Miami Residential Tower Changes Format, Developers
Luxury apartments, not luxury condos, will rise above a lifestyle center in Miami’s Brickell District following the acquisition of development/air rights by co-developers LNR Property LLC, of Miami Beach, Fla., and LYND, of San Antonio, the two companies announced late last week.
The approvals and financing needed to start construction of EnV Brickell, a 35-story, 390-unit luxury apartment high-rise, reportedly are all in place. In addition, BlackRock Realty Advisors and Wells Fargo are in place as the equity provider and the construction lender, respectively. No figure as to the project cost is available.
The development rights were previously owned by Skyline Equities Realty, which had planned a luxury condominium development, called SkyPalace, for the location prior to the downturn in the residential market. In a separate announcement, Skyline noted that it will return in full the existing condo deposits.
The project will be built above an existing Publix market and multi-level parking structure at the west end of The Shops at Mary Brickell Village, a 200,000-square-foot lifestyle center along Miami Avenue between Ninth and 10th streets. The center is owned and operated by Ivanhoé Cambridge, of Montreal.
According to the co-developers, it took more than a year to close the project, which will be the first new major residential project in Miami in several years.
Construction will begin this month and is scheduled for completion in 2014. Behar Font & Partners, P.A., of Coral Gables, Fla., is the project architect, and the general contractor will be Plaza Construction, of Miami.
EnV Brickell will consist of 150 one-bedroom, 210 two-bedroom and 30 three-bedroom units, with an average size of 1,200 square feet, an LNR Property spokesperson told Commercial Property Executive. Amenities will include a one-acre recreation deck featuring a swimming pool, spa, gazebos and cabanas overlooking and providing direct elevator access to Mary Brickell Village’s retail and restaurants.
Typical rents in the Brickell district, according to the spokesperson, exceed $2.10 per square foot. In addition, the district reportedly boasts average apartment occupancy of more than 97 percent.
In January, CPE reported that LYND Development Partners had sold EnV Chicago, a 249-unit, LEED-certified luxury apartment high-rise in Chicago’s River North neighborhood, to MetLife Inc. for an estimated $125 million.