$1.3 billion mixed-use project slated for Brickell
By Vanessa Krause
A $1.3 billion mixed-use project spanning almost two blocks and 5.5 acres in the Brickell financial district would create Miami's tallest buildings and is expected to get under way within 12 months.
The Brickell CitiCentre project, targeted for vacant land at 700 and 701 S Miami Ave., is to include three towers ranging from 69 to 76 stories with 2,424 residential units, more than 200,000 square feet of retail and restaurant space and 130,000 square feet of office space. Completion is projected in three years.
Miami's Planning Advisory Board unanimously approved the project without discussion last week, and developer Kevin Reilly said he anticipates final approval for a Major Use Special Permit from the city commission in September.
Brickell Citicentre LLC bought the site last October for an undisclosed amount from Miami Retail Partners, LLC - the name of the Millennium Partners entity created for the property.
Officials from Millennium Partners, the New York-based developer of the Four Seasons mixed-use tower on Brickell Avenue, were not available Tuesday for comment.
Millennium's Four Seasons, at 64 stories and 788 feet, 9 inches tall, is now the city's tallest structure. All three proposed Brickell Citicentre towers would rise above it.
Mr. Reilly, who said he is managing member of Brickell CitiCentre LLC and sole owner of the project, said land acquisition was financed internally, and construction costs are to be covered through a loan.
"I am securing a construction loan from major bank, but it hasn't been finalized yet," he said.
One tower is to be on the lot east of South Miami Avenue and the other two on the west side of the street.
The Brickell CitiCentre project that won Miami Planning Advisory Board approval last week to become Miami's tallest buildings is to serve as an entry to the Brickell area between the Miami River and Brickell Village, developer Kevin Reilly said.
"The project has been in the works since last fall," Mr. Reilly said. "The city and I share the same vision for this area, so working with the Planning Department has been a very positive experience and the approval process has gone very smoothly."
Mr. Reilly said he anticipates final approval in September from the city commission.
Although one tower is to rise east of South Miami Avenue and the other two are to be on the west side of the street, at 701 and 700 S Miami Ave. respectively, the two sides will not be physically connected.
"I felt this would take away from the open-air, park-like feel," Mr. Reilly said.
The city had previously suggested providing a direct connection between the Eighth Street Metromover station and the site, but then agreed that a direct connection isn't necessary because the station is easily accessible from Brickell CitiCentre.
"Brickell CitiCentre will undoubtedly have a positive impact on the neighborhood - the South Miami Avenue corridor is undergoing significant redevelopment in the Brickell area," Mr. Reilly said. "With the addition of Brickell CitiCentre, this corridor will soon become one of the city's most attractive and sought-after addresses for modern urban living."
The façade of the garages at the east and west borders of the property will be highlighted with walls that are Mondrian-meets-Miami inspired assembly of clear and frosted acrylic panels assembled in a metal frame, Mr. Reilly said.
The project is to provide ground-level retail, extra-wide sidewalks and urban plazas.
Mr. Reilly said the retail businesses will be a fusion of larger retailers and restaurants, including sidewalk cafes and neighborhood shops.
Amenities in the towers are to include multiple pools, including a saltwater soaking pool; fitness centers; gardens; a recreation deck cafe, and a spa. Units are expected to go on sale this year, Mr. Reilly said. Prices have yet to be set.
Mr. Reilly said Brickell CitiCentre will attract "a sophisticated, discerning buyer drawn by the high level of quality and unique amenities."
"I think Miami continues to be one of the most desirable destinations in the world, and will continue to attract buyers from around the world," he said. "It is the American Riviera."