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Front Page » Top Stories » Brickell Office Building To Be Redeveloped

Brickell Office Building To Be Redeveloped

Written by on October 30, 2003

By Leslie Kraft
Investors who include principals of Fortune International Realty are buying a Brickell Avenue building for $15.1 million to redevelop it into office-condominiums and residences, brokers said.

The 95,000-square-foot office building at 1110 Brickell is attractive to the buyer because existing zoning allows at least 400,000 square feet of development – or 300,000 square feet beyond the existing tower, said officials from CB Richard Ellis, a firm representing the seller.

"The buyer has long-term plans to develop a new high-rise building over the portion of the site where the existing parking structure sits," said Christian R. Lee, of CB Richard Ellis. "Other nearby sites that have gone through [a major-use permitting process] demonstrated that there is the potential for an even greater development density."

The price – about $159 per square foot – shows investors will pay a premium for under-developed buildings along the Brickell corridor, said Charles J. Foschini, of L.J. Melody & Co., also representing America’s Capital Partners, the sellers.

Fortune Real Estate, the property development arm of Brickell-based Fortune International Realty, did not use brokers in the transaction. Edgardo Defortuna, Fortune president and CEO, was not available Tuesday for comment.

"The deal would have been done for a few million dollars less if it had just been based on the building’s current revenue stream – there are about 30 smaller entrepreneur tenants," Mr. Foschini said. "But the buyers saw the development potential for a tower of office condominiums and a new tower with residences. This was a great opportunity for private investors to own a small building on Brickell. Most of the buildings on Brickell are owned by institutions."