BY MARTHA BRANNIGAN [email protected]
A New York developer who made headlines in Manhattan with plans to erect a super skyscraper is now planning to launch a very tall condominium on Brickell Avenue.
Kevin Maloney, founder and CEO of Property Markets Group, said the developer will start taking reservations next week for Echo Brickell, a luxury condominium at 1451 Brickell that will rise about 750 feet — or 60 stories — and include up to 250 units.
Maloney and Ryan Shear, managing partner of PMG in South Florida, held a focus group Thursday at International Sales Group, which will market the pre-construction project. They gathered some of Miami’s top real-estate brokers to sound out what the market wants in what would become the tallest residential building in Miami to date.
“The caché of this building is certainly the height and the view,” said Maloney, who separately expects to break ground in July on Echo Aventura, a 190-unit bayfront condo that launched sales last fall.
Uruguayan architect Carlos Ott is handling the conceptual design of the Echo Brickell building, which will feature larger units than typically seen on Brickell. Penthouses will likely span more than 7,000 square feet.
With Miami’s latest condominium boom gaining steam, Maloney said competition was keen for the 1451 Brickell site, which sits on the east side of the avenue and currently houses the sales center for the Brickell House project. Newgard Development Group is building the 46-story Brickell House at 1330 Brickell Bay Drive a few blocks away.
PMG recently signed a contract to purchase the Echo Brickell land from an investor who holds it through a corporation, 1451 Brickell Inc.
Detailed renderings are supposed to be out in a few days. Final height hasn't been set yet. Supposedly first 30 units went on sale and sold out in a day (upper floor units went for $1750 per square foot at 5,000+ feet per unit)
This could end up being Miami's new tallest. The final height is still not out yet but it was reported on exMiami that Carlos Ott stated the Penthouse is 769 feet above the ground and then there are those glass fin things extending up from that. Will be close but I would think that if you are a few feet away from being the tallest in the city, why not just add a couple of feet for the extra publicity? Doesn't seem like they will need it for sales though, supposedly they have only 30 of 190 units remaining after only a couple of days of sales.
Miami’s tallest condo tower to-be nearly sold out
May 09, 2013 02:00PM
By Emily Schmall
Although Echo Brickell is not set to be completed until 2017, all but the priciest units in the planned 60-story condo tower have been snapped up.
A month after the condos went on sale, only about 50 units on the tower’s top floors of a total 190 units remain, and these will be sold in a second, exclusive release, Ryan Shear, developer Property Markets Group’s managing partner in South Florida, told The Real Deal.
“We’ve sold out everything that was on the market,” Shear said.
The 750-foot tower, conceptually designed by renowned Uruguayan architect Carlos Ott, will be Miami’s tallest residential building.
Miami condo prices are soaring as demand, particularly from foreign buyers, far outstrips supply.
Much of the new inventory — including at Echo Brickell — is being financed by what has been dubbed the Latin American model, where buyers pay much of the construction costs up front, along with high initial deposits.
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