300 Million Residential High Rise Planned For Brickell
Written by Leslie Kraft on September 25, 2003
By Leslie Kraft
The Related Group of Florida has signed a deal with French investor Claude Dray to build a $300 million residential-commercial complex at 901 Brickell Ave., said chairman Jorge Perez.
The joint venture plans 900 to 1,000 residential rental and condo units in two towers, consisting of 36 and 46 floors, each atop nine floors of parking. The project will sit on 2.9 acres of currently undeveloped land.
Two restaurants with outdoor seating are planned for a European-style plaza area, and Mr. Perez said other commercial interests on the property might include shops and evening entertainment venues such as a nightclub.
"Market demand will dictate the commercial portion of the project," he said.
Mr. Dray named the project Brickell City Center shortly after he purchased the land in July 2002 for about $18 million from Equitable Life Insurance, but it may be renamed, Mr. Perez said.
Sales of condos are expected to begin during the next few months, he said, with construction scheduled to start in six to 12 months. The developers hope to complete the project two years later.
The one-, two- and three-bedroom luxury units will range in price from $200,000 to $800,000. Amenities will include two swimming pools, a health spa and exercise room, a business center, a concierge, valet parking and 24-hour security.
"I liked the east Brickell location of the property. It was the only large parcel available in that area, which is still the premiere address for Miami," said Mr. Perez, whose nearby One Miami condo high-rise at 205 S. Biscayne Blvd. is 97% sold.
"With (901 Brickell), we would like to provide a more affordable alternative on Brickell for young professionals to some of the other projects currently being built there," Mr. Perez said. "The price range we have chosen is a niche that meets the needs of people who work in the area and also those of international travelers looking for a base that is both near business and recreational facilities."
Mr. Dray, a part-time resident of Fisher Island who owns Cidinvest S.A.R.I. Holdings in Paris, is pleased with the deal for 901 Brickell, said Victor Azria of Planet Realty in Miami. Mr. Azria, also a Fisher Island resident, represented Mr. Dray and his family in the purchase of the property and the joint venture with The Related Group.
He said Mr. Dray was attracted to the property because the land already had a city development permit. Equitable acquired the permit in 1984 when it planned two office towers to complement neighboring One Brickell Square, at 801 Brickell Ave., which it also owned. The two towers were never built, but the permit – for up to 920,000 square feet of office space that could also be used for residential buildings – has been extended to 2005, the city has said.
In 1994, Equitable sold One Brickell Square to AFA Asset Services for $70.8 million.