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400+ Units Closed At Brickell's SLS Lux In 2 Months, Developer Pays Off $166M Loan

400+ Units Closed At Brickell’s SLS Lux In 2 Months, Developer Pays Off $166M Loan

Related Group’s 58-story SLS Lux in Brickell is a success.

The developer announced yesterday that they have paid off a $166.1 million construction loan issued by TPG Real Estate Finance Trust.

Over 400 of 450 condo units are already closed and/or occupied, Related said, and 100 percent of units are in contract. The project also includes 78 hotel suites.

“Paying of the loan is a major milestone for us,” said Ben Gerber, Vice President of Finance for The Related Group. “It speaks to the quality of the product and to the strength of the Miami market.”

“We are thrilled about the completon of our second project with sbe in Brickell,” added Carlos Rosso, President of The Related Group’s Condominium Development Division. “The opening of SLS Lux fulfills our long-time vision of a pedestrian-friendly South Miami Avenue, and buyers are excited to move in and begin living the lifestyle.”

This is the fourth construction loan Related has paid off in 18 months, with another, Hyde Midtown, expected to be paid off shortly.

 

related’s sls lux on left, brickell heights on right:

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Anonymous
Anonymous

And this is why construction will continue in Brickell. The math is there if you have the money. You take out a loan for 166 million, build 450 condos, pay it off in 18 months after selling 400 of them, which means the 50 remaining condos are pure profit. At the current prices the developer walks away with between 30 and 60 million dollars cash, not a bad payday at all.

Anonymous
Anonymous

I like this building, however, it should not be considered as a “long-time vision of a pedestrian-friendly South Miami Avenue”. the sidewalk are extremely small and uninviting.

Anonymous
Anonymous

Of all the places which need more shade trees and associated landscaping (*cough* Museum Park *cough*), this area didn’t. Royal palms would have actually sufficed for wider sidewalks already shaded by the towers.

Anonymous
Anonymous

The sidewalks are just fine. Very wide where the Katsuya restaurant is located, very wide where the S-Bar is located, very wide where the Joe & the Juice, very wide where the retail space is, very wide where the cafe is. Narrowing as you get to the intersection. Narrowing as you get to the blind exit where the cars come out.
“ummmmmm…..jeeez…..why does it get narrow where the cars come out on Miami Ave and at the busy intersection??”
You get 3 guesses.

Anonymous
Anonymous

You are absolutely correct. And to go further, looking at the picture above, there is plenty of room for *protected* bike lanes.

Anonymous
Anonymous

These two comments hit home how disconnected Miami 21 is from the development to the street. They are both equally important for a vibrant community!

Anonymous
Anonymous

I like the existing bike lane. You have to be the softest of all daisies to need a *protected* bike lane in an area where the rented Razors move faster than cars.

Anonymous
Anonymous

What bike lane?

Anonymous
Anonymous

The one down Miami Avenue. In between that white truck and the curb, and the greenery.
Man….walk the property before commenting.

If you have not walked on the sidewalks…
If you have not seen the bike lane…
If you have not noticed that the only blank wall is on the zero lot line side of the building…
JUST DON’T TYPE as if you know what you are talking about.
If you walk this property, it is clear that it is one of the gems in Brickell.

Anonymous
Anonymous

I live in it and love it.
The pictures of the “pedestrian experience” posted on this site where taken of the neighboring property and before they had finished staining the sidewalks.
It is awesome that there is full frontal bar and restaurant ( no curb cuts) on SW 8th Street. One cut on S Miami Ave…the rest is cafe/bakery, retail, and the sidewalks are wide as they wrap around SW 9th Street.

It is really well done.

FHH
FHH

The math only adds up for Related…for buyers, it’s more like, buy it for $1M 3 years ago and by closing time you’ll have a condo with face value 75% of what you paid (if that)…I don’t get it!

Anonymous
Anonymous

Right, RHH. You don’t get it.
#1. “Face value” does not matter much unless you refinance or sell.
#2. For many of the buyers, they are long term holders from France, Argentina, Venezuela, Columbia, etc. They are buying Hard Assets that they understand, and that are safe.
#3. The value of a 50% USD deposit has doubled over the last 2-2.5 years for many buyers.
#4. While there is no guarantee, I’ll bet that a $1M Brickell Lux is worth much more in 10 years when the 4% Mortgage needs to be refied.

Hopefully, this helps with your understanding.

Anonymous
Anonymous

Burger King and the strip mall across the street, and 7-Eleven and Chicken Kitchen on the same block have to go. Not necessarily the tenants, which can be relocated elsewhere, but the buildings.

Anonymous
Anonymous

Great idea. If you would like to make an offer, I would be happy to present it IF you are a man of integrity who can put their money where their mouth/text is…
Thanks for stepping up

Anonymous
Anonymous

BK land was purchased and will be developed in the next cycle.

mondocondo
mondocondo

You sure about that? No new sale recorded. Cheers

Anonymous
Anonymous

I’ll believe it when I see the bulldozers.

Anonymous
Anonymous

Funny how people come on this site and make comments about blanks walls and narrow sidewalks but totally ignore how scarce they see people on these same sidewalks in those pictures.

Some people in Miami who visit this site are the most whiniest people I have ever witnessed.

mondocondo
mondocondo

Could be the reason you don’t see any people on the street is because of the narrow sidewalks and pressings walls, or have you considered that? Cheers

Miami Hurricane
Miami Hurricane

Just curious, what are some of your favorite cities in Latin America and why?

Anonymous
Anonymous

I was born in Miami sixty years ago. I remember when they started construction on I-95. I’ve never been to any Latin American countries, but I have been to many European countries.

Are you still curious?

Anonymous
Anonymous

A picture by definition is a glimpse of one moment in time. This intersection is probably now the busiest intersection in Miami. The picture does not tell the story. Maybe if you walked around the neighborhood instead of projecting based on a picture you would notice the abundance of pedestrian traffic.

Anonymous
Anonymous

Exactly, that intersection gets packed with people walking.

Anonymous
Anonymous

If the intersection gets packed with people walking, then those who are here saying that the sidewalks are too narrow are making deceptive statements, according to your point of view.

Anonymous
Anonymous

The people who whine about the “pedestrian experience’ don’t live there or anywhere near there.

Anonymous
Anonymous

Okay, thanks for the insight of someone who actually lives in the area. I get tire of people who don’t actually live in this area coming on this site and whining about something in Brickell all the time.

Anonymous
Anonymous

nice but. Narrow streets :/

Anonymous
Anonymous

Huge success! Thanks for those blank walls and narrow sidewalks.

Anonymous
Anonymous

Complain much?

Anonymous
Anonymous

The north facing wall is all glass going up 80ft. To the amenities deck. The west facade is glass going up 40ft where the retail/cafe/bakery is located, then a mural by Fabian Burgos from 40ft up another 40ft. Which wraps around to the South facade.
The ONLY blank wall is east facade which is the zero lot line shared by Vlad Dronins new tower (they are doing soil tests now).

Anonymous
Anonymous

The murals on the Miami Avenue and SW 9th Street facades of SLX Lux and Brickell Heights respectively are effectively blank walls, sad excuses for covering design flaws which could have been corrected with the glass facades continuing, or even an exposed parking garage as seen in older buildings like One Biscayne Tower which still looks decent.

Anonymous
Anonymous

SLS Lux has glass all the way up to the top of the retail because there is something inside. The Mural covers the parking, from +/- 40 ft and up.

True. The 45 ft tall pedestrians will stare at the Fabian Burgos mural. But the 45 ft people are not going a terrible “pedestrian experience”, unless they don’t like Fabian Burgos.

Sure, you could continue the glass on the parking structure from 40 ft all the way up to 80 ft.
Of course, that would serve absolutely no function. They could have plated it with gold, and done without the private elevators, the 45th/46th Floor residents lounge, or the pool on the 59th Floor.
But the architects assumed glass from the ground up to 40ft was sufficient and a mural would be more interesting for the 45 ft tall people and their “pedestrian experience”.

Anonymous
Anonymous

LOL.. turn that frown upside-down.

Anonymous
Anonymous

Blank?
There is a freaking Botero on the sidewalk! The Botero that used to displayed on the Champ s d’lysee