50-Story Solitair Brickell Reaches 56 Percent Leased, At $3.16 Per Square Foot

Rental statistics for their recently opened Solitair Brickell tower have been revealed for the first time.

Solitair is a 50-story tower across from Brickell City Centre. It opened in February of this year.

Currently, 56 percent of the building’s 438 units have been leased, the developer told the SFBJ.

Prices average $3.16 per square foot. Unit sizes range from 494 square feet to 1,533 square feet.

 

Previously: First look inside Solitair Brickell

 

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Anonymous
2 years ago

Expensive Rental.

Anonymous
2 years ago

I recently moved and my broker was trying to tell me that he thinks all-rental buildings attract better crowds than condo rentals, because the leasing company does more in-depth background checks than owners of single-units do.

I countered that requiring first, last, and one month security removes a lot of riff-raff from the equation.

It seems to me like the all-rental buildings are a worse value than renting in a condo building. Am I missing something?

Anonymous
2 years ago

You’d hope the rents themselves remove the riff-raff from the equation.

Anonymous
2 years ago

its literally the opposite of what your broker said. Stick with the condo buildings!!!!

Anonymous
2 years ago

You are wrong… I have experience with both. The background checks on MF is much more intense. If the building is being run by good PM team, they decline more people then they accept. His broker is 100% correct.

Anonymous
2 years ago

Think about it, who will be the better crowd… someone who paid $1M for a condo or someone who is renting a $2000 rental unit. Depends on the crowd you’re looking for, I suppose.

Anonymous
2 years ago

I have experience working for MF developments (both apartments and high rises) and I have a real estate license as well, where I have done rentals via single-units owners. Your broker is correct. The MF developers do much more intense background check then single-owners. The developers use third party companies that ONLY work with developers and major corporations that are doing these background checks. The Property Management team at the MF development has access to A LOT of information on the tenant. They can see if the person has had a DUI, been arrested, if they are going around applying to a bunch of other leasing communities, etc. So your broker is 100% correct. Single unit owners do not have access to this program unless they have their own property management company. The programs are very expensive, therefore not many have access to it.

There are pros and cons for both. Pros on going condo, usually the buildings will have concierge and better security in the sense that there are cameras in garages, common areas, elevators and on all floors. In MF communities you usually only find cameras in the amenities area and only some have concierge services. Pros of MF, is that yes the screening process of tenants is much more intense. Good MF communities decline more people than they accept new tenants. You do not have to pay 3 months of rent (1st month, Security Deposit, Last month) unless you have bad credit. but for the most part you pay much less going-in costs going with a MF community. In addition, if they have the Director of Maintenance living on site, then if anything is goes wrong with your apartment/appliance, it gets fixed right away. In addition, if they have PM team living onsite even better because when those fire alarms go off in the middle of the night, the PM team also has to deal with it, so it gets resolved a lot faster then in condo buildings. Trust me they are on top of it. When I worked in Property Management I lived on site and we resolved issues right away because had to deal with the same nonsense. Cons of MF, property deteriorates faster because everyone there is a tenant so they care less about the property. In condominiums you do have home owners that are more into ensuring the property stays clean. MF developers will go cheaper on quality of interiors in the apartments then condominiums. Condos usually have real marble in bathrooms while MF will have tile that looks like marble, but it is tile. Also in MF there are usually concessions you can take advantage of, but prices are set (no negotiation on price), in condos you can negotiate price.

Hope this helps!!!

Anonymous
2 years ago

Every unit owner-owned condo Ive ever lived in has done an outsourced background check through a third party vendor.

Anonymous
2 years ago

56% occupied in 7 months !!?? How embarrassing !! Guess your prices are just too f*cling high. Lmao

Anonymous
2 years ago

It’s actually a very good absorption rate given the amount of availability.

Anonymous
2 years ago

Not quite — the prices seem inflated with all the available stock — they will need to compress their rentals before the new inventory comes online and the crowds will see the other amenities that these new buildings have to offer are just much better than what is being offered at Solitaire. — As a developer — I prefer my units absorbed rather than sitting vacant especially in this ultra-saturated market.

Anonymous
2 years ago

They are doing amazing!!! I used to work in residential property management. It usually takes 18-24 months to fully stabilize a building – 80% occupancy. They are well on their way to getting there in less than a year. This is GREAT!!!!

Anonymous
2 years ago

The façade of this building is beautiful, the rest is just a box, that might be hidden by the future surrounding buildings!

Anonymous
2 years ago

The crap on the corner between this and Brickell City Tower (Chase Bank) has to go, and everything along SW 1st Avenue fronting BCC. Some nice looking Metrorail TOD would be great.

Magazine
2 years ago

Anyone have any insight into the ground floor retail there? There is a lot of ground floor retail in this area that is either empty (Solitair, huge space next to Soul Cycle in Brickell Heights) or taking absolutely forever for the vendor to occupy (Hilal Guys at 1010 Brickell and Rosetta Bakery at Brickell Heights).

aceraroja
2 years ago

Here’s my insight: prepare for a massively capitalized tax write off or visa scam restaurant. That’s the only people who can afford a 6000sqft new build storefront.

Anonymous
2 years ago

I wish the back side looked that good :S

ao7777777
2 years ago

Any info on parking occupation? It looks like a lot of parking is sitting empty.

Natasha
2 years ago

Ugly building. Shame on Miami City even approving this, not to speak of not protecting investments of buyers in Brickell Heights. Miami City officials are thinking only of their own pockets and set up residents for another real estate crash

GBA
2 years ago

How should city officials protect the investments of Brickell Heights buyers?

Anonymous
2 years ago

Another box with silly classing trying to downplay the fact it’s a box. Sad!

Anonymous
2 years ago

Good looking box though

Anonymous
2 years ago

Another useless comment from the peanut gallery. Sad!