Luxury Condo With Helipad Planned By Alta At 1430 Brickell Bay Drive
Alta Developers’ founder says they have commenced buying out owners of an older condo building at 1430 Brickell Bay Drive, with plans to demolish and rebuild.
A source who wishes to remain anonymous tells TNM that the buyout is hostile, with owners being offered “pennies on the dollar.” The building is going to market at a starting price of $65 million, he said.
Alta’s Henry Pino posted a message on social media, saying that the new development would be ultra-luxury and include a helipad.
The developer has already met with city officials about rezoning the property.
Previously: Developers Working On New Brickell Project
tell alta to forget that hostile offer and buy my building the venetia….on biscayne bay huge footprint and marina…..plenty of sellers…
You are right about that, we had a guy who called our office last week trying to sell his condo at the Venetia. He told us that his monthly condo fee will be reaching $1,000 a month soon… unbelievable. SMH
Well actually the fee has been reduced from 810 to 679effective Jan 2018… But the building is just such a great location but needs updating so bad I’m sure assessment is on the horizon…someone should buy level it and 700 foot ultraluxury….
How much did the owners get?
I would assume more than market value.
Otherwise, you can just sell your apt on the open market.
Easier said then done. Most buyers are not willing to pay close to $1000 a month in condo fees for a building that was built in the 1980’s, has a very small gym, dilapidated tennis courts, and a pool that keeps getting fixed.
Dear Echo: your view now sucks. Sorry.
Maybe they should sue, LOL
niceeee
Lucky owners.. but I thought building was a co-op?
You are 100% correct it is most definitely a Co-Op.
This is why the unit owners are getting “pennies on the dollar” not bc the offer is low. Taxes…
what happens if some one doesn’t accept the terrible offer?
A co-op is a form of ownership in which a corporation owns the building (and land if fee simple). The tenant/shareholders of the units own shares in the corporation. Each unit is tied to a proprietary lease to the particular apartment.
The original incorporation terms would determine the conditions of a sale of the building. For example, they might say if 75% of the shares of the corporation voted in favor, then the minority shareholders would be forced to sell.
It seems unlikely that a super-majority of the co-op owners would agree to a “terrible offer”.
Just like I mentioned a few days ago, if a buyer wants unobstructed views (facing east) this building would be the one, as it sits right in front of the bay. I have not heard anything about this project yet, but if it looks anything like this it is going to be super expensive.
You completely missed the essence of my comment a few days ago… it wasn’t about unobstructed, it was about the variances for FAR and setback!
They do not have the support of the residents. This project won’t go anywhere other than expensive renderings.
Uh, how expensive are they?
I hope the City overturns the T6-8 designation currently imposed on that portion of Brickell Bay Drive. It is stifling developments such as this. As it stands, the residents within 500 feet of this project would be able to oppose any re-zoning. Up-zoning to anything over T6-12 will be major obstacle and it’s the City’s fault!!
Doesn’t seem to me that the owners there have any automatic right to a rezoning by the city, especially if the purpose is only for greed. Wouldn’t we all love for our properties to be upzoned! It’s not a blighted area. As to “stifling” development, so what? Any rezoning, if it were to occur, would probably be only one transect anyway, to T6-12. Cheers
Form based zoning is a bunch of esoteric bull. It’s communism for building. Let the market determine what can be built and to what scale. Regulation should be limited to uses.
Yeah, it’s totally communist to offer private developers incentives for building nice stuff which made cities like NYC and Chicago great, and opposed to endless suburban sprawl seen in LA and Miami, which frankly looks like something out of Eastern Europe more than traditional prewar neighborhoods.
The fact Miami seldom follows its own form based code is tyranny.
As an owner of T6 and T5 property, I know how little miami 21 does to incentivize and scale up to market-based development. It mandates form and density strictly and independent of what the market would otherwise support (which is usually vertical not horizontal development). Due to its inherent rigidity, Miami 21 is largely out of touch with the socio-economic realities of a fast changing City and market.
Is it not an acceptable balance when you can only go so high because of FAA regulations? I’d rather see dense relatively tall buildings instead of a toothpick set back from the street with underutilized space. However, I concur coding for New Urbanism can’t and shouldn’t apply to this specific stretch of road.
You are absolutely correct Cicero. That is why the commissioners in Miami are from time to time rezoning areas that Miami21 placed asinine restrictions on.
So tragic, thoughts and prayers to you for your suffering.
This is a ridiculous comment. Even with other forms of zoning where you focus on use (euclidean for example), they still impose height limits. Telling people what to build where seems more like communism to me.
Form based zoning for the most part simply says in this area the streets are “x” wide and can support “y” amount of density. Therefore you can build 48 stories in this area and put in your building whatever the market see fit.
I’d much prefer that than someone telling me I have to build commercial in an area and have to come back and beg to build residential or vice versa.
Blah blah blah is what I just read.
Yes, that’s what most unintelligent people say when they don’t understand.
Nah it’s just you’re a dilettante whose pseudo-intellectual pontifications are painful to read.
Okay Shakespeare…
I thought there was a deed restriction on heights for all that property on the edge their. HMMM… Did it go away?
has the height been approved? Echo Brickell can kiss their views bye bye….
they don’t have the zoning and all the residents in the area are against it. Wont happen.
To me it makes little sense that the underlying zoning for this site is so low compared to its neighboring sites (in every direction). The motivations behind stifling growth in just this one particular sliver of Brickell are shady at best.
good
They’ll never get the upzoning.
I agree , lots of people bought in the area because of MIAMI 21 since it made the area a better place to live. They should make more green areas
In brickell to walk their kids. We do not need a helipad in the middle of all this residential units. Noise and liability. Traffic in brickell is already chaos and adding more units will be a disaster. Already the new high end buildings are having a hard time selling any units at $1000.oo a SF. Investors are staying away from them and there is already a 4 year inventory in the brickell area with super slow sales.
They’ll never get the up-zoning…
C’mon.. Brickell is awesome…
Hopefully all these dreams of helipads go up in smoke. The noise pollution is immense for a low flying helicopter, bothering thousands.
Don’t think so, Uber is partnering with Nasa to develop air shuttles..
fake news
Uber partners with NASA ahead of flying taxi initiative
by Sara Ashley O’Brien @saraashleyo
http://money.cnn.com/2017/11/08/technology/uber-web-summit-uberair/index.html
There are already low flying helicopters around Brickell on a daily basis…
Guess “that the buyout is hostile, with owners being offered ‘pennies on the dollar’” will cause others to rethink their waiting for their $1 million buyout settlement and there are other condo owners who think this will happen.
How much did they really get?
Usually, it would take a considerable offer to get a majority to say yes.
are they still making that road into a park?
A park for what?…there is literally a big park within one an a half to two blocks from this site.
Some people won’t settle until there are one or more parks on each block.
You’re right…….
and some won’t settle until Miami is like NY except they’re too puss to live in the cold
Living in the cold is child’s play compared to renting and the cost of living in NYC.
this is the only apartment (rental) building along brickell bay dr in this area. I’ve been waiting for some developer to snatch this up as these types of buildings are much easier to buyout than condos.
I think it will pass. Residents are lucky for whatever they get from this developer with how much the market is slowing down. They’d never get close to what they are being offered by ALTA if they were to put their units on the market today.