The Residences At 1428 Brickell Is Over 40% Sold, Lands $104 Million Construction Financing Posted on March 12, 2024March 13, 2024 by Sarah Elles Boggs The Residences at 1428 Brickell has hit two major milestones on the lead-up to groundbreaking. This week it was announced that developer YTech has secured $104 million in construction financing for the project just as the sales team has announced that over 40% of the 189 planned residences have sold. Ytech has had an incredibly busy year with the project. Sales were launched in January of 2023, marking just over 1 year to sell almost half of the project. This is an astounding rate of absorption for preconstruction residences that begin at $2.4 million up to $7 million. The construction site at 1428 Brickell is currently in the demolition phase of the previous structure. We have not yet learned when the groundbreaking date could be, but we know that it will be soon. This groundbreaking date is date is contingent upon the clearing of the build site with new, more stringent demolition processes in the urban core. Entering into the summer of 2023, YTech surprised the market by unveiling an opulent $20 million sales gallery that pays homage to Brickell’s rich history, yet with an interior that fully immerses prospective buyers into the future that 1428 Brickell will offer. 1428 Brickell Sales Gallery Sample Kitchen Layout Inside the sales gallery, buyers are met with an illuminated and suspended scale model of the neighborhood as well as full-scale buildout of a residence as they will be upon completion. An LED display is also able to demonstrate the views from the different points in the 861-foot 70-story tower. “We continue to successfully hit our targets in sales, finance, and construction for this project, surpassing 40% in sales within a year, securing $104 million in financing, and commencing the demolition process,” Yamal Yidios, CEO of Ytech said in a release. “As we approach groundbreaking, we are determined to deliver the highest-quality project in Brickell.” Construction Financing The receipt of construction financing is always a large stepping stone in the process of developing new towers. Not only does it offer the capital necessary to complete the project prior to closings beginning, but it is also a testament to the strength of the project itself from a business standpoint. Before offering construction loans, banks review the previous track record of the developers, their plans for the project and the sales that have occurred in the pre-construction phase. No page is left unturned in this underwriting process and construction loans are among the most difficult loan types to obtain. In the case of 1428 Brickell, the financing includes a $78 million refinance of the build site itself, given by Linkvest Capital. This replaced a $20 million mortgage that was used to secure the site when the project was in its conceptual phase. An additional $26 million mortgage was issued by Banesco for the historic properties at neighboring 1500 and 1548 Brickell Avenue. 1548 Brickell is the newly-restored home of Major Food Group’s Chateau ZZ Restaurant and you will find the $20 million sales gallery for The Residences at 1428 Brickell in the historic home that is located at 1548 Brickell. Rendering of The Residences at 1428 Brickell About The Residences at 1428 Brickell Even in a seemingly-saturated market of lovely new condo residences, 1428 Brickell is a standout on many levels. This is the first project in Miami to put the sunshine to work with over 20,000 square feet of photovoltaic glass along the western backbone of the tower. These panels will absorb the sunlight for use as energy in the tower. Inside the project, developers have laid out over 80,000 square feet of amenity space that includes a 10,000 square foot gym, a rooftop pool and spa, and a two-story wine and fine art lounge. The residences themselves are laid out in a way that embraces the location in Miami’s Financial District to maximize the views and usability of the layouts. This combination of maximizing the space and location to allow estate-style living in the heart of the city and still maintaining favorable pricing without sacrificing quality or luxury is a delicate dance that Ytech has mastered beautifully. Prices range from $2.4 million for a two-bedroom plus den, to four-bedrooms plus den ranging from $5.5 million to $7 million. Lower penthouses start at $8 million with the spectacular $60 million penthouse that has 30-foot ceilings and unparalleled views and a private rooftop pool. The Residences at 1428 Brickell is slated for completion in 2027. For more information, please download the fact sheet and floor plans here: 1428 Brickell Fact Sheet 1428 Brickell Floor Plans If you are interested in a private presentation of The Residences at 1428 Brickell with current availability and specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Image Credit: YTech Development
1428 Brickell Unveils $60 Million Penthouse With Elegant Energy Efficient Features Posted on November 9, 2023March 7, 2024 by Sarah Elles Boggs 1428 Brickell has unveiled its spectacular 12,000 square foot penthouse that will crown the energy-efficient super luxury tower at a rate of $60 million. “Our objective was clear: to create one of the most exceptional penthouse residences in the world. The Penthouse at 1428 Brickell sets new standards in luxury living, not just in Miami but globally,” shared Yamal Yidios, CEO of Ytech. Rendering of 1428 Brickell Penthouse Kitchen Great Room Rendering of 1428 Brickell Penthouse Living Room Lights Rendering of 1428 Brickell Penthouse Living Room With soaring 30-foot ceilings with impact glass from top to bottom, 12,000 interior square feet for seven bedrooms and nine bathrooms, two east-facing balconies to enjoy the colorful sunrises and bay views and two private elevators, no detail has been missed in this penthouse. Within the residence, the developers at YTech and the architects from Milan-based ACPV ARCHITECTS led by Antonio Citterio and Patricia Viel worked together to execute an immense level of research in order to make sure even the smallest details are addressed. The focus was creating a truly livable and engaging space. Natural materials such as silk georgette marble, eucalyptus wood claddings, mineral lime-based finishes, fluted glass walls, spaghetti stone touches and ash flooring were hand-picked by the design team after months of research and sourcing. The design team even collaborated with more than 32 different designs for the stone-clad sculptural staircase in order to guarantee perfection. Lighting studies were undertaken in order to organize the rooms in a flowing cascade that optimizes the sunlight and sections different parts of the home into daylight and moonlight areas. There is no part of this penthouse that is not thoroughly thought out. Rendering of 1428 Brickell Penthouse Primary Suite Rendering of 1428 Brickell Penthouse Primary Bath Rendering of 1428 Brickell Primary Wardrobe Rendering of 1428 Brickell Penthouse Bathroom Patio Inside the primary suite, the ultimate owner will experience a true indoor/outdoor quality of life with fresh breezes upon waking to the sunrise over the Biscayne Bay. The closet offers a boutique-style dressing area suited for even the most extravagant of wardrobes. Anna Wintour would fawn over this closet. The primary bathroom offers custom fluted glass to protect the wet areas and bookmatched Salvatori stone on the walls and countertops. Aside from the wardrobe and primary bath is a private terrace where you can relax and soak in the morning sun before getting ready for the day. Working from home will be a breeze in your custom-designed library with silk georgette walls. Pivoting walls, a sculptural stone bar and walk-in wine cellar will wow any guest you choose to invite. This is truly a 1-in-a-kind penthouse in the heart of the Brickell Financial District. The Residences at 1428 Brickell is scheduled to be completed in 2027. For more information, please download the fact sheet and floor plans here: 1428 Brickell Fact Sheet 1428 Brickell Floor Plans If you are interested in a private presentation with current availability and specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Our Thoughts On 1428 Brickell As Their $20 Million Sales Gallery Opens Posted on June 29, 2023 by Sarah Elles Boggs In preparation for the demolition of the current structure on their build site, YTech has unveiled its impressive sales center, to which they went to great expense in order to pay homage to the history of Brickell as well as embrace the future of the neighborhood. So what are our thoughts on the luxuriously innovative 1428 Brickell as forward-thinking participants in today’s real estate market? We will get to that. First, let’s go over what is happening now with the project. The New Sales Gallery At a cost of $20 Million, the development team has acquired one of the Brickell mansions from the golden ages of Brickell being Miami’s original Millionaire’s Row. While planning for the tower itself to rise a block away, YTech performed an ambitious gut renovation of the gorgeous home, preserving its integrity and at the same time outfitting it with a full-on immersive experience into the future of what is now Miami’s Financial District. “We ambitiously pursued maintaining the integrity of a 100-year-old historic mansion, restoring the façade and grounds to its former glory as a jewel on Brickell Avenue, all while ensuring the interior provided a modern and innovative approach so future residents can understand the privacy, luxuriousness, and freedom that living at The Residences of 1428 Brickell affords,” John Breistol, Chief Operating Officer, Ytech posted on the project’s Instagram page. The new sales gallery is now open, and we are happy to give you a tour, from the suspended and illuminated skyline model to the fully-immersive built-out residence, allowing buyers to experience what life will really be like once the building is complete. 1428 Brickell Sales Gallery Skyline Model Current Status of 1428 Brickell As of today, the demolition permit of the existing structure is nearly complete. According to The Next Miami, the only item remaining is a letter from FPL (Florida Power & Light) to be delivered, assuring the building department that the power has been disconnected from the structure. A vertical construction permit remains in the works, but won’t be needed for some time as the rubble from the demolition will need to be cleared, followed by official groundbreaking and site work. This will take a few months. 1428 Brickell Sales Gallery Patio Seating Our Professional Opinion of the Project Undoubtedly, the preconstruction market in Brickell is incredibly noisy these days. The neighborhood is abundantly popular, and for good reason. With that being said, each project has a unique set of offerings to set itself outside of the pack, and we really like the offerings at 1428 Brickell. The Location For starters, let’s look at the location. With Brickell being so popular, it is also quite dense. It is actually the second most dense neighborhood in the United States behind Manhattan. If you live closer to the north end of the neighborhood, traffic is really something to pay attention to if you need to come and go frequently. If you live toward the southern end of the neighborhood, the area is more residential. There are fewer office towers and entering/exiting the neighborhood to the highway is very easy. While you may not want to walk all the way to Brickell City Centre, but 1428 Brickell is less than a block from the Financial District stop of the Miami Metromover. This is the complimentary rail shuttle that will drop you off right there within Brickell City Centre. There is also a stop for Mary Brickell Village and you can go all the way to the Omni Station to visit the museums or catch a Miami Heat game. It is quite convenient. Additionally, with the location being directly across from the Four Seasons Miami, this is a location that will be more likely to hold its value long-term. Most of the buildings between 1428 Brickell and the Biscayne Bay are low- to mid-rise, so above a certain floor you still experience the big water views of the waterfront towers. Pair that with the reduced congestion, and you have a winning formula for a safe place to spend your money. Rendering of The Residences at 1428 Brickell Terrace The Building Design There is so much to be said about the design of 1428 Brickell. We have already discussed the impressive LEED Certification and solar-powered panels that will line the west spine of the structure. This is the only building in the marketplace that has these features. Aside from the LEED Certification, we have to discuss the size of the building. Upon looking at it from the street, it will appear that the building is quite dense. It’s 70-floors up! In actuality though, there are only 189 residences. This allows for larger residences as well as more convenience when it comes to utilizing the community spaces. There are not so many people that the line for gym equipment is long, there is always a pool lounger available. But at the same time, there are not so few residences that having so many amenities is cost prohibitive. It is a sweet spot of density, maximizing both comfort and offerings. The Residence Layouts As I mentioned above, one of the best things about the residences in 1428 Brickell is their sheer size. They actually provide a lifestyle like that of a single family residence. The units are even separated by concrete load bearing walls rather than drywall, to offer additional sound insulation between the neighbors. With two bedroom apartments starting at 2,000-square-feet and going up, they are incredibly spacious. The kitchens are thoughtfully-designed by Antonio Citterio with a variety of color palettes to choose from. You can also opt for sliding glass dividers if you are not one to prefer an open kitchen/living room layout. The designs are subtle yet elevated and offer ample space for actual family cooking, not just laying takeout on the counter as though you were traveling. These units are built for full-time life. The bathrooms also offer a subtle-yet-elevated style, particularly the primary bath.With spacious travertine showers and free-standing sculptural bathtubs designed and crafted in Rapolano, Italy, the luxurious ambiance is ever-present in the private areas of the house. Another spot that really stands out to us in 1428 Brickell is the closets, or dressing rooms as they actually are. The smallest primary closet is 100-square-feet, with the larger residences having closets of 425-square-feet. These are all built out with custom cabinetry and presented as a boutique-style wardrobe. It is incredibly elegant and a great use of space. Rendering of 1428 Brickell Kitchen Glass Dividers Rendering of 1428 Brickell Kitchen View Considering everything goes according to plan with the demolition and construction permits, we should see the finished product by 2027. Prices range from $2.4 million for a two-bedroom plus den, to four-bedrooms plus den starting at $5.5 million. Penthouse details are released upon request. For more information, please download the fact sheet and floor plans here: 1428 Brickell Fact Sheet 1428 Brickell Floor Plans If you are interested in a private presentation with current availability and specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
The World’s First Ever Solar-Powered Tower Is Coming to Miami At 1428 Brickell Posted on October 11, 2022October 11, 2022 by Sarah Elles Boggs Just this morning, Miami’s YTech Development team launched a new type of luxury tower in Brickell. This elegant 70-story project will be climate-conscious inside and out, including being powered by solar panels that are incorporated into the window panels. The tower will be located at 1428 Brickell Avenue, in the heart of the Miami Financial District. This marks the first-ever high-rise residential tower to be maintained with solar energy, and what better place to start than the Sunshine State?! Through the 70 floors, there are 189 fully-finished residences that range from 1,800 square feet up to 4,000 square feet. Penthouses will range between 4,000 to 10,000 square feet. The floor plans range from 2-bedroom up to 4-bedroom plus den layouts. How does this solar powered building work? Miami is no stranger to cutting edge ideas, expansive views and luxury projects, so each new development must have something to set it apart from the rest. 1428 Brickell is using photovoltaic glazing within the façade. The solar cells are literally integrated into the glass for elongating the lifespan of the panels while preserving the beauty of the Arquitectonica-designed project. Rendering of 1428 Brickell Lobby With the panels blended into the architectural aesthetic, the designers and engineers have been able to offer a “Solar Backbone” along the west side of the building through 500 solar integrated windows. This will offer 20,000 square feet of energy-producing glass that will give the residents up to 170,000 kilowatts of clean energy per year while reducing 4,700 tons of CO2 per year and 3,000 fewer barrels of oil. What else is interesting about 1428 Brickell? In addition to the chic and timely façade, this building will truly be a boutique home. There is no hotel component onsite and each property faces directly to the Biscayne Bay for maximized views. Over 80,000 square feet of amenities are set to be an expansion of your living space through three floors on the upper part of the building. Under the direction of ACPV Architects, the interiors of the building are designed to offer an urban oasis in one of the busiest neighborhoods in the country. Yes, you can indeed have peaceful privacy in the big city and 1428 Brickell is ready to show you. “The architecture and interior design of The Residences at 1428 Brickell fuse seamlessly to make residents feel welcome and at ease from the moment they enter the building. Imagining how owners would use each space within the property was the guiding principle of our design for the interiors,” said Antonio Citterio, chairman of ACPV Architects. “For example, we designed large amenity spaces to act as an extension of residents’ private living areas, such as the dining area, pool, bar, and wine cellar, and integrated full-height windows in the lobby to offer uninterrupted views of the striking Brickell skyline, bridging the gap between indoors and outdoors.” Prices are slated to begin at $2.38 million for a 2 bedroom plus den layout, $2.91 million for a duplex 2 bedroom, $3.72 million for a 3 bedroom plus den, and $5.52 million for a 4 bedroom plus den floorplan. These are of course, the Tier 1 friends and family prices, so can change at any day. See below for more renderings of the finished product. If you are interested in a presentation and specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. Rendering of 1428 Brickell Entrance Rendering of 1428 Brickell Lobby at night Rendering of 1428 Brickell Lounge Rendering of 1428 Brickell Mail Room Rendering of 1428 Brickell Yoga Stage Rendering of 1428 Brickell Valet Rendering of 1428 Brickell Living Room View Rendering of 1428 Brickell Living Room Stair Rendering of 1428 Brickell Living Room Dusk Rendering of 1428 Brickell Kitchen Rendering of 1428 Brickell Balcony