Gazit Increasing Brickell Tower To 500 Units After Seeing 30% Rent Increases

Israel developer Gazit Horizons is requesting approval to increase the size of a proposed apartment building planned across from Brickell City Centre.

The change in plans came after the company said it saw strong rent increases at another Brickell apartment building it owns nearby.

Gazit had originally planned its new tower at 90 Southwest 8th Street to rise 48 stories and have 365 apartments.

Now, the tower is getting taller, and will have a lot more residential units, according to a November company presentation.

The company said it has submitted a request to increase the number of units to approximately 500.

The tower itself is now proposed to rise to 52 stories. It will now cost around $172 million to complete (the smaller 48-story was budgeted at around $110 million).

The developer is going through Miami-Dade County rather than the City of Miami for approval of the new tower, and recently asked county commissioners to include the site in their Rapid Transit zoning area.

In November, the developer was issued a letter from Miami-Dade County planners explaining exactly what it is permitted to build on the site, records show.

Gazit also said it purchased a 262-unit apartment building in Brickell earlier this year for approximately $102 million.

During the quarter, the average rent price in new lease agreements at its new building increased by approximately 30% compared to the former agreements, Gazit said.

A demolition permit has already been issued to the company to clear the site where the new 52-story tower is proposed.

 

A demolition permit has been issued for this site where a new 500-unit tower is planned:

(photo: Phillip Pessar)

 

Older renderings from Gazit for a 48-story tower on the site:



 

63 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
Anonymous
1 month ago

SW 1st Ave needs major work.

Anonymous
1 month ago

Especially now that the underline there is complete. How are you supposed to safely cross the street now

Anonymous
1 month ago

By looking both ways before you step out into the intersection.

Ciparoo
1 month ago

Lol taking your life into your hands every time you step off the sidewalk

Anonymous
1 month ago

Precisely because there is inadequate traffic enforcement. There are new signs up barring right turn on red at some key intersections. There are the 0-60mph between traffic lights drivers. Then there are the “right hand on the wheel, left hand holding the phone” drivers. Meaningful enforcement of all these would help pedestrians and also make it more feasible for bikes and scooters to safely navigate on the streets instead of on the sidewalks.

Anonymous
1 month ago

The “No Right Turn on Red” is stupid.

It creates MORE traffic congestion, more frustration, and makes Escalades idle their carbon emissions into the otherwise clan air for a longer period of time.

No right turn on red when pedestrians are in the crosswalk makes sense, and should have a steep and enforced fine.

Anonymous
1 month ago

You could be hit by car a or scooter on the sidewalk as well, or catch COVID switching off Netflix and stepping out of your house, as certain people tried making everyone believe.

Anonymous
1 month ago

Lol.
Yes, people should, lol, take their, lol, lives into THEIR OWN hands more often lol.
If you cant, lol, cross the street now, lol, you are a 1%-er.
Lol.

Anonymous
1 month ago

That is my technique!!
1,000’s of people do it everyday.

Lechozo
1 month ago

Bus and Metrorail users have been risking their life for years.

Anonymous
1 month ago

Most streets in Brickell need major work, as they haven’t been touched since the 1960s, and Brandon’s big bailout…-I mean, “infrastructure” bills aren’t going to do a damn thing.

Anonymous
1 month ago

Wrong.
I’d say that early every single street has been touched since the 1960’s.
Can you name one street?

Anonymous
1 month ago

Umm…there is major work being done on SE 1st Avenue.
(You should read The Next Miami).

Anonymous
1 month ago

I actually really love that mural. It’s by a local artist. I’d love to see him do a piece for the Heat by World Center. Hopefully, he can recreate his Inter Miami tribute somewhere else in Brickell too.

Also, nice building.

Anonymous
1 month ago

I like the mural also. Hope it can be saved or reproduced somewhere else.

Anonymous
1 month ago

Miami has great murals. I hope this artist gets more work and Miami keeps prioritizing art,

Anonymous
1 month ago

LOL, Miami has great murals like it has great architecture. For every 1000 Museum and Britto, there’s a Arquitectonica/Kobi Karp/Sieger Suárez box and parking pedestal covered by queasy colors.

Anonymous
1 month ago

miami has great architecture in SoBe ,Mimo district, coral gables, wynwood and Brickell and some historic buildings in downtown miami

Anonymous
1 month ago

Lol doesnt like the them, but the world’s greatest graffiti artists do.

Anonymous
1 month ago

It’s literally an advertisement, but I guess it’s better than some SJW message hiding real problems. Brickell should be posh and sophisticated. No more murals. Leave murals to Wynwood.

Anonymous
1 month ago

Rents are out of control

Anonymous
1 month ago

If you think that, then your beef is not with property owners, it’s with capitalism.

Anonymous
1 month ago

No beef chief just sayin

Anonymous
1 month ago

I hear Havana is celebrating 60 years of rent control. Maybe you should check out their housing stock. 😉

Anonymous
1 month ago

With rents climbing 30%+ yoy that is extraordinary by definition

Anonymous
1 month ago

What’d you hear about Caracas? 🤔

Anonymous
1 month ago

Forget about Caracas, Pyongyang is where it’s at. Dear leader provides housing for all worthy subjects.

Anonymous
1 month ago

Love gagnam style…oh wait

Anonymous
1 month ago

Well, then, you won’t mind paying your maid 30% more this year. If you don’t, she’ll just steal your wife’s jewelry – just to pay her new rent.

Anonymous
1 month ago

well, then, the maid won’t mind getting fired, arrested, and charged with felony theft this year.

Anonymous
1 month ago

GREAT!
Say no to Rent Control!!

Anonymous
1 month ago

start now – follow the Melo development model. Build and it will be approved

Melo is chad and sigma
1 month ago

Based

Anonymous
1 month ago

I love it.. just keep the original design and build it four more floors taller.

Anonymous
1 month ago

It’s a box with tumor boxes growing out of it. Terrible. Hopefully this means something better.

Anonymous
1 month ago

Dude all you do is knock.. but I guess it’s easier to that when you’re broke, bored, lifeless, and imaginative.

Ciparoo
1 month ago

Tear it down already! Smells like urine, always avoid walking by there. Of course a construction site won’t be much more aesthetically pleasing but hopefully gets built quickly

Anonymous
1 month ago

“Tear it down already! Smells like urine, always avoid walking by there”

What are you talking about?.. they have people scrubbing down those Metrorail stops everyday!

Anonymous
1 month ago

Its not the metrorail

Anonymous
1 month ago

Let them know that keep missing the elevators when they are scrubbing.

Azarius
1 month ago

Smash the approval button!!!

Melo is chad and sigma
1 month ago

Piling work already please

Anonymous
1 month ago

Cool, we need office space.

Anonymous
1 month ago

Not sure any office is proposed here

Anonymous
1 month ago

Sounds like smaller units as well….

Anonymous
1 month ago

Or 165 really small ones in those extra four floors.

Anonymous
1 month ago

Across from Metrorail. Build less parking!

Anonymous
1 month ago

It’s their money, they can put as many parking spaces as they’re allowed.

Anonymous
1 month ago

That’s literally not how cities work.

Anonymous
1 month ago

Really O’wise one? Then you tell us how cities work.

Anonymous
1 month ago

doesn’t look like much if any parking proposed, multiple floors of retail instead

Anonymous
1 month ago

Awesome!

Anonymous
1 month ago

Would love to see that corner get activated. Based upon the prior renderings, I do hope they aim to bring in another Gym to the area. Perhaps an Anatomy or Lifetime. If they get TOD benefits, they might get away with little to no parking requirements. Ground floor market or Food hall would also be great.

Anonymous
1 month ago

Going balls deep – nice!

Anonymous
1 month ago

This is just flat out enrichment for the developer with NO benefit to the community, a blatant public give-away, so typical of Miami pols! What chutzpah!

– 260 units greater than what’s permitted under the county RTZ zoning – worth $26 MM

– 140 units greater than what’s permitted under Miami 21 – worth $14 MM

– with little or no parking required – worth $17.5 MM

Has the “county RTZ zoning” gimmick worn out its welcome? Typical developer just seeing what he can get.

And on one of the Miami’s busiest intersections!

I’m all for adding to the rental supply given the explosion in rents, and the “black cube” has long worn out its welcome, but look at the tradeoffs here. None of these millennials is ever going to need a car? The weaknesses in the new economy transportation alternatives are revealing themselves, with the hidden costs of scooters leading to constant revisions to the program, and the abusive pricing/supply practices of Uber, when you can even get one.

Just my 2 cents.

Anonymous
1 month ago

The “little or no parking” is a feature, not a bug.

Anonymous
1 month ago

Missing the point. Removing the parking requirement saves the developer $17 mm in cost.

Anonbttm
1 month ago

good

Anonymous
1 month ago

Saves the COST of parking. Instead, he will optimize the “space” to build more residential units which COST more.

Anonymous
1 month ago

A good reason to expediate the Metromover expansion up N. Miami Avenue, and get moving on some sort of solution to the drawbridge problem.

Anonymous
1 month ago

Okay, nobody is going to give up cars for a glorified shortbus. We need real all-of-the-above transit solutions, and Metrorail to Miami Beach and a streetcar system through Wynwood and the Upper East Side are better fits.

Anonymous
1 month ago

Wtf?..

Anonymous
1 month ago

Amazingly, your 2 cents does not think deeply enough to gauge the public benefits.
1. More value on that piece of land means more property taxes. EVERY YEAR. Next year, the year after that, 5 years from now, a-years from now, etc. If there is $26m EXTRA added to the same piece of dirt, that is about $520,000 EXTRA per year.
40%, or about $280,000 EXTRA PER YEAR goes to schools in the added property tax revenue.
2. The additional housing around jobs and transit, doesnt just add supply, but it adds supply that does not require additional transit infrastructure.
3. Developers always pay development t fees based on the value. EXTRA value created = EXTRA public benefit.

It does take chutzpah to develop high rises…that, a great tolerance for risk, exceptional organizational skills, and many many more skills and talents.

It takes none of those talents to whine and complain about developers.