Panorama Tower

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Panorama Tower
Panorama Tower top out banners.jpg
Top out ceremony with banners indicating heights
General information
Status Topped-out
Type Mixed-use
Architectural style Modernism
Location 1101 Brickell Avenue Miami, Florida 33131 United States
Construction started January 2014[1]
Completed 2017[2]-2018[3]
Cost US$800 million[3] (preliminary estimate)
Height
Roof 868 ft (265 m)[4]
Technical details
Floor count 82[1]
Floor area 2,600,000 square feet (241,548 m2)[1]
Design and construction
Architect Moshe Cosicher AIA; FONS Inc.
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 85 story skyscraper under construction in Miami, Florida, United States. It is located in the Brickell district of Downtown Miami, 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 hired Moshe Cosicher, AIA Architect, to redesign the project; in 2013, the project was revised; the 868-foot (265 m) tower is stated to include residential, hotel, retail, and office space.[4] When completed, it will 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 (The Towers by Foster + Partners[9] and One Bayfront Plaza).[10][11] It will take over the Four Seasons Hotel Miami as tallest when it tops out in 2017, the project is the first development in the City of Miami to be funded in part by EB-5 visas. While the entire site was technically addressed 1101 Brickell Avenue, the building will actually be located on the back of the lot, behind two existing office buildings, at 1100 Brickell Bay Drive,[12] it will be about two blocks from the Tenth Street Metromover station.[13]

History[edit]

Site prep in 2014, behind existing 1980s office buildings at 1101 Brickell Avenue.

Kobi Karp provided design plans for a tower at 1101 Brickell Avenue by developer Leviev Boymelgreen, it 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.[14] 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.[15][16] However, the project was put on hold due to the crash of the United States housing bubble,[17][18] the site of the project was purchased by veteran Miami developer[19][20] Tibor Hollo of Florida East Coast Realty in 2009;[16] the US$33-million purchase price included the three acre site and existing office buildings,[21] built in 1964 and 1985.[15] 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%.[22] In 2011, Florida International University opened a downtown campus in the building known as FIU Downtown on Brickell;[23] 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.[24][25]

Design[edit]

Render by developer

In 2012, Hollo began developing plans for the project, and the name "Panorama Tower" was introduced,[26][27] the height remained the same at 849 feet (259 m), but the number of units was quoted at 724.[12] 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"[14] or "one-engine inoperative" policies which were proposed at that time,[28][29] 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 is the architect of record for the project and Fons Inc. was retained to work alongside for the production and construction administration of the project.[21] 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] and the flag was revealed to be Hyatt full service brand Hyatt Centric,[30] the hotel will be located in 17 lining the east face of the pedestal.[31] The building will be the largest building in Miami,[32] with gross floor area quoted between 2,600,000 sq ft (241,548 m2)[1] and 3,000,000 square feet (278,709 m2), the latter number including the existing office building.[6] In 2016, a slight height increase to the current 868 feet (265 m) was sought by the developers and approved by the FAA.[33]

Interior design concept was provided by Zyscovich Architecture.[34]

Construction[edit]

Panorama Tower under construction in October 2016 at about 60 floors. The building will be significantly larger than other skyscrapers in Florida, the design variation at about 50 floors is the 48th floor amenity deck.
Panorama Tower under construction in October 2016 at about 60 floors with large multi-use pedestal (primarily parking) seen from Brickell Bay Drive.

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 was said to be ahead of schedule,[35] the continuous concrete pour for the approximately 14,000 cubic yard (11,000-cubic-meter (388,461 cu ft)) raft slab required hundreds of cement trucks operating for over 24 hours from numerous factories.[36] 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.[37] The project received a US$340 million construction loan from Wells Fargo in 2015, with construction well underway.[38] By October 2015, construction was up to the top of the 19-story pedestal;[39] 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,[40] 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.[41] During the first half of 2016 a height increase to 868 feet (265 m) was approved;[33] this may affect the floor count, which was at least 81 actual floors at the 822-foot (251 m) level. Other than the Renaissance Center in Detroit and Westin Peachtree Plaza Hotel in Atlanta,[42] both hotels, it would be the only building over 700 feet (210 m) to stick to a total floor-to-floor height of no more than 10 feet (3.0 m). Hotels, parking garages, and condos generally have much less floor-to-floor height than high-rise office towers. However, very few towers of any kind over 50 floors keep to an overall height under 10 feet (3.0 m) per floor, due to increased ceiling heights or the need for mechanical floor levels, rooftop HVAC, housing for the tops of elevator shafts, spire details, or other infrastructure. It is unclear whether the floor count will remain at 82, or increase to 85 due to the height increase. DeSimone Consulting Engineers is serving as structural engineer on the project. The firm has designed numerous supertall towers and skyscrapers worldwide, and frequently works with top architects and developers on marquee projects globally.[43]

On March 24, 2017, the same week the building officially surpassed the height of the Four Seasons Hotel Miami,[44] a small fire broke out on the 68th floor just before 7 pm. It was extinguished within hours, with no injuries or delay to the project's timeline,[45] the cause was not immediately known.[46] No work was underway when the fire broke out.[47]

With a topping out in April, the 208-room Hyatt Centric hotel in the pedestal is expected to open in the third quarter of 2017,[48] with the building to open by the end of the year.[49][50]

Financing[edit]

In 2014, the building became the first development in the city of Miami to be accepted into the EB-5 visa program.[3][51] When the application was submitted in late 2012,[52] it was stated that this immigrant investment system could fund about 15% to 20% of the project.[19][53][54] However, later estimates were placed lower[39][55] despite high demand that was exceeding the limit of 10,000 visas per year (throughout the country).[56]

With a very high walk and transit score, Panorama Tower is in the class of apartment buildings that have seen the most increase in value over time even into a market slowdown in 2017.[57]

Notes[edit]

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.[58] While under construction, the cranes are expected to temporarily surpass 1,000 feet (305 m).[59]
C. ^ a b The project, situated in a highly dynamic market,[60] 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.[21]

See also[edit]

References[edit]

  1. ^ a b c d e Zacks.com (June 12, 2014). "Tutor Perini Wins $255M Panorama Tower Deal - Analyst Blog". NASDAQ. Retrieved August 14, 2014. 
  2. ^ a b c d Golan, Elliot (June 12, 2014). "Tutor to Build Miami High-Rise". San Fernando Valley Business Journal. Retrieved August 14, 2014. 
  3. ^ a b c d Drummer, Randyl (October 8, 2014). "$800M Panorama Tower to Be Miami's First Immigrant Investment Visa Project". CoStar Group. Retrieved October 18, 2014. 
  4. ^ a b "Panorama Tower: Form 7460-1 for ASN 2016-ASO-7079-OE". Federal Aviation Administration. March 14, 2016. Retrieved June 26, 2016. 
  5. ^ "Panorama Tower - The Skyscraper Center". Council on Tall Buildings and Urban Habitat. Retrieved 2 December 2015. 
  6. ^ a b 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. ^ Bandell, Brian (November 2, 2016). "Award-winning architect submits plans for tallest towers in Miami's Brickell". South Florida Business Journal. Retrieved November 2, 2016. 
  10. ^ "FAA approves two Miami towers about 1,000 feet tall". The Real Deal. October 11, 2015. Retrieved October 20, 2015. 
  11. ^ Katherine Kallergis (January 25, 2017). "Check out the views from the 76th floor of Panorama Tower". The Real Deal. Retrieved January 26, 2017. 
  12. ^ a b Gurley, Kevin (September 16, 2012). "MIAMI'S FUTURE SKYSCRAPERS: PART I". Metro Atlantic. Retrieved August 14, 2014. 
  13. ^ "Walking directions from "1101 Brickell" to nearest Metromover station". Google Maps. 2014. Retrieved October 21, 2014. 
  14. ^ a b Lamagna, Maria (March 15, 2013). "Miami developers still seek answers in FAA demands for shorter buildings downtown". The Miami Herald. Retrieved November 10, 2014. 
  15. ^ a b del Campo, Deserae (February 2, 2006). "Developer gets permit for mixed-used project in Brickel". Miami Today. Retrieved August 14, 2014. 
  16. ^ a b Musibay, Oscar Pedro (July 1, 2009). "Hollo closes on purchase of 1101 Brickell". South Florida Business Journal. Retrieved August 14, 2014. 
  17. ^ Tully, Shawn (May 5, 2006). "Welcome to the Dead Zone". Fortune. Retrieved October 23, 2014. 
  18. ^ Musibay, Oscar Pedro (May 14, 2009). "Tibor Hollo to buy 1101 Brickell Ave". South Florida Business Journal. Retrieved October 23, 2014. 
  19. ^ a b Perrin, Meisha (November 22, 2012). "Visa Investors May Fund Souths Tallest Tower". Miami Today. Retrieved October 26, 2014. 
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  22. ^ 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. 
  23. ^ 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. 
  24. ^ "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. 
  25. ^ "SageGlass Makes TD Bank's "The Cube" at Miami's Prestigious 1101 Brickell Block an Eco-Friendly, Visually Stunning Branch". Business Wire. June 18, 2014. Retrieved November 29, 2014 – via Yahoo Finance. 
  26. ^ "Miami's Future Tallest Nameless No More". Council on Tall Buildings and Urban Habitat. December 4, 2012. Retrieved October 26, 2014. 
  27. ^ McCaughan, Sean (November 29, 2012). "Miami's Tallest Building-To-Be Will Be Called Panorama Tower". Curbed Miami. Retrieved October 26, 2014. 
  28. ^ Lowy, Joan (June 26, 2014). "FAA, developers clash over tall buildings". The Miami Herald. Retrieved November 10, 2014. 
  29. ^ "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. 
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  35. ^ Robbins, John Charles (January 21, 2015). "83-story tower coming out of ground". Miami Today. Retrieved February 12, 2015. 
  36. ^ Tongen, Todd (February 13, 2015). "Excitement builds for [Panorama Tower]". WPLG-TV. Retrieved February 14, 2015. 
  37. ^ Nehamas, Nicholas (March 20, 2015). "Florida's largest ever concrete pour starts Friday night in downtown Miami". The Miami Herald. Retrieved March 20, 2015. 
  38. ^ Bandell, Brian (March 4, 2015). "Panorama Tower secures $340M construction loan". South Florida Business Journal. Retrieved March 4, 2015. 
  39. ^ a b Bandell, Brian (October 20, 2015). "Panorama Tower begins accepting EB-5 funding with lower goal". South Florida Business Journal. Retrieved October 20, 2015. 
  40. ^ 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. 
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  43. ^ "Panorama Tower - DeSimone Consulting Engineers". De-Simone.com. Retrieved April 3, 2017. 
  44. ^ Jonathan Kendall (March 24, 2017). "Miami's Panorama Tower Officially Became Florida's Tallest Building This Week". Miami New Times. Retrieved March 26, 2017. 
  45. ^ "Crews extinguish fire on 68th floor of Panorama". The Real Deal. March 25, 2017. Retrieved March 26, 2017. 
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  50. ^ Rene Rodriguez (April 13, 2017). "Check out the view from the top of Florida's tallest building". Miami Herald. Retrieved April 14, 2017. 
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  52. ^ 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. 
  53. ^ Reiser, Emon (January 28, 2015). "Miami to reach new heights with foreign investors". South FLorida Business Journal. Retrieved October 20, 2015. 
  54. ^ 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. 
  55. ^ "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". Business Wire. October 20, 2015. Retrieved October 20, 2015. 
  56. ^ 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. 
  57. ^ Randyl Drummer (May 10, 2017). "Walk This Way: Values of Most 'Walkable' US Apartment Properties Expected to Weather Supply Wave Better than Others". CoStar Group. Retrieved May 11, 2017. 
  58. ^ Stabley, Susan (June 6, 2005). "Tower heights concern FAA". South Florida Business Journal. Retrieved October 24, 2014. 
  59. ^ "Tibor Hollo Calls In 1000-Foot Cranes To Build Panorama Tower". exMiami. August 14, 2014. Retrieved October 18, 2014. 
  60. ^ Paikert, Charles (February 11, 2008). "Big banks rule dynamic Miami wealth market". InvestmentNews. Retrieved October 26, 2014. 

External links[edit]

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