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CMC Preparing To Break Ground On 65-Story Brickell Flatiron

CMC Real Estate appears to be making final preparations to begin construction on the 65-story Brickell Flatiron tower.

In November, the developer filed a 250-page Declaration of Condominium for the project. Maintenance fees came in at just above 70 cents per square foot.

Monday was the last day for popular bar and eatery Barú Urbano, which sits on the land at 1001 S. Miami Avenue where Flatiron will be built. A permit to remove and relocate the old growth trees on the property has been approved by the city.

Next door, a parking lot on Flatiron land will close by the end of the month, according to employees.

The project will include 552 units in a 750-foot tower. Colombo’s CMC group bought the property in October 2013 for $21 million.

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34 Comments on "CMC Preparing To Break Ground On 65-Story Brickell Flatiron"

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Anonymous
Anonymous

they have only 15% reserved….sounds like a joke

Ed
Ed

thanks. that’s what I thought. Project too big for that location.

Edin Coralic
Edin Coralic

Why are you care,you have any money invested in this project???Its great location and great design, it will sell easy.

Ed
Ed

Have sales for this really done that well or are they hoping construction will lift sales? I would be surprised this has sold 50%.

Ed
Ed

Also, it’s funny how they pracive deceptive marketing by placing false green space between S. Miami Ave and Millecento and the side street against 1060 making it seem like there’s a lot of space in between buildings. This space doesn’t exist.

Obviously
Obviously

Yeah, launch a petition, SOMEBODY HAS TO STOP THESE DEVELOPERs FROM USING DECEPTIVE ADS!

Shessh, take a chill pill dude.

Anonymous
Anonymous

14 units per floor , long corridors, nightmare parking…plus no views sandwiched between Millecento, Bond and 1010 Brickell.
Plus crazy pricing….
Good luck

Grato
Grato

Beautiful design, excellent location, they will sell like hot cakes.
Close to everything, walking distance to everything, close to mass transit.
For your information, density creates life, activity, excitement, people, humans, diversity, close retail.

Anonymous
Anonymous

stop the Kool Aid…at $650 a sft there are other options.
they have been selling for 8 months and only very little reserved till now. too expensive to have no views whatsoever

Ed
Ed

I prefer Brickell City Center or Brickell Heights that cost about the same and closer to all those things you mentioned. Also, better views (for what that’s worth now in Brickell).

Miabroker305
Miabroker305

Hate to say this but this project and Edge at Brickell don’t look like they are doing well. One bad project can cause the unnecessary inventory which I hope will not cause a snowball effect.

Hopefully they will offer more incentives for buyers…

Anonymous
Anonymous

its a good thing that the market cleans itself…pitty because its a nice building, just overpriced for the area.

XVS
XVS

This building will sell well. But only after the Fed starts printing money again and buying every mortgage in sight, which will happen within a year or two. Until then, commodities will keep suffering, and Latin America (from which most buyers originate) lives and dies with commodities (oil, metals, soybeans, etc). Moderate sales pace is not due to the building’s shortcomings (it will be spectacular), but because of the collapse in commodities’ markets.

Dale
Dale

The fed already buys up almost every mortgage in sight. Many experts actually anticipate their market share will decline in the coming years.

flymia
flymia

TallRick? Is that you?

Anonymous
Anonymous

Seems like Ed works for Related lol

Ed
Ed

I don’t work for Related “Anonymous”. I work for a non-profit so you are way off. I don’t see why sharing strong opinions on real estate in a certain neighborhood flags me as an employee of a specific company. Stop assuming and just accept normal residents’ opinions.

mike
mike

I agree with Ed, it’s very deceptive, there are like 3 trees left in Brickell.

Obviously
Obviously

You want more trees, take a trip to the Everglades where you can quickly get lost in them, that’ll fill your tree appetite.

Obviously
Obviously

I have been waiting and waiting for this development to finally come true. This is one of the last pieces for the fill in in that quadrant of Brickell. I’ll be really elated when Brickell finally get another one of it’s missing pieces, a 1000 plus foot tower.

Excellent thinking CMC to take advantage on the reduced price of oil for the decision to speed up ground breaking on the project to lower construction costs.

Really???
Really???

I’m excited about this building but I’m currently getting bids from a few contractors on another building and constructions cost are shooting up not down regardless of oil prices. I’d venture to guess of the developers who haven’t locked in their prices and already bought out the jobs in the near future some are going to start pulling back because the increase in pricing is getting to the point where it simply doesn’t make sense. The market can only bear so much.

Obviously
Obviously

Every piece of machine needed for construction that uses gas and oil is costing less and less to operate as the price for a barrel of oil drops. These savings must be taking into consideration when cost is calculated, therefore lowering construction costs. Right now, I think but I may be a little off, a gallon of gas is peaking throughout the nation at around $2.65 for regular. Thats a significant drop from $3.75 and up we were paying just recently.

dale
dale

If I had to guess the oil powering the heavy equipment is a small fraction of the overall cost of constructing a highrise.

Ed
Ed

Correct. Steel and Cement is what needs to be accounted for in hi-rise construction.

Obviously
Obviously

Yes,, but the machines used to make cement doesn’t run on air, and the furnaces used to melt the ore to make iron and steel is using something other than water.

Ed
Ed

Well Duh “Obviously”. LOL. That’s not what was being discussed. Steel and cement are your primary construction materials, the most consumed with a hi-rise. Compare the amount of those needed, and their price, to fuel for machines and construction is not getting any cheaper.

marc
marc

What determines the hike in materials prices?

Really???
Really???

The actual gas to run the machine is insignificant to the overall pricing. Right now pretty much all subcontractors have all the work they can handle and are picking and choosing which jobs they want to do throwing out larger and larger numbers as the months pass. I’m talking about about contractor pricing that I’m seeing in the market today. They don’t really care about your theoretical oil pricing argument. Everyone has more work then they can handle and that is the biggest factor driving pricing right now.

Obviously
Obviously

“Theoretical oil pricing argument?” Oh, excuse me, I just assumed it mattered when the price to produce the hundreds of items made from oil including rubber and plastics, the savings are passed on when oil prices drop. Same with iron and steel since the United States do import most of that too. I thought that from the reduced cost in the production and shipping of these products, the savings are also passed on to the developers.

Thanks for clearifying that fact that no matter what the cost is for materials that goes into constructing these highrises, contractors are not obligated to take that into consideration when deciding how much to charge developers.

Marc305
Marc305

As I tell all my Brickell buyers – If you want to live in a high rise in Brickell and you don’t have major bucks, you have to chose to live there for the location not for the view, and if you hate traffic you are better off with choosing another area. Chances are that even if you are not looking at another building now, you soon will be; and traffic will only get worse not better. That is just the reality.

George V
George V

As much as I love density and strongly believe Miami needs more.of it to compete with other cities — weather alone won’t cut it — a lot of what we’re referring to when we say “the market” are foreign investors who only want a pied de terre for the winter. Its frustrating because the local market then lends itself to massive financial exposure across a number of different economic forces and will be ultimately financially unsustainable in the next 10 years — construction costs alone are becoming prohibitive even if gas prices come down. Contractors are not going to bet on the volatility of gas when projects like this take an average of 2-3 years to execute. So while calls for density should continue, the outlandish prices this unit will command are ludicrous.

MrDreTheOne
MrDreTheOne

This building will sell out and will be built even if a strong dollar wards off some foreign investors and construction costs get prohibitive -someone will build the damm thing- things being what they are in the crawling European economy and commodities overall, the US is THE safest market for investment right now and a breezy spanking new condo in the middle of booming Brickell is the way to go. I wonder what all of you who can’t stop whining about any new project (deceptive marketing…..really?) would rather have there? A 350 unit condo? What difference does it make? The traffic by all means WILL BE ridiculous but it seems that the only way to get those knuckleheads (city officials) serious about mass transportation will be to have a true transportation crisis in our hands, that just how Miami does….bring on the flatiron.

Obviously
Obviously

I agree with you, but I don’t forsee traffic becoming a catastrophe in Brickell mainly because Brickell itself has morphed into such a self contained neighborhood and with the metromover looping throughout Brickell, people there will be able to get to any spot there to get whatever goods they need by riding the MM or bicycling, or probably just walking and leaving the car at home.

Magnus
Magnus

Not a fan of this development. That parcel is a prime site for a decent-sized public/green space (of which there are virtually none in Brickell) to help create a bit more of a cohesive community feeling in the South Miami Avenue area of Brickell. It’s also about the last site left for such a park before Brickell is completely overbuilt. All these residents crammed into such a tight space are going to be looking for a better place to walk their dogs, play frisbee, or lay out a blanket in the sun and soak up some rays.

There is plenty of evidence that access to green space raises property values in surrounding areas and improves overall quality of life. This is something that Miami needs to start thinking about more seriously, before the opportunities disappear.

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