Ugo Colombo completes 64-story Brickell Flatiron condo tower

527-unit tower is about 95% sold

Oct.October 31, 2019 09:45 AM
Ugo Colombo, Brickell Flatiron and Vanessa Grout (Credit: Golden Dusk Photography)

Ugo Colombo, Brickell Flatiron and Vanessa Grout (Credit: Golden Dusk Photography)

UPDATED, Oct. 31, 11:17 a.m.: Developer Ugo Colombo completed Brickell Flatiron, a 64-story, 527-unit tower, marking one of the last major projects to be delivered this cycle.

Colombo’s CMC Group received its temporary certificate of occupancy for the 736-foot-high skyscraper, which means that closings are set to begin immediately, said Vanessa Grout, president of CMC Real Estate. The building at 1000 Brickell Plaza is about 95 percent sold, according to a press release. Sales launched in 2014.

Fortune International Group took over sales and marketing of the condo tower in 2017, over a year after the developer broke ground. Fortune is working with CMC Real Estate on the remaining sales.

Colombo, a developer who owns the luxury car dealership The Collection, in April 2017 secured a $236 million in construction financing, which included a $138.5 million mortgage and a $97.5 million mezzanine loan from Bank OZK and Goldman Sachs/RFR Realty.

Earlier this year, CMC lowered the deposit requirements to 30 percent, down from the market’s standard of 50 percent, in a move to attract more U.S. buyers for the remaining units. At the time, Flatiron was 87 percent sold. Remaining units range from $790,000 to $3 million, with one duplex penthouse left asking $8 million.

Brickell Flatiron was designed by architect Luis Revuelta with amenity spaces by Massimo Iosa Ghini. It’s the tallest condominium tower south of New York City.

The 64th-floor rooftop features a spa, pool and 6,300-square-foot gym with a Pilates, yoga and aerobics studio, and a juice bar. The building also includes a lap pool and children’s pool on the 18th floor, a movie theater, billiards and cigar room, wine cellar, and electric car charging stations.

Elysee Investments acquired the 24,800 square feet of ground floor retail and restaurant space at Brickell Flatiron in 2016.

CMC Group’s developments include the Bristol in Brickell, Santa Maria, Epic Residences and Porto Vita. In 2014, Colombo sold the site of his once-planned Epic East project in downtown Miami for $125 million to the Coto family of Argentina, which is now building Aston Martin Residences on the property.

Grout said CMC Group is already working on plans for future condo projects, but declined to identify specific sites.

“We actually have a few interesting opportunities we are looking at and something we’ll be announcing soon,” she said.

Related Articles

Rendering of Legacy Hotel and Residences with Dan Kodsi and Peggy Olin

Developer Dan Kodsi plans hotel-condo tower at Miami Worldcenter

Chad Carroll, Cyril Matz and Fernando Alves with unit 2501 at Oceana Bal Harbour

Brazilian retail mogul buys Oceana Bal Harbour condo for $8M

Janine Yorio

NYC startup to buy Miami condos at a discount and open to investors

From left: Stuart Elliott, Jerome Hollo, Michael Shvo, Laurent Morali and Lissette Calderon

South Florida developers riff on the shift from condos to rentals: TRD Miami Showcase & Forum

From left: Santiago Vanegas, Harvey Hernandez, David Arditi, and Russel Galbut

In a sluggish condo market, these Miami developers find a sweet spot

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

Brickell Flatiron rendering

Brickell Flatiron commercial space buyer seeks court-ordered discount on $22.5M sales price

Regalia and one of its developers, Gilberto Bomeny (Credit: Getty Images)

Inside the saga that led Regalia’s developers to lose ownership of their most prized units