gates and Tom Brady (Photos via Getty; Water Street Tampa/Photo Illustration by Kevin Rebong for The Real Deal)
Development boom in Super Bowl city: Tampa reaches for its real estate moment
Development boom in Super Bowl city: Tampa reaches for its real estate moment
Renderings of the One Brickell project with Jorge Pérez  and Jon Paul Pérez (Photos via Wikipedia Commons, Related)
Related to partner with Baccarat on major Brickell high-rise development
Related to partner with Baccarat on major Brickell high-rise development
Jon Paul Pérez and Jorge Pérez with renderings of One Island Park (Related)
Related wins Miami Beach board approval for office project on Terminal Island
Related wins Miami Beach board approval for office project on Terminal Island
Randy Frankel and One Ocean (Getty)
Tampa Bay Rays co-owner Randy Frankel sells PH at Related’s One Ocean in South Beach
Tampa Bay Rays co-owner Randy Frankel sells PH at Related’s One Ocean in South Beach
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...