South Florida has just reached new heights, adding to its skyline the tallest building in Florida and the tallest residential project south of Manhattan.
Looking over downtown Miami’s Brickell Avenue at 85 stories, Panorama Tower includes 821 rental units served by 45,000 square feet of amenities; 208 hotel rooms by Hyatt Centric; 100,000 square feet of office space; and high-end retail outlets and restaurant space spanning about 50,000 square feet.
The entire project, built by developer Tibor Hollo’s Florida East Coast Realty, is expected to cost about $800 million. Wells Fargo led the lending syndication.
Located at 1100 Brickell Bay Drive, Panorama is slated to welcome its first residents in October, one of just a handful of rental projects in the Brickell neighborhood.
“Live, work, play” was the idea that propelled Panorama, first conceptualized by FECR about seven years ago, said the firm’s executive vice president, Jerome Hollo.
“It’s a microcosm of what Brickell is now,” he said. “You have [Brickell City Centre], the restaurants, the nightlife … Jump on the trolley and you’re just minutes away from the American Airlines Arena for a Heat game. That’s what we’re pursuing.”
Rents will range between the low $2,000s to just under $6,000 for a three-bedroom unit within the building’s top floors. About 50 percent of units have just one bedroom — each about 1,100 square feet — but Hollo said Panorama isn’t targeting just upwardly mobile young professionals.
“We’re getting the whole gamut people,” Hollo said. “There are people in their 60s and their 70s who have moved out of bigger homes and are trying to take advantage of what the area has to offer. Young professionals. Not so young professionals. It’s the lifestyle everyone seems to be looking for.”
The project’s debut is expected to come during a trying time for condo developers, who are grappling with hesitation from international buyers as the U.S. dollar gains strength against foreign currencies. But the current state of the market is not what influenced FECR’s decision to launch a rental project, Hollo said.
“It’s difficult to focus on single cycles because usually when you start a project like this you might have gone through two cycles or more,” he said. “We believe in the rental product in the Brickell area and downtown Miami.”
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