For those of you familiar with the IconBrickell, Located in Miami, Florida, developed by the Related Group; I see it as a symbol of the development boom that swept across the United States, which halted in 2008 as a result of the economic and financial collapse. Construction on this bad boy began in 2006, and ended 2008 just before the shit hit the fan. The Icon, which features hotels, restaurants and condominiums was unable to return the investment.
Pretty Nice eh?
This truly was a melancholy symbol; if a luxury condo complex like that was unable to sell in one of the biggest luxury markets in the US (Miami), that's when you know things are bad. This wasn't good news for the Related group, as they had invested around $1bn in it, including $15mn for pillars that resemble the heads from easter island.
Maintenance costs alone on this building reach about $15mn a year.
Worth the $15mn?
Anyways, long story short, the banks who financed this op, Bank of America and HSBC bank want their money back. And since they can't get that, they are repossessing this masterpiece of a complex .
Through this blog, I plan to share my insights about the state of development and construction within different regions inside the U.S, and internationally. This blog will primarily focus on the financial aspects that affect the design and construction businesses.
3 Comments
What a hideous, uninspired complex.
Its actually quite nice from other angles, and I believe the interiors are by stark. However, I do agree that the complex is hideous in price and accommodations for the market. Its basically New York sized condos, in a place where 2000sqf homes with a yard are the norm. It was nice to see the development in Miami in the 2000s but they were not made for the people who live there and thats the problem from the beginning.
Anyone have an update of what's happened since the WSJ article 2 years ago? have they re-marketed it, has it started selling since the economy has improved somewhat since then? what are BOA and HSBC plans for it? can we get a nice condo for super cheap prices?
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