Developer: Miami ‘most attractive’ to foreigners

Overseas cash buyers fueling construction in Brickell, Edgewater
June 12, 2013 10:00AM

From left, Le Parc at Brickell and Henry Pino, Raimundo Onetto and Patricio Ureta

The Magic City’s fame as an international business and hospitality center continues drawing foreign cash buyers to Miami-Dade County rather than to cheaper Broward and Palm Beach counties, South Florida-based developer Henry Pino told the South Florida Business Journal.

Pino’s firm, Strategic Properties, has several condo projects underway conceived of with these buyers in mind.

“We are targeting international cash buyers who continue to look at Miami as an attractive city for luxury real estate,” he told the Journal.

Strategic Properties has partnered with AXA Developers, a collaboration between Chile’s largest publicly-traded residential developer, Aconcagua, and Miami-based Archiplan USA to construct the 12-story Le Parc, a 12-story “boutique” condo tower in Brickell.

The companies, which teamed up along with Raimundo Onetto and Patricio Ureta to purchase a property in Edgewater, are marketing these projects to foreign investors with cash, able to put down half the ticket price as a deposit, which helps finance construction. [South Florida Business Journal]Emily Schmall