Capital at Brickell to fill
entire city block
South Florida Business Journal - August 19, 2005by Susan Stabley
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The Aventura arm of a Mexico-based development group is planning 888
units near Miami's financial corridor.
Cabi Developers has won approval from
the city of Miami for Capital at Brickell, a pair of mixed-use towers -
53 and 57 stories, 607 and 649 feet in height - covering an entire block
at 1420 S. Miami Ave. Brought to you by Cingular According to city
estimates, the project will cost $584 million to build. Once on the tax
rolls, the development is expected to generate at least $2.98 million in
annual tax revenue to the city. Created in 2001, Cabi is the U.S.
subsidiary of GICSA, a shopping mall developer that also builds office,
residential and industrial space across Mexico. It has more than 2,500
units under construction or development. Within the Brickell and
downtown area, Cabi will compete against dozens of developments.
"There are 35 projects under
construction from the Performing Arts Center to Brickell Avenue and the
east portion of the Miami River. That may be more than 25,000 units and
that's just under construction," said analyst Michael Cannon, managing
director of Integra Realty Resources' Miami office. "The development
activity has catapulted land prices so high that they have to build
bigger buildings. Some are doing the numbers game to pay for the land.
Is bigger better? We don't know until it all gets finished."
Altogether, more than 53,600 units are
in various stages of development in Miami, according to the city, which
also tallied 11,000 units under construction. Sixth in Miami area
Capital is Cabi's sixth project in Miami-Dade County, including the
Class A office Country Club Center, home to Cabi headquarters, and the
111-unit Parc at Turnberry Isle, closing within months. Two were in
partnership with Turnberry Associates: Turnberry Village in Aventura and
Turnberry Ocean Colony in Sunny Isles Beach. With Capital at Brickell,
the developers vow to avoid the pricing problem that plagued their first
major Miami residential project. Cabi principal Jacobo Cababie said the
sudden spike in construction materials stung his company. About 40
reservations were returned last year for the 849-unit Everglades on the
Bay on Biscayne Boulevard. The units located in the south tower were
among the earliest reserved, said sales and marketing director Nicholas
Grossi, president of Marka-Tech Associates. The reservations were about
$15,000 each and the units in question were marked up about 5 percent to
10 percent, depending on size and location. According to Cabi, each
person who had a reservation returned was given the opportunity to buy
the unit at the higher price or a similar unit in Everglades of the
Bay's north tower. Maintenance fees were also free for the first year to
two years. About five buyers took one of those options.
To prevent a repeat at Capital, Cabi
said it would create a "cushion" by budgeting an extra 5 percent
variance into the price of each unit. Contracts will contain a provision
for price increases if the cost of materials unexpectedly rises again.
"We're not going to be a developer that sells out in one day," Cababie
said. "We will take our time, but we will manage our risk."Twenty
percent deposits will be required; 30 percent from foreign buyers,
according to Cabi. Precise pricing is still pending, but residences from
500 to 2,2000 square feet will be marketed from $300,000 to $1 million.
Price per square foot may range from $475 to $525, according to Cabi.
Like Everglades on the Bay, the development will include retail: 48,000
square feet for a mix of shops, dining and services. But the Capital
will also include an office condo component - nearly 98,000 square feet
that could house up to 26 businesses. The property is near a Metrorail
station and the downtown Metromover runs alongside the site, for which
the city can give density bonuses. Cabi opted for less residences than
the 1,392 units that were permitted.
Each unit will get an assigned parking
space and a designated valet space, Cabi said. The project will have a
total of 1,274 spaces in its garage, located in a 12-story pedestal
connecting the two towers. The building will have computer panels in
units for residents to connect with 24-hour concierge and valet service.
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Cabi will use much of the same team from the Everglades project.
Aventura-based Marka-Tech Associates will handle exclusive sales and
marketing. Nick Luaces Design Associates is the interior designer. The
towers, designed by Fullerton Diaz, will evoke Manhattan's Chrysler and
Empire State buildings. "We wanted a more urban look without losing that
Florida feel," Cababie said. Cababie said his company acquired the
site's 2.78 acres from three owners for $28 million last year. Mellon
Bank provided the land loan. Construction financing has not yet been
secured. GICSA is self-financing the Everglades on the Bay project.
Construction could star as soon as next spring for Capital, with
delivery in 2009. Cabi might consider offering the construction contract
for Capital to a contractor who will build the Everglades, Cababie said.
Negotiations are under way. An in-house contractor is currently working
on the Everglades' pilings and foundation. The first phase is due next
year. E-mail Miami-Dade real estate writer Susan Stabley at sjstabley@bizjournals.com.
Two mixed-use projects added to Brickell plans-Capital
at Brickell
By Sherri C. Ranta
Two new projects could add nearly 3,300 condos and more than 400,000
square feet of office and retail space in three years to Miami's rapidly
growing Brickell area.
Capital at Brickell, under development by Cabi Development, the Aventura
firm also building Everglades on the Bay on Biscayne Boulevard, received
final approval in late July from Miami city commissioners.
Commissioners in September are expected to consider plans for developer
Kevin Reilly's Brickell CitiCentre, a three-tower project that would
feature Miami's tallest buildings at 69 and 76 stories.
Both projects are planned for South Miami Avenue, one block west of
Brickell Avenue.
Capital at Brickell, a mixed-use project to include towers of 53 and 57
stories, would sit on a 2.6-acre site bounded by South Miami Avenue and
Southwest 14th Terrace, First Avenue and 14th Street.
Cabi plans to market Capital at Brickell next month, though renderings
and sales information have already hit real estate websites.
"The project is brand new. It just came out," said Carmen Vilchez of
Interinvestments Realty, whose website lists the project.
In addition to about 830 residential condominiums - lofts, studios and
one-, two- and three-bedroom - Cabi plans about nearly 100,000 square
feet of office spaces and more than 47,800 square feet of retail space,
according to city records. Construction is expected to begin next year,
with completion planned by 2009.
A California investor who visited the Capital at Brickell website has reserved a unit, Ms. Vilchez said. Prices for Capital at Brickell residential units will
begin at $357,000 and go up to about $1 million, Ms. Vilchez said.
Prices are expected to increase next month.
"It's an incentive for buyers to make up their minds and freeze the
price," she said.
The $1.3 billion mixed-use Brickell CitiCentre, 700 and 701 S. Miami
Ave., would include three towers with 2,424 residential condos, more
that 200,000 square feet of retail and restaurant space and 130,000
square feet of offices.
If approved as planned by the Miami City Commission, the project would
create some of Miami's tallest buildings. Mr. Reilly said recently he
expects commissioners to review his request for a major use special
permit in September and he plans to start construction within a year.
Cabi Developers Inicia Ventas De Capital At
Brickell
888 residencias serán construidas en el distrito Financiero de Miami.
MIAMI, Fla – (29 de Agosto, 2005) – Cabi Developers, prominente
constructor de propiedades comerciales y residenciales de lujo, anunció
el inicio de las ventas de Capital at Brickell, su quinto proyecto de
construcción en el sur de la Florida. Rivalizando con el prestigio
arquitectónico de su proyecto previo, Everglades on the Bay, Capital at
Brickell contará con torres de 53 y 57 pisos. Esta estructura
contemporánea de uso mixto estará ubicada en el 1420 South Miami Avenue,
en el corazón del Distrito Financiero de Miami. El complejo contará con
888 residencias cuyos precios oscilan entre $300.000 y $1.000.000.
Los departamentos tipo estudio, lofts, de una, dos o
tres habitaciones y los sky-level lofts contarán con áreas que van desde
los 500 (47 M²) hasta los 2.200 (204 M²) pies cuadrados. Este enclave de
opulencia contará también con 48.000 pies cuadrados (4.459 M²) de
espacio comercial y 98.000 (9.104 M²) de condominios de oficinas.
Capital at Brickell ocupará una manzana completa y desplegará el
magnetismo y el esplendor por el cual Cabi Developers es tan famoso.
“Capital at Brickell es el clímax del lujo, el cual
será visible a través de su diseño”, aseguró John Fullerton, Presidente
de Fullerton Díaz. “Incluirá todos los detalles chic y contemporáneos
que lo distinguirá de todos los demás desarrollos inmobiliarios de área”.
De acuerdo a Jacobo Cababié, Presidente Ejecutivo de Cabi Developers,
Miami está reconocido actualmente como una ciudad cosmopolita y la meta
es reflejar este ambiente en todos sus proyectos.
“Capital at Brickell será la personificación del estilo de vida urbano
gracias a su espectacular fachada,” dijo Cababié. “Con el estilo de vida
que ofrece y su ubicación privilegiada en el corazón de esta renaciente
ciudad, esperamos que el proyecto logre el mismo tipo de respuesta que
experimentó Everglades on the Bay. Allí, viajeros de negocios,
profesionales que trabajan en el área de Downtown y parejas cuyos hijos
han tomado sus caminos en la vida son todos posibles residentes”.
La plétora de amenidades diseñadas exclusivamente para el Capital at
Brickell incluye lobby privado con servicio de conserjería, centro de
ejercicios con todos los avances tecnológicos, spa con saunas y baños de
vapor, terraza con vegetación exuberante y piscina, cabañas, bar y
jacuzzi; salón privado para residentes, salón multi-funcional y salón de
jugar cartas; teatro privado, salón de billar, centro de negocios, café,
tintorería, mercado gourmet de lujo, salón de belleza y otras tiendas
más que completarán el área comercial.
Los servicios de 24 horas en Capital at Brickell incluirán valet y
conserjería. Los elevadores de Capital at Brickell de alta velocidad y
el sistema de seguridad de alta tecnología ejemplifican el concepto
ultra moderno del inmueble.
Las residencias en Capital at Brickell incluirán
balcones privados de gran tamaño con barandas de vidrio y metal, techos
de nueve pies de altura, cocinas europeas con electrodomésticos de acero
inoxidable, baños principales con grandes bañeras, pisos de mármol y
tocadores especialmente diseñados. Cada residencia estará equipada con
acceso a TV por cable e Internet de alta velocidad y contará con puestos
de estacionamiento asignados. Todas las unidades contarán con paneles
“Smart Technology” que permitirán que los residentes utilicen los
servicios de conserjería, valet o puedan controlar sus electrodomésticos
al toque de un botón.
Cabi Developers es la subsidiaria en los Estados
Unidos de GICSA, la promotora inmobiliaria más importante de México.
Basada en Aventura, está actualmente desarrollando Everglades on the
Bay, un complejo de 849 unidades en Downtown Miami, al igual que el
Country Club Center, un edificio de oficinas en Aventura. |
