The Real Deal Miami

Foram can go slow in crowded market

September 09, 2009 02:31PM

The Brickell Financial Centre is third in line among major downtown Miami commercial developments, and its developer is willing to wait until the backlog of space shrinks a bit. Both 1450 Brickell and Met 2 will hit the market in the first half of next year, and Brickell developer Foram says it’s now able to hold off on rushing to completion. John Breistol, Foram Group president, says the company has enough cash in place to finish the tower, which has cost about $160 million so far. About $140 million worth of work is still required. He said the company will be a long-term holder of the property and probably become one of its tenants when it’s finished.