Swire Properties Announces the Sellout of Reach and Rise Residences at Brickell City Centre
KAR Properties and Fortune International Group buy out the remaining 81 units of the residential towers
MIAMI (May 21, 2021) - Swire Properties, the developer of Reach and Rise Residences at Brickell City Centre, is pleased to announce it has sold all units at both luxury condominium towers located in Miami. Reach and Rise Residences are an anchor for the landmark mixed-use property of Brickell City Centre developed in 2014. This master plan destination stands out as a benchmark of Brickell’s live-work-play lifestyle, attracting both local and international residents and celebrities. These unique assets have proved attractive to numerous buyers, from reaching a combined 90 percent sold milestone in March 2021 to the sale of all remaining units, today.
“Swire Properties is delighted to sell the remaining inventory of 81 units to respected investors KAR Properties and Fortune International Group, in a significant transaction that reflects their shared commitment to this outstanding product and belief in Brickell City Centre,” said Kieran Bowers, President of Swire Properties. “We are grateful for our sales team at ISG World for their role in this sell-out and thank them for their dedication to the development. Swire Properties will continue to invest in Brickell over the coming years and attention will now turn to the development of the remaining phases and parcels surrounding Brickell City Centre.”
KAR Properties and Fortune International Group believe the existing inventory in today’s market is attractive for the consumer looking to buy and live in Miami now. The continued investment Swire Properties placed into this development, the timing in today’s real estate market, the residence’s prime location and its elite quality are just a few of the reasons the two firms believed in this investment. Fortune Development Sales will lead efforts in selling the 81 units purchased.
“As fellow developers in the downtown Brickell area, we have great respect for Swire. The company has played an integral role in the transformation of Brickell,” said Shahab Karmely, CEO and Founder of KAR Properties. “The most dynamic part of Miami is downtown, particularly along the riverfront, where we are developing One River Point by Rafael Viñoly as part of a three-phase luxury development located directly across the river from Brickell City Centre.”
“Brickell City Centre has enhanced Miami’s Brickell neighborhood, bringing high end retailers, global cuisine and entertainment to the community. As Miami’s global appeal and market demand rises, real estate continues to be a smart investment option,” says Edgardo Defortuna, President and CEO of Fortune International Group. “Our firm has had long-term success in the industry with a strong grasp on what is happening in the South Florida market. It is clear Swire Properties has developed a landmark destination for the community.”
ISG World was the exclusive brokerage for Reach and Rise at Brickell City Centre. KW Management will continue to manage both condominium towers to provide residents with the vibrant and modern residential living environment they have come to expect. Swire intends to reinvest the capital into its future developments and continues its vision to create a world-class urban destination in Miami and Brickell.
About Swire Properties
Swire Properties Inc, headquartered in Miami since 1979, is one of South Florida’s leading international developers of urban office, hotel and condominium properties. Known for its $1 billion master‐planned development of the island of Brickell Key in downtown Miami, Swire notoriously transformed the Miami skyline with Brickell City Centre, an urban-living landmark $1.05 billion mixed‐use neighborhood complex comprising a gross floor area of 4.9 million square feet, including an underground carpark and 2.9 million square feet of office, residential, hotel, retail and entertainment space. The Company is a wholly owned subsidiary of the publicly listed Swire Properties Limited based in Hong Kong. To reinforce Swire’s commitment to responsible development, the Hong-Kong-based company developed its SD 2030 vision to identify the full spectrum of its environmental, social and economic impacts. The initiative identifies sustainable and conscious living opportunities for the company to decrease current and future energy consumption in its developments through long-term, community-focused projects, implementing design and architecture features that reduce energy use, and more. In recognition of Swire’s sustainable development work, in 2017 it was included in the Dow Jones Sustainability World Index. For more information, visit www.swireproperties.us
About Reach and Rise Residences at Brickell City Centre
Reach and Rise Residences at Brickell City Centre, the two luxury condominium towers anchoring the landmark mixed-use property developed and managed by Swire Properties, combine the best of modern living with luxurious amenities and unparalleled access to retail and entertainment offerings. Each comprised of 43-stories and 390 units, Reach and Rise Residences are delivered move-in ready with top-of-the-line fixture packages including premium Bosch appliances and built-in Uline 48-bottle temperature-controlled wine storage. Amenities at Reach and Rise create the ultimate urban playground — both residential towers will feature on-premises concierge services, a half-acre amenity deck with heated lap and social pools, poolside café service, an exclusive Hammam spa with blow-out bar and nail salon, a state-of-the-art fitness center, library, a tech-savvy children’s playroom, entertainment suite, business center, tearoom, secured parking garage and 24-hour valet. Indoors and outdoors merge effortlessly, thanks to an expansive amenities deck surrounded by tropical gardens.