A condo sales office for the high-profile Brickell City Centre project opened this week, with units ranging from $550,000 to $2.5 million, excluding penthouses.
Miami-based Swire Properties Inc., the developer of the massive downtown work-live-play complex, is building two 390-unit condo towers, dubbed Reach and Rise, but it initially has launched sales only for Reach.
In March, Swire tapped One Sotheby’s International Realty and Fortune International Realty to jointly market its preconstruction condominium units, with One Sotheby’s bringing a global luxury reach and Fortune leveraging its ties locally and in Latin America.
Brickell City Centre is widely regarded as a centerpiece of Miami’s downtown redevelopment and a catalyst that has added juice to a host of other projects in its orbit.
Swire’s expansive sales office at 700 Brickell Ave. has large models of the project and mockups of interiors. The project will include a fancy fitness center, several swimming pools, a spa, a library and other features.
Swire — which bought the 700 Brickell site, the former Northern Trust building, in July 2013 — announced last September plans for an 80-story, mixed-use tower on the site that will complement the main Brickell City Centre site to the west.
The splashy $1.05 billion development will have 5.4 million square feet of office, residential, hotel, retail and entertainment space and underground parking. The project spans 9.1 acres along South Miami Avenue between Sixth and Eighth streets.
The first phase, scheduled to be finished by the end of 2015, will include a high-end shopping center; a hotel branded EAST, Miami by Swire Hotels; a wellness center; and class-A office space.
Another condo tower, known internally as North Squared, is planned for a block of the project closest to the Miami River, but details of that project have not been firmed up.
Swire, a unit of Hong Kong-based Swire Properties Ltd., has a long track record in Miami. It previously developed the island of Brickell Key.
Swire has embraced the buyer-deposit model that has dominated Miami condo construction in the latest cycle. According to its materials, Swire is asking for a deposit of 20 percent of the purchase price at contract. A second deposit of 15 percent is due 120 days later; another 15 percent is due 240 days after the contract date; and the remaining 50 percent is due at closing.