Panorama Tower

Panorama Tower
General information
Status Under construction (As of January 2016, less than 50% complete)
Type mixed-use
Architectural style Modernism
Location 1101 Brickell Avenue Miami, Florida 33131 United States
Construction started 2014[1]
Completed 2017[2]-2018[3]
Cost US$800 million[3] (preliminary estimate)
Height
Roof 822 ft (251 m)[4][A]
Technical details
Floor count 82[1]
Floor area 2,600,000 square feet (241,548 m2)[1]
Design and construction
Architect Moshe Cosicher AIA
Developer Florida East Coast Realty
Structural engineer DeSimone Consulting Engineers[5]
Main contractor Tutor Perini[2]

Panorama Tower, previously known as 1101 Brickell, is a mixed-use skyscraper under construction in the Brickell neighborhood of Miami, Florida. It was originally approved by the City of Miami and the Federal Aviation Administration in 2006 but was put on hold due to the Great Recession. The project was revived in 2012 when owner Tibor Hollo announced plans to begin construction of the tower. In 2013, the project was revised; the 822 feet (251 m) tower is stated to include residential, hotel, retail, and office space, as well as a possible observation deck at the top floor. When completed, it will most likely be the tallest building in Miami,[6] but may soon thereafter be overtaken by various other towers,[7][8] including two of their own projects.[9] The project is significant for being the first development in the City of Miami to be funded in part by EB-5 visas. While the entire site is technically addressed 1101 Brickell Avenue, the building will actually be located on the back of the lot, behind two existing office buildings, along Brickell Bay Drive.[10] It will be about two blocks from the Tenth Street Metromover station.[11]

History

A proposal for a tower at 1101 Brickell Avenue by developer Leviev Boymelgreen was approved by the City of Miami in 2006 and cleared by the Federal Aviation Administration (FAA) for a maximum height of 851 feet (259 m) above mean sea level (AMSL) in 2005.[12] The 849 foot (259 meter) (AMSL) building was to contain 270,000 square feet (25,000 m2) of office space, 30,000 square feet (2,800 m2) of retail as well as 650 residences.[13][14] However, the project was put on hold due to the crash of the United States housing bubble.[15][16] The site of the project was purchased by veteran Miami developer[17][18] Tibor Hollo of Florida East Coast Realty in 2009;[14] the US$33-million purchase price included the three acre site and existing office buildings,[19] built in 1964 and 1985.[13] The office buildings had very low occupancy at this time, around 30% in 2010. The building was renovated and by the end of 2012 occupancy was up to 85%.[20] In 2011, Florida International University opened a downtown campus in the building known as FIU Downtown on Brickell;[21] they also got the signage rights to the building. In addition to the renovation, a small glass and steel addition adjacent to Brickell Avenue was completed in 2014. Known as "The Cube", the 2,500-square-foot (232 m2) space uses variable-tint glass and houses a TD Bank.[22][23]

Design

In 2012, Hollo began developing plans for the project, and the name "Panorama Tower" was introduced.[24][25] The height remained the same at 849 feet (259 m), but the number of units was quoted at 724.[10] Hollo revised the plans in 2013. The FAA required the height of the structure to be lowered to 822 feet (251 m).[B] In 2013 and 2014, respectively, the developers were working to ensure the building height would not be greatly reduced under the FAA's "emergency airspace"[12] or "one-engine inoperative" policies which were proposed at that time.[26][27] At this point, the building was designed to include 821 residential units and 250 hotel units,[C] as well as approximately 83,000 sq ft (7,700 m2) of retail and approximately 39,000 sq ft (3,600 m2) of office space in the 13 story pedestal which would also include about 1500 parking spaces.[2] Moshe Cosicher, the in-house architect at Hollo's company, was announced as the new architect of the project,[19] replacing Kobi Karp.[13] In 2014, the parking pedestal, now shown as 19 stories and quoted to have 2,000 parking spaces, was reported to include 100,000 square feet (9,300 m2) of medical office space and about 50,000 square feet (4,600 m2) of retail space. The number of hotel rooms decreased to 208.[3][C] The building will be very large if built as designed, with gross floor area quoted between 2,600,000 sq ft (241,548 m2)[1] and 3,000,000 square feet (278,709 m2).[6]

Interior design is being provided by Zyscovich Architecture.[28]

Construction

Site preparation began in late 2013 with the clearing of the site and demolition of an existing parking garage, with foundation work beginning in June 2014,[1] when California-based Tutor Perini was awarded the US$255 million contract as the main contractor.[2] As of January 2015 the construction is said to be ahead of schedule.[29] The continuous concrete pour for the approximately 14,000-cubic-meter (494,405 cu ft) raft slab required hundreds of cement trucks operating for over 24 hours from numerous factories.[30] The approximately 11,000-cubic-meter (388,461 cu ft) pour took place over a weekend in late March 2015 and was one of the largest continuous pours in Florida history.[31] The project received a US$340 million construction loan from Wells Fargo in 2015, with construction well underway.[32] By October 2015, construction was up to top of the 19-story pedestal.[33] In January 2016, the building received a temporary certificate of occupancy (TCO) for the lower 11 floors of the parking garage. Users of the existing buildings had been using off-site parking in the interim.[34] Over 1,000,000 square feet (93,000 m2) of the project was structurally completed, and the building was still on schedule for completion in late 2017.[35]

Financing

In 2014, the building became the first development in the city of Miami to be accepted into the EB-5 visa program.[36][3] When the application was submitted in late 2012,[37] it was stated that this immigrant investment system could fund about 15% to 20% of the project.[17][38][39] However, later estimates were placed lower[40][33] despite high demand that was exceeding the limit of 10,000 visas per year (throughout the country).[41]

Notes

A. ^ a Height is often quoted as 830 feet (253 m), this is height above mean sea level (AMSL).[4]
B. ^ a The FAA individually reviews and occasionally reduces the ultimate height of structures over 200 feet (61 m) or in presumed hazard areas, such as near airports.[42] While under construction, the cranes are expected to temporarily surpass 1,000 feet (305 m).[43]
C. ^ a b The project, situated in a highly dynamic market,<ref name"investmentnews">Paikert, Charles (February 11, 2008). "Big banks rule dynamic Miami wealth market". InvestmentNews. Retrieved October 26, 2014. </ref> has undergone many revisions. Additionally, online sources often conflict, use old data, or are modified from their original text. One source from 2013 quoted 128 hotel rooms.[19]

See also

Wikimedia Commons has media related to 1101 Brickell.

References

  1. 1 2 3 4 5 Zacks.com (June 12, 2014). "Tutor Perini Wins $255M Panorama Tower Deal - Analyst Blog". NASDAQ. Retrieved August 14, 2014.
  2. 1 2 3 4 Golan, Elliot (June 12, 2014). "Tutor to Build Miami High-Rise". San Fernando Valley Business Journal. Retrieved August 14, 2014.
  3. 1 2 3 4 Drummer, Randyl (October 8, 2014). "$800M Panorama Tower to Be Miami's First Immigrant Investment Visa Project". CoStar Group. Retrieved October 18, 2014.
  4. 1 2 "Panorama Tower". Emporis. 2014. Retrieved August 14, 2014.
  5. ↑ "Panorama Tower - The Skyscraper Center". Council on Tall Buildings and Urban Habitat. Retrieved 2 December 2015.
  6. 1 2 Blake, Scott (April 18, 2013). "Tallest Miami Tower Due In 2016". Miami Today News. Retrieved August 14, 2014.
  7. ↑ Viglucci, Andres (February 26, 2014). "Another Miami tower planned to top 1,000 feet". The Miami Herald. Retrieved August 14, 2014.
  8. ↑ "Construction continues on Miami's tallest tower". SunSentinel. January 25, 2016. Retrieved January 26, 2016.
  9. ↑ "FAA approves two Miami towers about 1,000 feet tall". The Real Deal. October 11, 2015. Retrieved October 20, 2015.
  10. 1 2 Gurley, Kevin (September 16, 2012). "MIAMI’S FUTURE SKYSCRAPERS: PART I". Metro Atlantic. Retrieved August 14, 2014.
  11. ↑ "Walking directions from "1101 Brickell" to nearest Metromover station". Google Maps. 2014. Retrieved October 21, 2014.
  12. 1 2 Lamagna, Maria (March 15, 2013). "Miami developers still seek answers in FAA demands for shorter buildings downtown". The Miami Herald. Retrieved November 10, 2014.
  13. 1 2 3 del Campo, Deserae (February 2, 2006). "Developer gets permit for mixed-used project in Brickel". Miami Today. Retrieved August 14, 2014.
  14. 1 2 Musibay, Oscar Pedro (July 1, 2009). "Hollo closes on purchase of 1101 Brickell". South Florida Business Journal. Retrieved August 14, 2014.
  15. ↑ Tully, Shawn (May 5, 2006). "Welcome to the Dead Zone". Fortune. Retrieved October 23, 2014.
  16. ↑ Musibay, Oscar Pedro (May 14, 2009). "Tibor Hollo to buy 1101 Brickell Ave.". South Florida Business Journal. Retrieved October 23, 2014.
  17. 1 2 Perrin, Meisha (November 22, 2012). "Visa Investors May Fund Souths Tallest Tower". Miami Today. Retrieved October 26, 2014.
  18. ↑ Olorunnipa, Toluse (November 3, 2011). "Miami developer Tibor Hollo, 84, still planning projects". Sun-Sentinel. Retrieved August 14, 2014.
  19. 1 2 3 "Panorama Tower At 1101 Brickell Adds More Units". exMiami. October 29, 2013. Retrieved August 14, 2014.
  20. ↑ Musibay, Oscar Pedro (November 30, 2012). "1101 Brickell has landed more than $50 million in leases". South Florida Business Journal (American City Business Journals). Retrieved November 22, 2014.
  21. ↑ Garland, Sissi Schreier (September 13, 2011). "FIU expands footprint, taps into the energy of Brickell Avenue and Lincoln Road". Florida International University. Retrieved February 12, 2015.
  22. ↑ "SageGlass makes TD Bank’s “The CUBE” at Miami’s prestigious 1101 Brickell Block an eco-friendly, visually stunning branch". SAGE Electrochromics. June 18, 2014. Retrieved November 29, 2014.
  23. ↑ "SageGlass Makes TD Bank’s “The Cube” at Miami’s Prestigious 1101 Brickell Block an Eco-Friendly, Visually Stunning Branch". BusinessWire. June 18, 2014. Retrieved November 29, 2014 – via Yahoo Finance.
  24. ↑ "Miami's Future Tallest Nameless No More". Council on Tall Buildings and Urban Habitat. December 4, 2012. Retrieved October 26, 2014.
  25. ↑ McCaughan, Sean (November 29, 2012). "Miami's Tallest Building-To-Be Will Be Called Panorama Tower". Curbed Miami. Retrieved October 26, 2014.
  26. ↑ Lowy, Joan (June 26, 2014). "FAA, developers clash over tall buildings". The Miami Herald. Retrieved November 10, 2014.
  27. ↑ "Miami Downtown Development Authority (DDA) Board of Directors Findings and Comments regarding the Federal Aviation Administration, Department of Transportation, 14 CFR Part 77, [Docket No. FAA–2014–0134] RIN 2120–AF90 - Proposal to Consider the Impact of One Engine Inoperative (OEI) Procedures in Obstruction Evaluation Aeronautical Studies. (PDF)" (PDF). Miami DDA. July 16, 2014. Retrieved November 10, 2014.
  28. ↑ Bandell, Brian (February 3, 2015). "Zyscovich Architects tapped for Panorama Tower design". South Florida Business Journal. Retrieved February 12, 2015.
  29. ↑ Robbins, John Charles (January 21, 2015). "83-story tower coming out of ground". Miami Today. Retrieved February 12, 2015.
  30. ↑ Tongen, Todd (February 13, 2015). "Excitement builds for [Panorama Tower]". WPLG-TV. Retrieved February 14, 2015.
  31. ↑ Nehamas, Nicholas (March 20, 2015). "Florida’s largest ever concrete pour starts Friday night in downtown Miami". The Miami Herald. Retrieved March 20, 2015.
  32. ↑ Bandell, Brian (March 4, 2015). "Panorama Tower secures $340M construction loan". South Florida Business Journal. Retrieved March 4, 2015.
  33. 1 2 Bandell, Brian (October 20, 2015). "Panorama Tower begins accepting EB-5 funding with lower goal". South Florida Business Journal. Retrieved October 20, 2015.
  34. ↑ Bandell, Brian (January 22, 2016). "Part of what will be Miami’s tallest tower is now open". South Florida Business Journal. Retrieved January 23, 2016.
  35. ↑ "Panorama Tower on pace for opening in late 2017". The Real Deal. January 23, 2015. Retrieved January 23, 2015.
  36. ↑ "Panorama Tower Announced as City of Miami’s First EB5 Designated Development". BusinessWire. October 6, 2014. Retrieved October 18, 2014.
  37. ↑ Torres, Ashley D. & Musibay, Oscar Pedro (November 30, 2012). "Miami adds Tibor Hollo project as part of EB-5 regional center application". South Florida Business Journal. Retrieved October 26, 2014.
  38. ↑ Reiser, Emon (January 28, 2015). "Miami to reach new heights with foreign investors". South FLorida Business Journal. Retrieved October 20, 2015.
  39. ↑ Reister, Emon (February 2, 2015). "Why this EB-5 investor is putting his money on Miami's Panorama Tower". South Florida Business Journal. Retrieved February 14, 2015.
  40. ↑ "Panorama Tower is Now Ready to Launch a Private Placement Offering to Qualified Foreign Investors in Compliance with All Applicable USCIS and SEC Rules and Regulations". BusinessWire. October 20, 2015. Retrieved October 20, 2015.
  41. ↑ Chardy, Alfonso (November 21, 2015). "Visa program for investors is one of the most popular in American immigration history". The Miami Herald. The McClatchy Company. Retrieved November 21, 2015.
  42. ↑ Stabley, Susan (June 6, 2005). "Tower heights concern FAA". South Florida Business Journal. Retrieved October 24, 2014.
  43. ↑ "Tibor Hollo Calls In 1000-Foot Cranes To Build Panorama Tower". exMiami. August 14, 2014. Retrieved October 18, 2014.

External links

Coordinates: 25°45′48″N 80°11′29″W / 25.76335°N 80.19134°W / 25.76335; -80.19134

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