Video Courtesy of: Brickell Condo Real Estate/Youtube
Swire Properties finally sold out of Reach and Rise at Brickell City Centre in a 81-unit bulk deal to a partnership between Fortune International Group and KAR Properties. The sellout has Swire looking onto the next phases of Brickell City Centre. One Brickell City Centre was planned as an 80-story mixed-use tower at the 700 Brickell Ave site. Plans have been submitted for a 62-story tower on another plot. And, a 52-story tower is planned for the former Tobacco Road lot. Swire also owns the lot next to La Centrale. The two mid-rise office towers at Brickell City Centre were also sold off last year for $163 million with plans to reinvest the money into new projects.
Besides buying condos at Brickell City Centre, KAR Properties also relaunched One River Point and 2 additional phases. The 60-story dual tower project in the gated Riverfront community is actively moving through the construction permit process for the 300 units. The developer also owns the 2 undeveloped parcels in community, which were planned for development in the early 2000s that never came to fruition. Only time will tell.