Related completes $104M Brickell acquisition

Miami /
Dec.December 11, 2013 11:15 AM

The Related Group’s $104 million purchase of a waterfront Brickell Avenue site has officially closed, The Real Deal has learned.

Related completed the acquisition of four acres at 444 Brickell Avenue on Monday, according to Miami-Dade County records. The county recorded the transaction on Tuesday. The company plans to build a three-tower mixed-use project called One Brickell on the two-property site.

New York-based DB Private Wealth Mortgage provided Related with a $53.5 million loan for the purchase. DB Wealth is a subsidiary of Deutsche Bank Trust Company Americas.

Plans for One Brickell include 1,200 residential units, a five-star hotel with about 200 rooms and convention space and at least 200,000 square feet of office and retail space. Related has formed a joint venture GTIS Partners for the development, according to a written announcement released by the company on Wednesday.

“We are pleased to enter this partnership with GTIS and have enjoyed a long standing relationship with the partners of the firm,” Related COO Matt Allen said in the company’s announcement.

Two prominent architectural firms, Miami-based Arquitectonica and Pelli Clarke Pelli of Connecticut, have been hired to design the towers and commons areas. The 80, 70 and 55-story buildings would total more than four million square feet.

Related CEO Jorge Perez called One Brickell “the most important development in the urban core” in a written statement released last week.

The company developed the 1,800-condo Icon Brickell complex across the street from the 444 Brickell site, which presently includes an office building with a Capital Grille restaurant on the ground floor.

Seller CWCapital Asset Management, a subsidiary of CW Financial Services, put the properties on the market during the spring.

The office building was known in the 1980s for the popular restaurant Cye’s Rivergate. Back then, Miami’s financial district had a bustling professional population but virtually no nightlife. That changed during the last residential boom, when developers like Related constructed numerous high-rise condo towers in the district.


Related Articles

arrow_forward_ios
From left: Lockton Companies' Fred Zutel, KAR Properties' Shahab Karmely, Bilzin Sumberg's Suzanne Amaducci-Adams, and International Sales Group's Craig Studnicky
Soaring costs and slowing demand complicate South Florida condo projects
Soaring costs and slowing demand complicate South Florida condo projects
Trinity CEO Sean Hehir, Related CEO Jorge Pérez, BH Group’s Isaac Toledano and the Diplomat Beach Resort in Hollywood, Florida
Trinity and Credit Suisse to buy Hollywood’s Diplomat for $850M
Trinity and Credit Suisse to buy Hollywood’s Diplomat for $850M
A photo illustration of BH Group’s Isaac Toledano, Related Group’s Jorge Perez, and Marina Village in Riviera Beach (Getty, BH Group, Related Group)
Riviera Beach CRA approves deal for Marina Village apartment building
Riviera Beach CRA approves deal for Marina Village apartment building
Henry Bott and Kieran Bowers with a rendering of One Brickell City Centre (Getty)
Swire taps Henry Bott to replace Kieran Bowers as president in Miami
Swire taps Henry Bott to replace Kieran Bowers as president in Miami
From left: CP Group’s Angelo Bianco, Monarch Alternative Capital’s Michael Weinstock, MV Group USA’s Manny Varas; The Springs Circle Center at 1 South Royal Poinciana Boulevard and 69 Hook Square in Miami Springs; Citigroup Center at 201 South Biscayne Boulevard in downtown Miami (Getty, CP Group, MV Group USA, Monarch Alternative Capital)
Lease roundup: Citigroup Center in downtown Miami nabs tenants
Lease roundup: Citigroup Center in downtown Miami nabs tenants
A photo illustration of University of Miami professor Andrewa Heuson and Lab22c founder Saif Ishoof (Getty, University of Miami, Lab22c)
“Existential urgency”: Housing crisis clouds South Florida, expert says
“Existential urgency”: Housing crisis clouds South Florida, expert says
From left: Taylor Collins and Jon Paul Perez with Rivage
Related, partners launch sales of Bal Harbour condos, with PH asking over $65M
Related, partners launch sales of Bal Harbour condos, with PH asking over $65M
From left: Dev Motwani, Soleste in Dania Beach, Alta Developers' Raimundo Onetto and Alta’s Crest at Pinecrest
Map: Here’s where South Florida is getting new apartments this year
Map: Here’s where South Florida is getting new apartments this year
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...