Entrepreneurs take control of Brickell property, plan mixed-use project

Miami /
Nov.November 22, 2016 03:00 PM

Two dot-com entrepreneurs just bought out a Brickell hotel’s long-term lease for $5.5 million, reportedly bringing their total holdings to more than an acre in the burgeoning neighborhood.

With an entire side of a block to work with along Southwest First Avenue, Jose Rasco and Juan Calle are now exploring an adaptive reuse project that would modernize their existing buildings.

Rasco and Calle, who co-founded the company behind Colombia’s .CO internet domain extension, are the landowners of the lot at 106 Southwest Eighth Street, which houses the pay-by-hour Karyna Motel. The two just bought out the remaining 37 years on the motel’s lease, giving them full control of the land, the South Florida Business Journal reported.

That deal brings the group’s total holdings to 45,000 square feet of land on the block. They previously bought the small King Condominium at 101 Southwest Ninth Street, as well as the office building at 120 Southwest Eighth Street. County records show entities controlled by Rasco and Calle have spent more than $17 million on the block in the last four years.

Rasco told the Business Journal that he plans to redevelop his group’s holdings later on, but has no immediate plans to demolish the buildings because the timing is wrong to launch a new project, especially condos.

Eventually, he told the publication, he would probably build rental apartments with a ground-floor retail component. He’s planning to renovate the Karyna Motel in the short term, and has already modernized the next-door office building where Rasco’s co-working business occupies 15,000 square feet.

According to published reports, Rasco and Calle’s .CO Internet company was bought out by tech firm Neustar for $109 million in 2014. [South Florida Business Journal]Sean Stewart-Muniz


Related Articles

arrow_forward_ios
Ugo Colombo with renderings of the project. (Getty)
Ugo Colombo’s CMC Group sells Brickell Flatiron sales center to Argentine investors
Ugo Colombo’s CMC Group sells Brickell Flatiron sales center to Argentine investors
Six people who were previously employed by Four Seasons Miami are going after the hotel in a class action labor suit. (Getty, District Court of Southern Florida, WikiMedia / Averette)
Four Seasons in Miami leaves staff on “perpetual furlough” to avoid severance pay: lawsuit
Four Seasons in Miami leaves staff on “perpetual furlough” to avoid severance pay: lawsuit
Cain International's Jonathan Goldstein, OKO Group's Vlad Doronin and the Brickell condo renderings. (Getty, OKO Group & Cain International)
Billionaire Vlad Doronin, partner score $128M construction loan for Brickell condo tower
Billionaire Vlad Doronin, partner score $128M construction loan for Brickell condo tower
JDS Development's Michael Stern with a rendering of the One Southside project (JDS Development)
Michael Stern’s tower site deemed brownfield, paving way for tax breaks
Michael Stern’s tower site deemed brownfield, paving way for tax breaks
Brickell dev site hits market, broker expects it to fetch more than $25M
Brickell dev site hits market, broker expects it to fetch more than $25M
Brickell dev site hits market, broker expects it to fetch more than $25M
Founders Fund partners Peter Thiel and Keith Rabois (Getty/Illustration by Kevin Rebong for The Real Deal)
Silicon Valley’s Founders Fund inks Miami lease
Silicon Valley’s Founders Fund inks Miami lease
Renderings of the One Brickell project with Jorge Pérez  and Jon Paul Pérez (Photos via Wikipedia Commons, Related)
Related to partner with Baccarat on major Brickell high-rise development
Related to partner with Baccarat on major Brickell high-rise development
Yamal Yidios and an aerial view of the property (Ytech)
Ytech completes $12M deal for Brickell high-rise dev site
Ytech completes $12M deal for Brickell high-rise dev site
arrow_forward_ios

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

Loading...