Estoril sells condo-hotel component at Brickell's Espirito Santo Plaza
By Sherri C. Ranta
A leading hotel management company has signed a letter of intent to buy and manage the 225,000-square-foot condominium-hotel at Miami's Espirito Santo Plaza under construction, according to the developer.
Estoril Inc., a US subsidiary of Group Espirito Santo, confirmed the deal, but Estoril President Bill Ross said confidentiality agreements prevent him from disclosing the name of the hotelier for at least 60 days.
The $160 million, 36-story mixed-use project will also contain 300,000 square feet of office space, 7,500 square feet of retail space, 15,400 square feet of restaurant space and a 7,000-square-foot fitness center.
An adjacent 12-story, 980-space parking garage will be joined to the tower by a covered pedestrian bridge.
Work is now being done on the 30th floor of the complex at 1395 Brickell Ave., Mr. Ross said. Completion is scheduled for summer 2003.
Espirito Santo Bank, a division of the Group Espirito Santo, a 117-year-old Portuguese financial group with operations in six nations outside North America, will be the first tenant and occupy about 70,000 square feet.
There are no other office tenants yet, Mr. Ross said, but companies are showing interest.
"Typically in the Miami market, tenants sign leases six to eight months before a project is completed," Mr. Ross said.
He said Insignia/ESG is the leasing company for the commercial space.
Espirito Santo officials said the steel and glass tower will comply "to the letter" with South Florida building codes and state safety codes that were reviewed after Hurricane Andrew.
One of the largest budget items, they said, is more than $22 million for hurricane-resistant exterior glass. Concrete reinforcing is estimated at $25 million.