Brickell Ten opens as condo closings reach 90% (Photos)

Brickell Ten opens as condo closings reach 90% (Photos)

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By Brian Bandell, South Florida Business Journal

The Brickell Ten condominium has opened on the edge of Miami’s financial district with most of its units sold out.

Developed by IB Corp. and Waterstone Capital, the 22-story tower is at 1010 S.W. 2nd Ave., in walking distance from the Brickell Metrorail Station, Mary Brickell Village, and Brickell City Centre. It has 155 condos and 13,000 square feet of retail.

The project was designed by BC Architects. Civic Construction was the general contractor.

Condos in Brickell Ten range from one-bedroom units of about 800 square feet priced just under $300,000 to 1,700-square-foot penthouses with three bedrooms priced up to $749,000, said Sergio Mannarino, VP of sales and operations at OneWorld Properties, the exclusive broker of Brickell Ten. He said the average price per square foot is $430.

The developer has closed on 90 percent of the units at Brickell Ten and some more are under contract, Mannarino said. Only three units remain for sale, including two penthouses.

One of the advantages of Brickell Ten is the relatively low condo association fee of 53 cents per square foot, Mannarino said. Many new condos in downtown Miami have association fees around $1 per square foot. Having a lower association fee allows condo investors to be more competitive when renting the unit to tenants and keep more of the cash flow for themselves, he added.

About 60 percent of the buyers at Brickell Ten were investors, Mannarino said. The others were mostly second home owners. A handful of buyers intend to make the units their primary residences, he said. Most buyers were from Latin American countries such as Argentina, Venezuela, Colombia and Brazil.

He expects most of the units to go on the rental market. He recently listed a two-bedroom condo there for $2,400 per month on behalf of the owner.

“People who work at the University of Miami and Jackson [Memorial] Hospital like to live here in Brickell and take the Metrorail,” Mannarino said.

Units in Brickell Ten were designed to be comfortable for residents, with large walk-in closets. The condos also have sizable balconies and large windows with great views of Brickell, the Miami River and the Coconut Grove bayfront.

Amenities at Brickell Ten include a pool deck with cabanas and pool-side mattresses, a reflecting pool, a play room for kids, a game room with a TV, a club room with a pool table, a rooftop amenity deck featuring a gym, spa and seating to relax.