Brickell Flatiron Reaches Completion, Becomes Miami’s Fourth Tallest Tower Ever Built

Brickell Flatiron has reached completion, becoming the fourth tallest building ever built in Miami and the tallest all-condo building south of New York.

Hundreds of new residents will now begin moving into Brickell, with closing about to begin. A total of 527 residential units were built at Flatiron, of which 95 percent are sold.

Americans are the dominant buyers at Flatiron. Approximately 70 percent of the building’s buyers came from U.S. markets.

The tower is 64 stories and 736 feet above ground. Only three towers in Miami are now taller: Panorama Tower (868 feet above ground), Four Seasons (around 800 feet above ground), and the Southeast Financial Center (764 feet above ground).

A popular London-based Japanese entertainment restaurant concept will occupy the ground level. It will be located in a 24,800 square foot ground-floor retail and restaurant condo that was sold to Elysee Investments for $22.5 million.

 

(bottom 2 photos: phillip pessar)

 

 

86
Leave a Reply

  Comment Notifications  
newest oldest most voted
Notify of
Anonymous

Beautiful! I moved to Brickell when the groundwork of this project was beginning. It’s been really neat to watch this development from start to finish. Well done!

Anon

i live directly across the street in 1050 and also enjoyed watching this go up.

CMC and Moss did a great job. Ugo’s project’s hold their value better than almost any of the other other developers. A lot of developers, including Related, should take notes.

Anonymous

Is there any evidence of that claim that Ugo’s buildings hold value better than others?
Epic apts dont seem to outshine.

Anonymous

Santa Maria for one.

Jose G Martin

Santa Maria, Epic, Bristol. All three buildings have top notch finished and they are still among the higher end buildings in the area after 1+ decade of being built.

Anonymous

one can simply analyze “comparable’ unit sales among Ugo buildings and others of similar age, sq footage and view to see the difference.

Anonymous

Bingo! Yes, I used that methodology. No discernible difference. While an Ugo building may cost 2x of the average product, but that delta remains. If the market goes up 10% Ugo’s buildings go up 10%. As mentioned, this “retains resale value” comes from the car industry. Maybe from….hmmmmm….a marketer from The Collection car dealership?

Nah…probably no connection….

Anonymous

Fun FACT.
Ugo Columbo’s Epic at 200 Biscayne Boulevard Way had a recent closing.
Apartment # 5101, was originally listed for $2,999,000 in 2015. The price was reduced 5 times to $1,850,000 as recently as this year.

In May, 2019 this Ugo property closed for $1,500,000.

Purchased on 11/16/2009 for $1,350,000, and sold on 5/21/2019 for $1,500,000.
Back out the Realtor commissions, $90,000, on the sale, and forget about the closing fees. This Ugo property returned $60,000 over a decade.

LESS THAN 1% per year for ten years.

My personal tastes favor Ugo Columbo buildings, and I think that he is a very nice guy, but to say that his buildings hold their value better than any other developer without substantiation is foolish.

Marketers are doing a good job if they convince people of the “hold their value” myth. Thinking people don’t believe the hype…..Yayaaaah.

Anonymous

how much money the owner was selling because the bay view will be blocked by Aston Martin tower?

Anonymous

Aston Martin was formerly Epic II. Ugo Columbo had originally planned a second tower after Epic I, but he didn’t sell enough to get out of the ground. He sold the land to a different developer.
Anyone who bought Epic I in 2009 knew that Epic II (or something) was coming on that site. The Epic II Sales center (which then became AM) has been their since 2007 or before.

Anonymous

1% per year is horrible.
There are plenty of bad developers that have better returns.

I love Ugo Columbo buildings, but that nonsense about “holding their value” is salesman/PR/marketing talk. It just isn’t true.

Interestingly, the DJIA was about 10,500 in 2009 and is about 27,000 now. that is 10% per year over the last 10 years while that “investor” in #5101 barely saw any return.

Anonymous

Beautiful building. This is how it’s done, Related.

Anonymous

Withholding judgement until seeing the interior.

Anonymous

That soul sucking parking garage base….

Anonymous

Excuse me, this is TNM. We get hard to parking podiums here, thank you VERY much.

Anonymous

Parking lot whiners don’t own TNM.They don’t represent the opinions of most of TNM readers

Anonymous

Lol I AM a “parking lot whiner”. Your point is the whole joke…

Anonymous

Agreed. Usually they don’t bother me but terrible design for this quaint intersection next to Mary Brickell and Lola’s

Anonymous

The streets around this project are well scaled to a walkable City. Too bad each block has a thousand cars.

Anonymous

Yeah, thousands of cars with people in them who’re going to do business with the business establishments in Brickell.

Anonymous

I’m sorry but this area is the worst part of brickell! Cities and major downtown business centers need adequate street for cars to pass through. I’m not saying a four lane road but the area around Mary brickell needs traffic lights and better traffic flow not ubers stopping at a moments notice and people running back and forth across the street

Anonymous

No they don’t. Real cities work to remove as many cars from the downtown core as possible and force them to drive around it in favor of ped traffic. Paris, London, Barcelona, NYC, etc… work to put congestion charges and other road blocks to driving into the core areas.

It’s obviously a necessary evil sometimes but cars traffic should NOT be encouraged to flow effortlessly through any downtown core, but rather made to feel uninvited and slowed down to encourage them to stay out of the downtown area unless they really need to be there. People should park in garages on the outskirts and walk in the core or better, use metrorail/mover/scooters to get around.

That’s what makes a city truly livable and walkable.

Anonymous

People who talk like you kill me.. you make it sound as if these CARS are just driving themselves around in Brickell. And how would you like it if somebody told you that you need to push away from that computer keyboard and get into the gym?

Anonymous

I know and you’re right but you mentioned cities that were built without the automobile in mind. Position yourself: USA (car centric); Florida, (no history) Miami, cars rule, even on Brickell banks have drive thru windows.

Anonymous

The traffic to get in and out of Brickell is what drives (and will continue to drive in the long term) prices to go up because people will not want to commute and will choose to live where they dont need to drive. This next year will be a great time to buy in Brickell if you can get a good deal, as buyers will be swimming in inventory.

Anonymous

Huhhh…? Your brain sure did miss the logic section.

Anonymous

Dear, wait for the lawsuits for the crappy materials and the cheap balcony railings

Anonymous

So you don’t like the massive easter egg basket full of cars in the dead center of “walkable” brickell?

Anonymous

Sorry to disappoint. Brickell is not walkable.

Anonymous

Really.. then why does one of the pictures show people walking around with ease?

Anonymous

For a parking garage, it still looks good for Miami standards, or would you rather see Related and a pukey rainbow mural?

Anonymous

Good point!

Anonymous

Ahhhh!… look at those narrow sidewalks….

There, happy now?.. all you “sidewalk bashers” who comment on this site?

Anonymous

They are narrow – and littered with scooters.

Anonymous

So, the narrowness of the streets are the problem? Waitaminute, that can’t be, because the scooters get around with ease. So, if the scooters weren’t there, people would have no problem walking around? Holdup, wait, people still wouldn’t walk because the sidewalks are too narrow. Hmmmmm… confused… what’s your solution?

Anonymous

In one year is good time to start buying resales at 20 , 30 % discount

Anonymous

Discount to what?
Pick a building, pick a unit. Make a REAL prediction, and put your money where your anonymous posts are.
No properly priced apartment is going to fall in price 20% in Brickell in the next year. It doesn’t happen that way.
Not even in the 2008 banking crisis did resale prices fall that fast.

Anonymous

They’re going to love being so close to Perrico… oh, wait… :/

Anonymous

The DC Pie directly across the street looks beautiful inside.
It was touted as Lucali, but it appears that they have changed directions. Either way, it looks like a great build out with a very cool bar area. This will easily appeal to the Perricone’s crowd.

305

They’ve begun spamming social media with ads and claim to be “from the people who brought you Lucali, but we’re not actually Lucali”

Smells fishy, and like an inevitable disaster to me

Anonymous

Haha…maybe, but like we say, they are building it out nicely for the next guy!

Anon

10000%… i know the owner of Lucali personally, and it’s not this guy from DC Pie. I bet this guy ran his mouth to the wrong person and now it’s out there, and he’s not setting the record straight. the new times interview only mentions Lucali in the headline, and this guys website doesn’t say anything at all about Lucali. Typical Miami BS if you ask me.

Anonymous

All that matters is will the pizza be any good. Lots of competition a block or two away.

Anonymous

Much nicer than I thought it would be. A real looker.

Anonymous

Has anyone seen this place at night? The lights from the garage light up the block. I was at Axis looking at apartments that face Flatiron and you don’t need to turn on the light – the parking garage lights up the apartment for you! Awful design and I can’t believe that material was approved for garage.

Anonymous

Be thankful they shine a light in the dark for you

Anonymous

All I see is the ugly lighting from within the parking podium.

Anonymous

For what it’s worth a lot of the parking base will be obscured from the perspective of the lead photo by the new CitizenM.

Anonymous

New Citizen M is not going to be particularly tall.

Anonymous

oye Papi is just like Nuevo York here in Miami.

Anonymous

Never.

Anonymous

*NuevA York

No green space?

Where is the Allen Morris Park? What happened to the Raymond Jungles designed park on the south side?

Anonymous

Allen Morris still has his 1,500 square foot corner “spite” park. Still looking to see if the resident cat survived construction. Ugo retains ownership of the triangle parcel since Morris’ lawsuit blocked the swap. Look for a future boutique office and retail building here. Thank you for your civic mindedness Mr. Morris.

Brickellite

Thank god….

Greed

No green space? No grass and trees? Another greedy developer builds lot line to lot line.

Anonymous

“All condo” then explain the multiple floors of parking

Anonymous

Many condo buyers own cars. They want to be able to leave them nearby when they aren’t using them.

Anonymous

Allow me to explain it to you, and others who do not understand real estate.

Basically, condominium is type of ownership in which portions of a building are deeded. In a building that is formed in condominium type of ownership (it could be a residential building, it could be an office building, it could be boat storage, warehouse, strip center, etc) the building is divided up, and usually owned by individuals. Individual title is taken to a specific “unit” and that owner has ownership in a defined percentage of the common elements.
Sometimes owners own their parking spaces, sometimes they own a right to parking space.
Hope that makes it easier to understand.

The people who bought the parking spaces in Flatiron probably also bought a parking space or two. They can buy and sell them, but are restricted to selling parking spaces only to owners that are in the Flatiron building.

Savvy buyers, even if they do not want a car, are wise to also buy a parking spot if they believe that a parking spot is important to resale value.

Anonymous

and what’s your point

Anonymous

So? In Miami, apts and cars go together.

Anonymous

Ive heard its going to be SexyFish. Either way the “people will begin to move to this building” sentiment is a joke, we all know this is going to be sitting half empty 3/4 of the year.

Anonymous

If this building is sitting empty 3/4 of the year, will that affect where you live?

Anonymous

does it matter

Anonymous

It seems that if this building is “sitting empty 3/4 of the year,” that surely must bother you.

Anonymous

Maybe not if these are NA buyers fleeing the NorthEastfor tax purposes.

Anonymous

Air bnb

Anonymous

Not possible in this building of course. Condo will ban it.

Anonymous

Flat Iron is allowing short term rentals. Look in the condo docs. Eventually owners will air BnB. Theirs really know way to control it with this many units. All high end buildings should never allow short term rentals!

Anonymous

Huh? Are you saying that people will buy, and not take occupancy?

I would be wiling to bet that at least 50% of the people here call their their primary residence, about 30% will call this a second, third, or fourth home, and about 20% will lease their property out. That is my educated guess.

Anonymous

Figure about 50% leased.

Magazine

Can’t even begin to be cash flow positive (or even neutral) by renting this. 2BR for $900k would be around $5k per month outlay. Not sure you get above $4k for a rental.

Anon

Do you think everyone moves in at once? With limited service elevator space, people have to move in in an organized manner. If you have 1 or 2 services elevators, and you allow one tenant per elevator to move in the morning, and one per elevator in the afternoon, you can have at most 4 residences move in per day. And most nice buildings only allow moving in M-F, so 20 residences a week, divided by 527 units, you’re looking at about 27 weeks at the quickest to fill up the building.

Anonymous

That’s about right. Some will never be occupied as the investor buyers flip right away. Some will go straight to rental also delaying occupancy. Many foreign buyers will only occupy seasonally.

Anonymous

The fact that it’s mostly American buyers is interesting. More people using it as a primary residence than investment vehicle? Or New Yorkers looking for an in-country tax haven address? I’d be more confident saying it would be empty if it were another building financed by EB5s.

Anonymous

The SexyFish tho will 100% be shady oligarch customers like the one in London.

Anonymous

Im not shady, and I promise to be a Sexyfish customer.

Anonymous

The NYT review of this place begins with the line “it’s like Abu Dhabi punched you in the face.” So perfect for The Next Miami

Anonymous

For us they could do “It’s like your Abuela just smacked you with a Chancleta”.

Anonymous

The NYT is irrelevant garbage.

Anonymous

Very unlikely. Brickell not oligarch country.

Anonymous

Lots of people are from California and Illinois

Anonymous

Good.. the county needs thousands more English speaking born and bred in the USA people moving in.

Anonymous

Why?

Anonymous

Why not?

Anonymous

Probably a majority of the units are foreign owned. Well over.