MIAMI | Waldorf Astoria Hotel & Residences | 1,041 FT | 90 FLOORS

[chris08876]

Canadian Fund Buys Stake In 300 Biscayne, Set To Become Miami’s Tallest Tower

Canada’s Greybrook Realty Partners paid $37,370,000 for an equity stake in 300 Biscayne, which was approved last week to become Miami’s tallest tower at 1,049 feet.

Greybrook bought the undisclosed stake from PMG, and the two are said to be looking to partner on other deals.

reybrook Invests USD $37,370,000 in Partnership with Property Markets Group to Develop Tallest Ultra-Luxury Residential Condominium in Miami, Florida

Greybrook Securities Inc. and Greybrook Realty Partners Inc. are pleased to announce the successful deployment of USD $37,370,000 in equity capital to develop an ultra-luxury residential condominium located at 300 Biscayne Boulevard, in the heart of Miami, Florida. Greybrook Realty Partners has partnered with Property Markets Group (PMG) to build the tallest tower in Miami.

Located directly across from Bayfront Park, the site is one of the last infill parcels in the downtown Miami area featuring unobstructed views of Biscayne Bay, Miami Beach, South Beach and the Atlantic Ocean. Miami was recently ranked the sixth most important city in the world to ultra-high-net-worth individuals, second only to New York in North America. Furthermore, Florida is projected to realize the largest population growth of any state in the United States, increasing by over 12 million people by 2030 according to the US Census Bureau.

“We are pleased that Greybrook will be our partner in developing the next iconic residential development in the heart of Downtown Miami,” explains Kevin Maloney, CEO of Property Markets Group. “The partnership marks a great milestone for the two companies to potentially work together on future endeavors.”

“Downtown Miami has become increasingly competitive with Miami Beach as a sought-after residential, commercial, tourist and cultural hub,” said Sasha Cucuz, CEO of Greybrook Securities. “Miami is becoming a new global gateway market with the downtown Miami core at the epicenter of a city that has a growing financial sector and is the destination of choice for commerce and entertainment.” Miami is the second most popular banking hub in the United States and home to over 60 international banks and nearly 100 alternative investment companies.

“Greybrook is always monitoring major real estate markets across North America for high-quality investment opportunities. The Miami market meets a number of Greybrook’s investment parameters, and is a market in which we plan to make future investments,” says Greybrook Realty Partners CEO Peter Politis. “We are thrilled to be working with a partner of PMG’s caliber, and plan on expanding our partnership with the firm and building on the strong relationship with PMG Founder Kevin Maloney and Principal Ryan Shear in Miami. PMG has offices in New York, Miami and Chicago and is developing six projects in South Florida with an estimated sellout value of about USD $2 billion.

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nxt

[bobdreamz]

This is now the 5th. proposed tower over 1,000 feet | 304 meters in the downtown Miami / Brickell financial district.

1: MiamiCentral I | 341.4 m | 1,120 feet | 80 floors | residential / hotel / office
[^ All Aboard Florida]
2: CCCC Tower I | 325.8 m | 1,069 feet | -----------| residential
3: 300 Biscayne | 317.3 m | 1,041 feet | ------------ | residential
4: One Brickell City Centre | 317m | 1,040 feet | 80 floors | residential / hotel / office
5: One Bayfront Plaza | 306.3 m | 1,005 feet | office / hotel
Source : http://www.skyscrapercenter.com/inte...t=Show+Results

This is fantastic news considering PMG is now developing Echo Brickell :

http://legacy.skyscrapercenter.com/c...rketsGroup.jpg

and Muse on Sunny Isles Beach :


http://legacy.skyscrapercenter.com/c...CarlosOtt.jpeg

Both designed by Architect Carlos A. Ott so I truly hope he is the architect for this project.
I can't wait to see the renderings for this!

PMG is a solid developer & with Canada’s Greybrook Realty Partners investing in this project it seems like this is a very solid proposal.
Projects PMG is currently working on :

http://www.skyscrapercenter.com/company/6443

[bobdreamz]

PMG Gets Approval To Build Miami’s Tallest Tower
By TNM Staff on December 11, 2015

Developer PMG received approval today from the FAA to build a 1,049-foot tower at 300 Biscayne Boulevard, and they fully intend to build to that height.

PMG principal Ryan Shear told TNM that the developer “has full intention to use every foot.” The tower would be the tallest in Miami.

The approved height is 1,041 feet above ground, or 1,049 feet above sea level. At that height, it will be taller than the 93-story Empire World Towers project that was once proposed for the same site.

Details of the project haven’t yet been revealed, but it is expected to include about 500 luxury condos.


^ PMG’s tower will be taller than the Empire World Towers once proposed for the same site.

[dave8721]

Originally Posted by bobdreamz

This is now the 5th. proposed tower over 1,000 feet | 304 meters in the downtown Miami / Brickell financial district.

1: MiamiCentral I | 341.4 m | 1,120 feet | 80 floors | residential / hotel / office
[^ All Aboard Florida]
2: CCCC Tower I | 325.8 m | 1,069 feet | -----------| residential
3: 300 Biscayne | 317.3 m | 1,041 feet | ------------ | residential
4: One Brickell City Centre | 317m | 1,040 feet | 80 floors | residential / hotel / office
5: One Bayfront Plaza | 306.3 m | 1,005 feet | office / hotel
Source : http://www.skyscrapercenter.com/inte...t=Show+Results

This is fantastic news considering PMG is now developing Echo Brickell :

http://legacy.skyscrapercenter.com/c...rketsGroup.jpg

and Muse on Sunny Isles Beach :


http://legacy.skyscrapercenter.com/c...CarlosOtt.jpeg

Both designed by Architect Carlos A. Ott so I truly hope he is the architect for this project.
I can't wait to see the renderings for this!

PMG is a solid developer & with Canada’s Greybrook Realty Partners investing in this project it seems like this is a very solid proposal.
Projects PMG is currently working on :

http://www.skyscrapercenter.com/company/6443

Miami Central lowered the height they were requesting from the FAA to 991 feet last I saw.

[chris08876]

Yeah the original figure of 1150 ft or so would not have passed. Still a great height. Lots of 900-999 footers too. Can't forget the twin villa magna project. Almost a 1000 ft, in two tower.

[dave8721]

The developer plans to spend the next couple of years developing a plan for the site so this one could be a while before anything actually happens:

http://www.bizjournals.com/southflor...ns-one-of.html

Condo developer secures loan as it plans one of Miami’s tallest towers

Property Markets Group obtained a loan that could lay the ground work for one of the tallest buildings in Miami.
DW Commercial Finance gave New York-based PMG a $27 million loan for its project at 300 Biscayne Blvd. Arnstein & Lehr attorneys Luis Flores, Lori Hartglass and Rebecca Sarelson represented the developer in the deal. PMG said the financing will carry it through the next two years as it crafts its development plan.
Given that the condo pre-sales have recently slowed down as the U.S. dollar has gained value versus foreign currencies, taking a couple years to prepare the project could be good timing.

PMG paid $80 million in late 2014 to buy the property out of receivership after previous owners Maurice Cohen and Leon Cohen had their assets seized amid a tax evasion and bank fraud case. A 464-unit apartment called Vice is planned on the west side of the property. The condo tower on the east side would rise 1,049 feet, making it the tallest tower in Miami, PMG Principal Ryan Shear previously said.
The details of that condo proposal haven’t been finalized.
"This loan puts PMG in the driver’s seat to pre-develop the site over the next two years,” Flores said. “This transaction shows that developers and lenders have confidence in downtown Miami, where investors from all over the world are pouring millions of dollars to revitalize Miami’s historic business district. The loan also speaks to the strength of PMG, as lenders continue to be selective on whom to partner with despite a strong real estate market.”
In December, Canada-based Greybrook Securities and Greybook Realty Partners paid $37.37 million to partner with PMG in the 300 Biscayne condo project.

PMG is also building Echo Brickell, Echo Aventura, Muse and Sage Beach

[Dale]

*muted trumpet sound*

Oh well, maybe we'll see this one stirring again on the other side of the coming recession.

[scalziand]

Don't you mean *sad trombone*?

• Video Link

[Dale]

Yes, thanks for having my back!

[Zapatan]

I mean it doesn't sound like it is/will be cancelled, just postponed.

[bobdreamz]

I'm not worried about this 2 year delay as the site sits on prominent Biscayne Boulevard with views of Biscayne Bay & the Atlantic Ocean.
It is already zoned for a height of 1,049 feet tall & has FAA approval.
The developer is currently building Muse & Echo Brickell as mentioned above.
Something will eventually rise here.

[chris08876]

Demolition Continues At PMG’s 300 Biscayne

Slowly but surely, the building that stands on the site of PMG’s future 300 Biscayne condo tower is coming down.

The condo tower that will replace it will dominate Miami’s skyline with a combination of extraordinary architecture and height. PMG is keeping renderings under tight wraps for now.

At the rear of the property, a rental tower called Vice is planned.

=============================
NXT

[chris08876]

Credit: http://www.architecturaldigest.com/g...gned-buildings

[bobdreamz]

^ In the rendering above the building looks more like a Office tower than a residential building.
Imagine a 1000+ foot residential tower in Miami without balconies !

[chris08876]

Demo:




Credit: NXT

[chris08876]

Demo continues...


300 Biscayne Boulevard Demolition by Phillip Pessar, on Flickr

[bretra]

http://www.thenextmiami.com/spectacu...-open-1q-2017/

[chris08876]

GTA deal-makers build a tower – and a reputation – in Miami

Greybrook, which has worked mostly in the Greater Toronto Area, now has partnered with a New York developer to build a 500-unit, 88-storey project at 300 Biscayne Blvd. It is projected to be worth $970-million (U.S.) upon completion.

Up to now, Greybrook has invested more than $800-million (Canadian) in more than 50 projects across the Greater Toronto Area. The firm decided to head south because the real estate market is similar to the GTA’s.

“Florida is the only state in the U.S. that develops like they develop here in Toronto,” Mr. Politis says. “What I mean by that is they presell their units, and the purchaser deposits that are bought and insured are used in the construction process.”

The Miami opportunity didn’t come around by chance. Greybrook spent almost a year evaluating projects there, and had the inside track partly because Mr. Politis grew up in the area and knew the city well. Even so, much of the time was spent selecting the right development partner, Property Markets Group.

“Ten years ago had we called up PMG, who’s a multibillion-dollar New York-based developer, and said, ‘Hey, I’m Sasha, at my little shop in Toronto.’ They’re not taking your call,” Mr. Cucuz says. “Once you’ve had some consequential successes then it makes it easier.”

It is testament to how far the company has come since its founding by Elias Vamvakas in 1999. Even when he hired Mr. Cucuz and Mr. Politis in 2001 to help manage his money, Greybrook was working on one or two projects a year.

===========================
http://www.theglobeandmail.com/repor...ticle30772107/

[UrbanImpact]

Wow! Can't wait to see the render!

[chris08876]

Sales Center for 300 Biscayne u/c.

Note, the sales center. Not the tower itself...

Also note that this is not to be confused with 300 Biscayne Boulevard Way aka the Aston Martin tower.


Credit: NXT