Posted Oct 18, 2022, 11:02 PM
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NYC/NJ/Miami-Dade
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Join Date: Jul 2013
Location: Riverview Estates Fairway (PA)
Posts: 46,995
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Downsizing plans: Related, Integra shrink St. Regis Brickell
Quote:
The developers of the waterfront St. Regis Residences Miami are downsizing their plans and increasing condo prices, The Real Deal has learned.
Instead of two 46-story towers, Related Group and Integra Investments will build one 46-story tower. And instead of about 330 units, the two Miami-based developers plan about 150 condos on the site at 1809 Brickell Avenue, said Related Group president Jon Paul Pérez. Related and One Sotheby’s International Realty, which is handling sales, on Monday began notifying buyers who have reservations for units, Pérez said.
The changes were spurred in part by buyers who were seeking a smaller building with larger units, he said. The project is more than 50 percent reserved. The unsold units will increase in price by about 10 percent to 15 percent, Pérez said.
Rising construction costs weren’t a factor in the decision, he said.
As previously planned, condo prices started at $2.8 million, for units ranging in size from 1,300 square feet to 7,000 square feet. Related and Integra will honor the per-foot price for buyers with reservations in the east tower. Buyers in the 183-unit west tower, which was eliminated, will be given the option to buy larger units for a higher price, Pérez said.
The condo project now has a projected sellout of more than $1 billion, down from a $2 billion projected sellout that was announced last December when St. Regis was unveiled as two towers. The project is “commanding the highest prices ever achieved in Brickell” at more than $2,000 per square foot, Pérez added.
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