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South Florida

Brickell’s new construction boom a surprise to developers

Real estate development’s rapid rebound in Brickell, with undertakings such as the $1.05 billion Brickell CityCentre and several high-profile condominium projects, has come as a pleasant surprise even to developers.

Last week, the Rilea Group broke ground on the Bond, a 43-story, 328-unit condominium project at 1080 Brickell Avenue. Diego Ojeda, a vice president at Rilea, told Miami Today that “construction has come back really fast, a lot faster than everyone thought.”

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Ojeda credited Related’s MyBrickell, a 28-story, 192-unit condo project at 75 Sixth Street, with being the catalyst for the new wave of condo development. Related is also planning a three-tower development at 444 Brickell Avenue, as previously reported.

Ojeda did point out, however, that construction costs were quickly rising, and cautioned developers to get moving on projects as soon as possible, according to Miami Today. [Miami Today] – Hiten Samtani

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