MIAMI | One Brickell CityCentre | 977 FT | 60 FLOORS

[Altoic]

I think they'll continue to try to lease out the space. If they aren't successful they'll probably reconfigure internal space to also include condos. But anything could really happen.

[BrickellBased]

Also since Related is the developer and Stephen Ross made similar comments in regards to this building, I thought the following was relevant expressing Related's continued positive sentiment in Miami


Related Group Founder: [this time Perez] ‘Serious, Serious Money’ Now Moving To Miami

https://www.thenextmiami.com/related...ving-to-miami/

[ChiND]

https://therealdeal.com/miami/2024/0...of-preleasing/

Brickell office slump? Nearly 3M sf planned, zero preleased
Proposals for three towers come amid a dearth of new-to-market firms

[Zapatan]

I thought 830 Brickell was a good omen for office towers but this project seems a little ambitious for the time being.

I hope I'm wrong but I don't see this happening.

[BrickellBased]

7/14/2022

Demolition continues to progress. Looks like they should be done soon.

[bobdreamz]

This is moving along a lot quicker than I thought given all of the issues they had. I'm guessing the site should be fully cleared by the end of the year.

[BrickellBased]

The accident was September 23, 2023 I believe. So this has slowed things by around 9 months or so which is a pretty substantial. I guess time flies though.

Originally Posted by bobdreamz

This is moving along a lot quicker than I thought given all of the issues they had. I'm guessing the site should be fully cleared by the end of the year.

[BrickellBased]

This bodes well for office construction in Miami - and especially this project since 830 Brickell is literally across the street. You can't get a more reliable comp than that.

And I'd expect the top floors to get an even higher rate as well. That should be a strong sell to investors as they look to finance.

This offsets some negative news in the office market in Brickell. Like in many cities - the super high end new Class A+ projects have their own market that seems a bit isolated from the overall office market.

https://www.thenextmiami.com/brickel...ing-manhattan/

The reports say that Brazil’s Banco Master leased 26,000 square feet of space at 830 Brickell for around $190 per square foot.

That’s a record price for Florida, and “on par with Manhattan’s priciest office space.”

830 Brickell is now 100% leased.

[Altoic]

Via: https://x.com/volvoshine/status/1835402881018823109

[Zapatan]

Oh wow, is demo imminent?

I had thought this probably wasn't happening.

[BrickellBased]

Assuming you mean construction.

No, they still have to demo the one next door and that permit is in it's 8th review ()

https://www.thenextmiami.com/demolit...ally-complete/

Originally Posted by Zapatan

Oh wow, is demo imminent?

I had thought this probably wasn't happening.

[BrickellBased]

Make that 10th review.

https://www.thenextmiami.com/demolit...ack-in-review/

Positive spin is Related is very persistent at getting this building demo'd!

Originally Posted by BrickellBased

Assuming you mean construction.

No, they still have to demo the one next door and that permit is in it's 8th review ()

https://www.thenextmiami.com/demolit...ally-complete/

[UrbanImpact]

Originally Posted by BrickellBased

Make that 10th review.

https://www.thenextmiami.com/demolit...ack-in-review/

Positive spin is Related is very persistent at getting this building demo'd!

I get it, I'm on my 3rd review for one of my small projects with the City of Miami.

[colemonkee]

Haha! Yeah, I would say that's nearly complete, not just imminent.

[ChiND]

An office tower will not rise on this site.

https://www.bisnow.com/south-florida...-dry-up-126315

Miami's Office Leasing Is At A 4-Year Low As Pandemic-Era Deals Dry Up
South FloridaOffice

October 16, 2024 Matt Wasielewski, South Florida

Miami is on track to have its worst year of leasing activity since at least 2020 with a dearth of large deals and the average size of a new lease down to 3,682 SF.

[Altoic]

Former Northern Trust Building Location by Phillip Pessar, on Flickr

[BrickellBased]

https://www.thenextmiami.com/negotia...nants-ongoing/

Last week, Swire Properties USA President Henry Bott told the SFBJ that the One Brickell City Centre was taking longer than expected, but that negotiations with potential anchor tenants are now ongoing.

The developers are moving forward with clearing the site. Demolition of a smaller office tower on the site has been completed, and demolition of a second small office building will begin next year, he said.

A photo taken last week by Phillip Pessar shows that some removal work at the second office building has begun.

[ChiND]

This isn’t getting built. It’s like 2 WTC. It will be searching for tenants forever.

[Zapatan]

Originally Posted by ChiND

This isn’t getting built. It’s like 2 WTC. It will be searching for tenants forever.

You may be right but that seems very pessimistic, like people claiming NY would never see supertalls after 9/11.

I think a third interest rate cut is possible next year so we'll see what happens then.

[ChiND]

Originally Posted by Zapatan

You may be right but that seems very pessimistic, like people claiming NY would never see supertalls after 9/11.

I think a third interest rate cut is possible next year so we'll see what happens then.

Interest rate cuts have nothing to do with lack of demand. Miami is not a corporate center. NY is the only US city with a very strong demand for office space.