The Real Deal Miami

LNR and Lynd close on development rights for Mary Brickell project

September 07, 2012 01:30PM

Developers LNR Property and Lynd have closed on the acquisition of the development rights to Skyline Equities Realty’s former SkyPalace project. The new project, EnV Brickell, will begin construction in September after acquiring equity financing from BlackRock Realty Advisors and a construction loan from Wells Fargo. The 35-story tower is set for completion in 2014. Last week, it was announced that Plaza Construction would build the tower. Skyline will be refunding existing condo deposits for the SkyPalace project at 100 percent. “We continue to identify development opportunities throughout the region,” said Evangeline Gouletas, chairman and CEO of Skyline Equities Realty. — Alexander Britell