Brickell Flatiron Rep Says Half Of Units Sold, Groundbreaking By Year End

CMC Group is preparing to break ground on Brickell Flatiron within two months, according to a PR agent for the developer.

A CMC spokesperson told The Real Deal yesterday that over 50 percent of units are now in contract.

In June, the developer had said that nearly 40 percent of units were reserved. At the time, CMC said they expected to reach the 50 percent mark and break ground around October.

Buyers are required to place a 20 percent deposit at contract, with another 10 percent at groundbreaking. Additional 10 percent deposits are required when construction reaches the 17th floor and when the building tops off.

Recently, the developer received FAA approval to build the 734-foot tower, and signed a water and sewer deal. In September, a mortgage on the property held by Suntrust Bank was modified.