The Real Deal Miami

Company plans residential tower in West Brickell

Waterstone wants to build 155 units near City Centre development

January 06, 2014 10:30AM

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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.

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

  • peter zillbert realty

    who are all these developers building for, more then 5 projects down in brickell are not even close to sold out and they want to keep building for imaginary demand. These 2nd home buyers who developers are depending on dont want to be in brckell statitctics and facts have shown they rather be by the beaches. Brckell is for residents, and the fact that residents are making 70K a year they can not afford these luxurious buildings, banks are not lending out money like they were 8 years ago. Brckell will be filled with vacan buildings and prices will be forced to drop.

    • Mildred Mercado-Emory -

      I just hope that the City require for all these developers to plant lots of tree.
      Lots of vegetation.

  • Richard Deeb

    I hope they drop but, I doubt it. There was an article a few months back that states 90% of Cash Sales are drug money. That’s crazy. Yes! 90%….. this is Brickell in the 80′s all over again.

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