Echo Brickell, projecting sellout of $300M, begins closings

180-unit, 57-tower launched in 2013 and is 97% sold

Miami /
Nov.November 14, 2017 04:45 PM

Property Markets Group and JDS Development Group just completed Echo Brickell with an expected sellout of about $300 million, developer Ryan Shear told The Real Deal.

Nearly 30 units have closed to date, Shear said. The developers launched sales of the 57-story, 180-unit tower at 1451 Brickell Avenue in 2013. ISG is handling sales and five units are left, according to Shear. Buyers hail from around the world, including Mexico, the United Kingdom, China, Spain, France and Brazil.

The skyscraper, designed by Carlos Ott and Yoo Studio Design, features a 2,800-square-foot fitness center, pool, food and beverage services, hot tubs and sunbathing deck, and a health club and spa.

Property records show buyers so far include Elias Nader, who paid $560,000 for a unit, and a Florida company controlled by Nathacha Oxford that paid $930,000 for a unit.

PMG spent $25 million for the development site in 2013 and financed construction with nearly $124 million in financing from Canyon Capital Realty Advisors. The tower made headlines last year when scaffolding collapsed in October 2016, injuring five people. A bystander suffered a heart attack and died.

The New York-based developer is also working on Muse Residences in Sunny Isles Beach, which will be completed next year, and recently began construction of the Las Olas Riverfront. In July, PMG secured a $154 million construction loan for the two-phase riverfront project, which will include two apartment towers with 1,200 apartments and a waterfront public plaza on the ground floors with restaurants and entertainment.


Related Articles

arrow_forward_ios
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
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
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
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
arrow_forward_ios

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

Loading...