Brickell City Centre sells nearly $500M in condos

Miami /
Apr.April 21, 2016 12:00 PM

Swire Properties, developer of the Brickell City Centre mega-project, just announced condo sales at the project have reached nearly half a billion dollars.

The announcement is a major milestone for the $1.05 billion project, which broke ground in 2012 and is aiming to finish its first phase this year.

Last month, Swire opened the first of Brickell City Centre’s 43-story condo towers, Reach, and unit closings began being recorded in county records last week.

Its 43-story sister building, Rise, is expected to open this summer, and the 500,000-square-foot retail portion is slated to open this fall. Sales for Rise are at 42 percent, according to a release.

The two all-glass towers each house 390 units with prices ranging from $595,000 to $2.7 million.

Maile Aguila, Swire’s senior vice president of residential sales, said more than two-thirds of the project’s condo buyers have been from South America and Central America. The project is also seeing a strong showing from Caribbean buyers, with small selections of Asian and domestic buyers from the Northeast.

“It’s pretty much the same demographics we’ve seen all along,” she told The Real Deal. “The Brickell market is very well-known by South Americans and Latin Americans because it was always their financial district and where all their consulates are.”

Although Reach and Rise used the industry standard 50 percent deposit structure, Aguila said the project actually skipped the typical reservation phase altogether: buyers went straight to contract because “we were going to built it no matter what,” Aguila said.

She said buyers put 20 percent down at the contract phase, another 15 percent 120 days after that, and the final 15 percent after 240 days.

“Most of our competition has a lot of investor buyers; the investor wants more time during the deposit structure,” she told TRD. “We really try to develop and sell for end-users.”

Sales for the project are being handled by ONE Sotheby’s International Realty and Fortune International Realty.


Related Articles

arrow_forward_ios
Related's Stephen Ross, Swire Properties' Kieran Bowers and renderings of One Brickell City Centre (LinkedIn, Getty, Swire Properties and Related Companies)
Swire, Related score approval to widen planned Brickell office tower
Swire, Related score approval to widen planned Brickell office tower
From left: AMLI Residential’s Gregory Mutz; Terra’s David Martin; Grand Peaks Properties’ Luke Simpson; Related’s Jorge Perez; and Grand Peaks Properties' Nick Simpson (Getty Images, AMLI, Terra, Grand Peaks Properties, Related, Corwil Architects, Arquitectonica)
Development bonanza: Four Miami projects nab approval
Development bonanza: Four Miami projects nab approval
Grand Peaks Properties' Luke Simpson and Nick Simpson; renderings of the proposed Empire Brickell project (Corwil Architects, Grand Peaks Properties, Getty)
Grand Peaks proposes 26-story apartment tower in Brickell
Grand Peaks proposes 26-story apartment tower in Brickell
Ken Griffin and Adrienne Arsht with 3031 Brickell Ave (Getty, Atlantic Council, Oak Studios)
Ken Griffin buyer of Adrienne Arsht’s $107M estate: sources
Ken Griffin buyer of Adrienne Arsht’s $107M estate: sources
Adrienne Arsht and the Coconut Grove estate (Arsht via Naomi.cherenson, CC BY-SA 4.0, via Wikimedia Commons, 3031 and 3115 Brickell Avenue photos provided by 1 Oak Studios)
Adrienne Arsht’s Coconut Grove estate sells for record $107M
Adrienne Arsht’s Coconut Grove estate sells for record $107M
Empira’s Rafael Aregger with 3025 and 3051 Southwest Third Avenue (LinkedIn, Revuelta Architecture International)
Swiss developer debuts in Miami with multifamily project
Swiss developer debuts in Miami with multifamily project
A rendering of the 830 Brickell office tower in Brickell, Miami and Vlad Doronin of OKO Group and Jonathan Goldstein of Cain International (OKO Group, Cain International)
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
Doronin’s 830 Brickell scores Chicago law firms for 53K sf
View of the buildings at 612, 817 and 815 Lincoln Road in Miami Beach and Terranova’s Stephen Bittel (Google Maps, Terranova Corp)
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
Lease roundup: Terranova, Millennium, R&B, Duke nab tenants
arrow_forward_ios

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

Loading...