The Real Deal Miami

Developer scores construction financing for Brickell, North Beach projects

North Beach luxury condo project landed design approval in March

June 29, 2016 10:30AM
By Katherine Kallergis

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Rendering of 6800 Indian Creek Drive (Credit: Arquitectonica)

Rendering of 6800 Indian Creek Drive (Credit: Arquitectonica)

Optimum Asset Management closed construction loans for two properties it owns near Brickell City Centre and in North Beach.

Starlite motel

Starlite motel

Miami affiliates of Optimum, an investment and real estate development firm, closed about $13 million in financing from City National Bank. The first, a $7 million loan, is for the Starlite motel site at 128 Southwest Seventh Street. The $5.8 million loan is for 6800 Indian Creek, a planned waterfront condo project in North Beach.

At the end of 2014, Optimum USA Brickell 2, managed by CEO Ricardo Tabet and managing director Rodolfo Misitano, paid $24.8 million for the two-story motel on the west end of Brickell. The motel sits on nearly an acre of land that’s zoned T6-24-O, which means it can go up to 24 stories tall with an option for more under Miami 21 code.

The other property, at 6800 Indian Creek Drive, is already in the planning stages. In March, the Miami Beach Design Review Board unanimously approved plans for a 30-unit luxury condo project with 12 docking spaces. The LLC paid $11.25 million for the two vacant lots in 2014. They total 1.1 acres. The property was seized in a foreclosure proceeding in 2010 after a previous condo project as the site went into bankruptcy.

Arquitectonica is designing the Indian Creek project.

Optimum could not immediately be reached for comment.