This Week’s South Florida Deal Sheet: 3 Brickell Condo Projects Advance
Property Markets Group is planning a condo tower called One Twenty Brickell Residences where each unit will come with a separate deeded office suite, the developer announced.
The 34-story tower at 120 SW Eighth St. is designed with 240 fully furnished condos ranging from 451 SF to 1,395 SF. Each purchase comes with a furnished private office in a separate part of the property that will have a reservable conference room, complimentary WiFi and a coffee station.
Designed by Miami-based Sieger Suarez Architects with interiors by Aventura-based Cotofana Designs, One Twenty Brickell Residences is slated to have 60K SF of additional amenities, including a pickleball court, a children's club and gym, a sky bar and a dog run.
PMG Residential, the firm’s in-house brokerage, will launch sales on April 15, with units priced from $600K to around $1.5M. Construction is slated to begin later this year with a delivery date in 2028, a PMG spokesperson confirmed.
PMG, which has offices in New York and Miami, paid $58M for the 1-acre site in 2022, property records indicate.
CONSTRUCTION AND DEVELOPMENT
Construction has commenced at a 105-unit luxury mid-rise condo building called 2200 Brickell, according to a release, six months after developers Aria Development Group, Largo and Place Projects locked in a $77M construction loan from Bank OZK for the project in a part of Brickell known as Millionaire’s Row.
The five-story property will have units ranging from 1,200 SF to 2,100 SF, with prices starting at $1.2M. OneWorld Properties is handling sales at the building, which is scheduled for completion in 2026.
2200 Brickell, designed by Miami-based Revuelta Architecture International, will replace 34 apartments on a 1.7-acre site the developers acquired in 2021 for $12.8M.
The property’s marketing highlights a wellness focus, with its design “centered around 10 core concepts ranging from light, movement, and nourishment to materials, mind, and community,” the release says.
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Houston-based Hines and Urban Street Development broke ground on the first phase of FAT Village, a 5.6-acre development in Fort Lauderdale’s Flagler Village, according to a release.
FAT Village’s first phase will include two residential towers with a total of 601 units that are planned to be completed in late 2026, a spokesperson for the joint venture said. Hines Managing Director Alan Kennedy previously told the South Florida Business Journal that the apartments would be marketed to varying income levels, with 355 luxury units in a 24-story tower and 249 apartments in a 13-story building that will be priced around $500 cheaper per month.
Construction is getting underway with $220M in financing that the joint venture secured in January from Arkansas-based Bank OZK.
The first phase will also include more than 70K SF of retail space, but the planned 180K SF of office space isn't part of the initial construction. A third residential tower with 249 units is also planned.
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The Miami Urban Development Review Board approved plans for a 53-story mixed-use tower in the 27-acre Miami Worldcenter project in Downtown Miami.
Boca Raton-based Falcone Group, led by one of Miami Worldcenter’s master developers, plans a 280-key hotel, 351 condos, and retail and restaurant space at the corner of Northeast 10th Street and Second Avenue, according to a release revealing the building’s design. Nichols Architects designed the tower, its second project in the 10-block development, which will have a yet-to-be-announced brand partner.
The tower is planned for a half-acre site that hosts a soccer field just across from the 60-story Paramount condos. It is designed to include ground-floor retail below a parking garage that will include the restaurant with outdoor seating along with separate amenity decks for hotel guests and residents on the 10th and 25th floors.
SALES
An entity controlled by Dacra CEO Craig Robins paid $18M for a 5,700 SF retail building at 80 NE 40th St. in Miami’s Design District, the shopping destination he has been developing for more than 20 years.
An entity led by New York-based ASG Equities sold the property, the South Florida Business Journal reported. The sale price breaks down to $3,175 per SF and is $2M more than ASG paid for the building in 2014. The previous owner had done renovations to the frontage of the building, which was built in 1955 on a 7,500 SF lot.
The deal was brokered by Devlin Marinoff and Tony Arellano of Dwntwn Realty Advisors.
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An 83K SF warehouse built in 1956 in Opa-Locka traded for $11M, up from $736K when it last sold in 2011, according to records collected by the property intelligence platform Vizzda.
Miami-based Peleg Group sold the 3-acre property at 14565 NW 26th Ave. to an entity controlled by Two Stone Marble. The property will become the flagship location for the installation contractor that has done interior work at the Seminole Hard Rock Hotel & Casino and Porsche Design Tower, the SFBJ reported.
CBRE broker Noah Ohayon represented both sides in the transaction, which was financed with two mortgages from TD Bank totaling $10M, according to the SFBJ.
FINANCING
Construction began on a 172-unit condo tower in Brickell designed for short-term rentals after its developer secured a $70M construction loan from South Florida-based investors Forman Capital and Core Capital.
The 12-story Domus Brickell Park is more than 50% sold, according to a release, and is being built by North Development, a joint venture between Miami-based Oak Capital and Peru-based Edificia.
Domus, located at 1611 SW Second Ave., was designed by Zyscovich Architects, with fully furnished studios, one- and two-bedroom condos. Cervera Real Estate is listing the units for between $600K and $1.2M. The tower is slated to deliver by the end of 2025.
The 20K SF site sold for $7M last February to an entity called North at Brickell II LLC, property records indicate.
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Fort Lauderdale-based Affiliated Development broke ground on a mixed-income apartment project called The Tropic in Hollywood after locking in a $45.5M construction mortgage to complement a suite of public financing, according to a release.
The funding comes from a first mortgage through a syndicated loan led by Miami Lakes-based Bank United and an equity investment from Affiliated Housing Impact Fund, which the developer raised in late 2020.
The Hollywood Community Redevelopment Agency and the city of Hollywood had previously committed $9.5M in financing incentives for the project, along with $3.5M in incentives from Broward County.
The 18-story project at 303 S. Federal Highway will have 223 units ranging from one to three bedrooms, with half the units restricted to residents with incomes starting at 100% of the area median income, or $67,200 for a single person.
Affiliated paid $4.2M for the 1-acre site in 2021, property records indicate.
LEASES
I Heart Mac & Cheese, a fast food concept with 40 locations across the country, is moving its corporate headquarters to 7K SF at 6600 N. Military Trail, which used to be part of Office Depot's headquarters in Boca Raton.
The company will move into the third floor, which was converted to spec suites, according to a release. The deal follows a 215K SF, 10-year lease renewal that will see Office Depot’s parent company, ODP Corp., shrink but maintain its global headquarters at the property.
ODP sold the property to South Florida-based BH Group and Pebb Enterprises for $104M in April 2023.
Pete Schlang at Woolbright Developers represented the tenant, while the owners were represented by CBRE brokers Joe Freitas and John Criddle, along with Pebb’s Adam Starr.
The developers are planning a mixed-use redevelopment of a large portion of the property, which has 650K SF of offices on 29 acres. They are planning to demolish some office buildings to add 500 multifamily units, a 37K SF luxury gym and 42K SF of restaurant space.
THIS AND THAT
The Florida Legislature earmarked nearly $5M to redevelop a concourse connecting Lincoln Road to a public beach near The Ritz-Carlton and Sagamore South Beach hotels, according to a release.
The funding, which was signed by Gov. Ron DeSantis, adds to $4M in private funding committed by the hotel owners and $4M from the city of Miami Beach to redesign the roadway, install a new public beach park and create a gateway monument.
The concourse on the east end of Lincoln Road serves as the main public access point to the beach from Collins Avenue, while Ritz-Carlton and Sagamore guests have separate beach access.
