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South Florida

Company plans residential tower in West Brickell

Brickell City Centre site
Brickell City Centre site

A real estate investment firm wants to build a 24-story residential tower west of the massive Brickell City Centre development.

Bay Harbor Islands-based Waterstone Capital plans to announce the 155-unit project and launch sales in the near future, Daily Business Review reported. Coral Gables architectural firm Brito, Cohan & Associates is designing the mixed-use tower, which is expected to include 13,000 square feet of ground-floor retail space. Waterstone paid $4 million in two transactions for the project site at the southwest corner of Southwest 10th Street and Second Avenue.

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To differentiate the project from the slew of other residential developments nearby, Waterstone intends to sell units at $400 per square foot and include more three and four-bedroom residences than competing towers.

West Brickell is increasingly being targeted by developers and land-bankers. A company tied to Brazilian airline mogul Jose Afonso Assumpcao spent much of 2013 assembling a site west of Brickell City Centre and expected to sell the land at a significant profit. [Daily Business Review] — Eric Kalis

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