REACH, the 43-story second condo tower at Brickell City Centre, has topped off.
All of the towers at the project have now been topped off, including the 43-Story RISE condo tower, the 40-story East hotel, and several smaller towers. The project is on schedule to open at the end of 2015.
Sales of condos at RISE have been slower than at REACH. As of last week, 65 of the 390 condos in the tower have been sold at an average price of $664 per square foot. Sales for the tower began in November 2014.
At REACH, 304 of the 390 units in the tower have been sold, with prices averaging $634 per square foot. Sales began in May 2014. Between the two towers, 47% of 780 units have been sold (22 units in the combined towers remain in a statutory rescission period as of March 17.)
All sales data comes from an investor presentation released last week by Swire Properties.
Swire continues to move forward with plans to build the 80-story One Brickell City Centre as the second phase of the project. At 1.3M square feet, it will be smaller (but taller) than the first phase. Although completion is estimated to be in 2019, the company still has not confirmed the expected cost to build it.
Swire has also retained the ‘north squared’ land, north of City Centre’s first phase. A development of 520,000 square feet will be built there in the future, but no time frame has been given.
The company has been praised by analysts for keeping a strong balance sheet, which will allow it to easily finance any future projects.