Miami is left with a taste for Hong Kong commercial development

Brickell City Centre is a sprawling shopping, dining, and residential complex that effectively brought Hong Kong-style business advancement to Miami’s financial district, and is now expected to extend to a fourth block. Swire Properties intends to plan with Miami for an extension of its owned land, and this would include two condo towers with one of them being a three-level retail base. The two towers would be connected to each other by new sky bridges.

The second tower, most likely to be pure “boutique” residential, would be created later. Besides, both towers will be in the triangular block where the legendary Tobacco Road bar once was, as well as the land that was formerly occupied by Associated Photo. To complete this, the famous River Oyster House would have to move elsewhere to make room for the new tower, which they, fortunately, agreed to do so.

“It’s really doubling down on your existing effort,” Bowers, the president of the Hong Kong Firm said. “It goes back to what the model is. The more critical mass you add, the more successful all the different elements are. We are really happy with the location. Commercially it’s been a success, so we’re looking to add more to it.”

Arquitectonica – a Miami-based worldwide group planned the entire expansion. If all is successful, city endorsement is expected before the end of the year so that construction can begin in 2020. By that time, Swire expects the new Brickell and downtown-area condos to be sold which will create a new demand for more units, and while sales have already been going steadily, 180 condos at Brickell City Centre still need to be sold. Unfortunately, condo units in greater downtown Miami are barely selling for $400 per square foot, but Swire is asking for around $700 per square foot – so this might cause a bit of an impasse.

Brickell City Centre opened in late 2016 along South Miami Avenue south of the Miami River with a new approach for Miami. It had a large underground parking garage and a network of sky bridges over city streets that link the three blocks of its three-level shopping mall. The complex has multiple sidewalk entries as a result of its open and welcoming design. The Architectural Digest even named it one of the world’s nine most beautiful malls last year. “There is a lot of positive appreciation for the fact that it brings a very different retail experience not just to Miami, but across the U.S.,” Bowers said. “It’s not like you feel forced to acquire while there. People just like to be there, and they acquire as they do that.”

Swire has even more plans for expansion and has already announced this. Swire owns a lot of the land just north and across Seventh Street, but that will be left alone and vacant for now as construction begins.

from BRG International – Feed https://ift.tt/2uTisj8
via Beyond Realty Group
Miami is left with a taste for Hong Kong commercial development syndicated from https://brgintl.tumblr.com/

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Magic City, a Vision of Renovation and Innovation

The Magic City Innovation District, which aims to transform a low-height section of Miami’s Little Haiti into a high-rise mixed-use district for technology firms, has increased the density of the proposed project to 7.79 million square feet. The first part of the project is still in progress but will be opened and available to tenants in early September – as indicated by the developer, Tony Cho.

The 17.7-acre spectacle will require gut-renovating many of the 21 commercial buildings that are in the Little Haiti and Little River neighborhoods in Miami. The entirety of all of the spaces available will range from 300 square feet to 14,000 square feet, and commercial rents will probably average around $25 per square foot according to Tony Cho. Of course, since tenants are needed, Metro 1’s Andres Nava is in talks with people regarding food and beverage operators, retail personnel, and with other kinds of tenants.

When it was originally proposed, the Magic City Innovation District was envisioned as 2,490 apartments, up to 432 hotel rooms, 1.76 million square feet of office space, 313,000 square feet of retail space, and 5,547 parking spaces. The maximum height would have been 28 stories.

The new plan includes 2,630 residential units totaling 2.64 million square feet, 2.21 million square feet of office space, 520,970 square feet of commercial space, 201,600 square feet of hotel space with 432 hotel rooms, 119,610 square feet of expo space, 6,061 parking spaces, and 3.8 acres of civic/open space. The maximum height would be 25 stories, although the extra five stories would only be granted as a bonus if the developer contributes to the city’s affordable housing trust fund.

There is still a long way to go with the first phase, and the following phase calls for ground-up construction, and it is estimated to start sometime within the next year. Mixed build technology and culture-driven development inspire the new build. It could even incorporate a Magic City Studios mainly focused on startups and co-working down the line. This could also lead to other collaborations if successful, such as an office tower or hotel in the future – but that is quite some time from now. Regardless, there are still renovation plans in progress for the Magic City Innovation District.

“The majority of our team has been working behind the scenes for over a decade, and now, it’s finally a reality,” Cho said. “Soon you will be able to walk through Phases 1 & 2 of Magic City and experience how the vision behind the property interacts and attracts a true innovation ecosystem to Miami while preserving Little Haiti’s unique character.”

from BRG International – Feed https://ift.tt/2muya0u
via Beyond Realty Group
Magic City, a Vision of Renovation and Innovation syndicated from https://brgintl.tumblr.com/

Retire In San Francisco? Here’s The Minimum Portfolio A Client Would Need

“It’s no secret that the City by the Bay is one of the most expensive places to live in America,” said Kimberly Foss, founder and president of Empyrion Wealth Management in Roseville, Calif.

Whether it’s because of its natural beauty or its proximity to the high-tech billionaires of Silicon Valley, the median home there goes for more than $1.3 million, as measured by the real estate website Zillow. That’s an increase of 10.7 percent over the past year, and it’s expected to rise another 7.4 percent in the year ahead.

from FA News https://www.fa-mag.com/news/retire-in-san-francisco–here-s-the-minimum-portfolio-a-client-would-need-39835.html

Millennails Want To Retire By Age 61 – Can They?

In spite of recent research showing that many aren’t saving adequately, most millennials and Generation Xers plan on retiring before they reach 65.

In fact, Americans in general peg 61 years old to be the ideal retirement age, according to Bankrate’s Financial Milestones Survey, released this week.

For millennials aged 18 to 37, 61 is the ideal age for retirement, according to the survey. For Gen Xers, aged 38 to 53, 61 is just too old – they plan to retire at age 60.

Older respondents were more conservative, and perhaps more realistic, in their ideal retirement ages.

from FA News https://www.fa-mag.com/news/millennails-want-to-retire-by-age-61—can-they-39838.html