Nobu Residences Miami Tower Launches Sales

After testing the waters on buyer demand and locking in more than $1 billion worth of unit reservations, 13th Floor Investments and Key International launched sales of the Nobu-branded condo tower planned for Brickell.

The developers are moving full steam ahead with 619 Brickell by Nobu, designed by Foster + Partners. They plan to convert reservations to contracts this summer, according to Key International President Iñigo Ardid and 13th Floor’s Managing Principal Arnaud Karsenti. One Sotheby’s International Realty is leading sales with Key International.

The 75-story, 296-unit tower is planned for the bayfront site at 619 Brickell Avenue, home to the historic First Miami Presbyterian Church. Brickell residents have opposed the project, arguing that the tower will exacerbate traffic and reduce green space in the area. But a group of residents who appealed the city’s decision to declassify a portion of the site as no longer historic lost their fight last year. The tower is planned for about 2 acres where the church’s school and parking lot are located.

The church will remain intact and is expected to sell the site to the developers for about $240 million.

Construction could begin by the second quarter of next year and take about four and a half years to be completed, according to Ardid.

He called it a good time to launch sales in part because their main competition is all “substantially sold by now.”

Units at the Nobu project range from $3 million to more than $60 million for the penthouses. Pricing is averaging between $2,500 and $2,700 per square foot. Condos will range from one to five bedrooms and from 1,160 square feet to 5,500 square feet.

“We’ve been looking at the calendar and the natural inclination is to get a lot of business done before the summer,” Karsenti said. “But we’re finding the summer has picked up dramatically because of the World Cup and other action.”

The branded condo development will add to the surge of branded residential buildings in the mix in Miami. It will mark the first Nobu-branded residential building in South Florida, but Nobu has residential projects in Cabo San Lucas, Mexico, and Toronto. It also has planned developments around the world.

Developers and brokers generally agree that the branded condo market in South Florida is oversaturated, but most also say a project’s success depends on the type of brand, location and execution of the project.

“While Miami is a very hot market, it is a sophisticated market. The buyers are very rational. I do think they can detect the difference between substantive quality product and what is strong on marketing,” Karsenti said.

The developers are doubling down on wellness with a $25 million budget allocated for the amenities, focused on biohacking and wellness. Residents will have access to Nobu’s menu of services, including cryotherapy chambers, an e-salt cabin, a neural rest therapy pod, hyperbaric oxygen therapy suites, IV and peptide therapy, ozone therapy, and physical therapy facilities, according to a news release. The amenities will total more than 90,000 square feet, including four pools, padel courts, game rooms and sports simulators.

Foster + Partners is designing the tower alongside Sieger Suarez, the architect of record. Nobu Hospitality, which is led by CEO Trevor Horwell, will manage the restaurants and cafes.

Foster + Partners is also designing Citadel’s planned headquarters tower in Brickell. Ardid complemented the architecture firm’s use of space and said Miami has never had a building like this. Nearby, the Related Group plans the 75-story Baccarat condo tower across Brickell Avenue, fronting the Miami River. Also nearby on Brickell Avenue, residential developer the Melo Group paid $211.5 million for the 2.8-acre development site where Swire Properties and Steve Ross once planned an office supertall.