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Front Page » Top Stories » Sale Puts New Luxury High Rise Into Brickell Mix

Sale Puts New Luxury High Rise Into Brickell Mix

Written by on July 19, 2012

By Scott Blake
Another luxury high rise — this one with residential, retail and parking — is in the works for Brickell Avenue.

Real estate investment and development firm Key International and real estate investment and management firm 13th Floor Investments announced Tuesday they partnered and bought a 316-space parking garage at 1010 Brickell Ave. The $11.5 million transaction closed last week.

The plan, the Miami-based owners said, is to build a "luxury residential community including retail and parking" on the site.

The site is a block from Mary Brickell Village and two blocks from the future site of Brickell CitiCentre, a $1 billion-plus residential, shopping and office complex in the early stages of construction.

The only caveat: The new owners don’t know yet when they would start construction.

"We’re not in a hurry," said Key International Vice President Inigo Ardid. "For now, we just want to have a site in that area."

Mr. Ardid said he and his partners were drawn to the location after taking notice of the positive momentum in Brickell real estate, especially Swire Properties’ CitiCentre project and the neighborhood’s strengthened condominium market.

"There’s definitely so much happening in the area," he added. Eventually, "we want to develop" the site.

Currently, the plan calls for demolishing the parking garage on the site. The new construction would feature retail on the first three floors, perhaps with hotel space above it, followed by apartments either for sale or for rent up to nearly 40 stories tall.

The previous owner of the property was 1000 Brickell Avenue II Ltd. The site is near the 10th Street Metromover station.

"What we are most excited about with this asset," said Arnaud Karsenti, managing principal of 13th Floor Investments, "is the prime location within the Brickell financial district."To read the entire issue of Miami Today online, subscribe to e -Miami Today, an exact digital replica of the printed edition.