Here’s How Related Group Took Icon Bay From Raw Dirt To A 42-Story Condo Where Closings Are Now Underway

Buyers have begun closing on units at Related Group’s newly completed Icon Bay.

Records show that over 22 units have been closed on since July 2. In total, the project includes 300 units.

How did Related take Icon Bay from a distressed loan to a completed, 42-story tower? Here’s how the sausage is made:

  • June 2011 – Related Group affiliate buys distressed loan on Edgewater property (Dolphins owner Stephen Ross is a 25% partner in the project)
  • November 2011 – Related takes title to the land in foreclosure auction
  • August 2012 – After months of review, city approves complicated land swap deal that allows Icon Bay to be built on area that was formerly a public street
  • September 2012 – Sales begin, UDRB review of project
  • December 2012 – 95% of units are reserved after just three months (pricing about $500 psf)
  • March 2013 – Site work begins, foundation work follows in April
  • July 2013 – First tower crane installed
  • October 2013 – Contractors add six floors in eight weeks
  • January 2014 – $30m construction financing issued
  • March 2014 – Construction passes 30th floor
  • July 2014 – Top off
  • July 2015 – Completion and closings

 

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Johnny Wolff

There’s a 1 bedroom listed for $4,000 per month. Someone better snap it up before it’s taken. Ha! These investors are in la-la land. GTFOH!

MiaBroker305

Pretty High but They are not that far off.. the last 2 Bedroom at paramount went for $3,800. They will bring it down in about a month.

Johnny Wolff

Not far off? Mark my words, the 1 bedroom units at Icon Bay will end up settling at around $2,800 per month. The floor plans are tiny! A king size bed would take up the entire master bedroom. The shower is narrow. And the developer failed to include a bath tub in the master bath of the 2 bedroom floor plans. Major flaw. They even excluded a bidet (not that many people will miss it, but it’s something high-end buyers, especially from Europe, have grown to expect). Even worse, the kitchen appliances are GE Monogram, not the Sub-Zero/Miele combo everyone had grown accustomed to with the Icon name. GE Monogram??? Yuck! Icon Bay is nothing like Icon Brickell or Icon South Beach. If Icon Brickell is Alice in Wonderland, Icon Bay is Honey I Shrunk the Kids. You’ll see.

Anonymous

Congratulations, you just described most buildings of this cycle. The market’s changed a little. Plenty people value shkwers and don’t care about tubs (though that necessitates a ridiculously nice shower, which you claim isn’t the case here). Of course to some people tubs are still necessary and/or a sign of luxury, but that portion has significantly decreased as most people never use tubs and prefer to not waste water/time/space

But seriously, you’re bemoaning a lacking of bidet? This isn’t the 90s anymore, which is probably the last time anyone used them. Pretty sure they were actually found to be unsanitary or unhealthy or something, but besides that, the market you claim to matter for that (high-end Europeans) has decreased overall and never been big on downtown (more prevalent on the beach)

Plus you seem to be under the illusion that this is an ultra luxury $1000/foot tower. I know people here like to think $500/foot is grossly overpriced and displaces the poor working class, but that price will start to become an extreme bargain overall in the urban core, especially with unobstructed water views

Johnny Wolff

It would be one thing had the developer replaced the bath tub and bidet with livable square footage (e.g. a larger master bedroom), but they didn’t. Instead, the developer simply removed the square footage and made small floor plans. The majority of the 2 bedroom + den floor plans have less than 1,200 square feet! I don’t know of any luxury condo developments in Miami that have 2 bedroom + den floor plans that small. And keep in mind, the foyer space is factored into that square footage (approx. 60 square feet).

And views aren’t everything. Living in a safe, walkable neighborhood is equally important.

Anonymous

So you don’t think Edgewater is a safe, walkable neighborhood? Seriously? I walk it all the time now, and that’s before all of the new development going in. You’re crazy, man.

There’s a reason why this building and everything else in Edgewater sells very quickly, and you seem a little upset that you’re not getting part of the action.

Sorry, Johnny…

Anonymous

show me any building on the bayfront that for $500 a sft has amazing views, private elevators with 2 tennis courts…in which cloud do you live?

Johnny Wolff

Looks like I was a bit over optimistic about the 1 bedroom rentals at Icon Bay. As you may recall, the first 1 bedroom was listed for $4,000 per month. I predicted that they would settle at around $2,800 per month. None have rented yet but prices for 1 bedroom units are now starting at $2,600 per month. And that’s for a unit on the 20th floor. How do you like them apples?

Anonymous

much better looking than the renderings!!

Anonymous

amazing value at $500 a sft average on 43 levels on the water, PRIVATE ELEVATORS ,with a park and tennis courts plus tons of parking!!
find me another project in that price?

these buyers made the deal.of the century…close to 100 closings in the first 10 days!

Johnny Wolff

You all must be under the impression that new inventory in Miami is reselling like hot cakes. That is the furthest thing from the truth. If I were to tell you that not one single unit at Nine at Mary Brickell Village has resold, would you find that to be incredible? Well it’s true. According to MLS data, not one single unit has resold since closings began and, even worse, there are currently ZERO pending sales. And Millecento isn’t much better. According to MLS data, there has been only one unit that has resold since closings began (and I question the legitimacy of that sale). With 95 units currently listed for sale at Millecento, what do you figure the absorption rate to be? But everything is peachy keen, right?

Anonymous

And now you’re comparing apples to oranges and entirely different neighborhoods–one of which is obviously oversaturated and already slowing. It brought the whole cycle into question, and then Grand Paraiso launched and sold 70% in weeks.

Johnny Wolff

So you’re telling me that Brickell is “obviously oversaturated” while Edgewater is not? You’re joking, right? Within the past 12 months, according to MLS data, there have been 404 closed sales for condos located in Edgewater. Under construction or recently completed (such as Icon Bay and Bay House), Edgewater has 3,286 total new units. By comparison, within the past 12 months, there have been 763 closed sales for condos located in Brickell. Under construction or recently completed (such as Nine at Mary Brickell Village, Millecento, and BrickellHouse), Brickell has 4,938 total new units. By my count, these figures imply that Edgewater has 8.13 years of inventory while Brickell has 6.47. Please explain to me how Brickell is “obviously saturated” while Edgewater is not. Now don’t get me wrong, I think BOTH neighborhoods are oversaturated. I’m just trying to figure out why YOU think Brickell is “obviously oversaturated” while Edgewater is not. And no, I was not comparing apples to oranges. I was comparing an “A” neighborhood to a “C” neighborhood. Had I made the comparison in reverse, it would have been farcical, but I didn’t. There are high paying jobs in Brickell and people are willing to pay a premium… Read more »

Anonymous

So you use closed sales of already existing inventory and then only use numbers from buildings in the pipeline to determine the inventory, completely disregarding existing inventory? That’s a bold strategy, Cotton.

Danny

They took reservations not entirely sold.

Donna

Are there any units that regular working people can afford in this building?

Anonymous

No, but ‘regular working people’ as you call it can live two blocks behind…and I think it is not an issue

Anonymous

As long as you don’t mind the light pollution at night.

Anonymous

Oh my…lights in a city?!?!

Anonymous

Beat’s another weed strewn garbage filled empty lot any day.

Danny

I know right, we should march in Gables Estates and demand public housing.

Anonymous

I can’t afford to live on Star Island, but you don’t hear me complaining.

Anonymous

Star Island isn’t a great place to live anyway. It’s location is too isolated.

Anonymous

Finally, giving up, the fox turned up his nose and said, “They’re probably sour anyway,” and proceeded to walk away.

Anonymous

Yeah right, as if you wouldn’t mind your $22mil masion sitting right-smack-dab in the middle of Kendall.