The Real Deal Miami

Habitat Group launches second phase of Brickell condo project

Prices range from $300K to $600K
By Katherine Kallergis | November 29, 2018 06:00PM

Santiago Vanegas President of the Habitat Group and renders of Renderings of Smart Brickell

Habitat Group is launching sales of the second tower at Smart Brickell, a condo-hotel complex with flexible short-term rental options.

The three-building project sold out the first tower, with 50 hotel rooms and 50 condos, and is planning on breaking ground on the 25-story building in March, developer Santiago Vanegas said. The condo sellout is about $19 million for the first tower and the estimated sellout for the second building, also with 50 hotel rooms and 50 condo units, is $19.5 million.

Smart Brickell is priced lower than most new developments in the neighborhood, with units ranging in price from $300,000 to $600,000. Vanegas said about 70 percent of the buyers in the first building are investors and 30 percent are end users.

The project offers owners the ability to rent their units out 24 times a year, or about twice a month. “We are seeing that the rental restrictions in most condos are limiting for a lot buyers that want to have more options,” Alicia Cervera Lamadrid of Cervera Real Estate said in a release. Cervera is handling sales of the condos, which range from 558 square feet to 1,117 square feet.

Buyers can also participate in a two-year, fixed annual leaseback program. Other developments are also beginning to offer looser rental restrictions, like YotelPad in downtown Miami.

Habitat Group expects to break ground on the second building later next year, between six and nine months of beginning construction on the first tower. The 1.23-acre project will also include a third building, similar to the first two.

Smart Brickell will feature an amenity deck with a terrace, resort-style pools, a fitness center, cafe on the ground floor, rooftop lounge bar and business center. Architect Hernando Carrillo and Gensler are designing the project, and Arquitectonica is designing the fully finished units. The apartments will include smart home features, Bosch appliances and more.