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

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

TRD 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
Alex Vidal and Craig Studnicky

Alex Vidal leaves RelatedISG to join Coldwell Banker in Dallas

Alex Vidal leaves RelatedISG to join Coldwell Banker in Dallas
320 85th Street in Miami Beach (Credit: Google Maps)

Lawsuit alleges Brickell brokerage violated Fair Housing Act

Lawsuit alleges Brickell brokerage violated Fair Housing Act
Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
(Credit: iStock)

Luxury condo prices drop in downtown Miami amid lockdown

Luxury condo prices drop in downtown Miami amid lockdown
Icon Brickell at 465 Brickell Avenue

Icon Brickell condo association settles class action suit alleging it charged illegal fees

Icon Brickell condo association settles class action suit alleging it charged illegal fees
Brickell City Centre’s CMX theater (Credit: Brickell)

Owner of CMX Cinemas files for bankruptcy, hopes to get help from landlords

Owner of CMX Cinemas files for bankruptcy, hopes to get help from landlords
1420 South Miami Avenue (Credit: Google Maps)

China City’s Brickell development site under new ownership

China City’s Brickell development site under new ownership
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
arrow_forward_ios

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

Loading...