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

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.