Habitat moves forward with West Brickell condo, hotel project

Smart Brickell is a three-building condo and hotel project that offers owners the ability to rent their units out 50 times a year

TRD MIAMI /
Nov.November 14, 2019 03:35 PM
Smart Brickell and Santiago Vanegas

Smart Brickell and Santiago Vanegas

Habitat Group is moving forward with the construction of a large condo and hotel project in Brickell after scoring a $24 million loan.

Habitat secured the construction loan from Miami-based Ocean Bank to build Smart Brickell’s Tower 1 at 239 Southwest 9th Street in Miami’s West Brickell neighborhood. The tower will have 50 hotel rooms and 50 condos and is planned for completion in 2021.

Smart Brickell is a three-building condo and hotel project that will offer owners the ability to rent their units out 50 times a year. In all, the project will have nearly 300 units and about 12,000 square feet of commercial space for a cafe, restaurant and retail. Tower 2 is expected to break ground in early 2020.

Santiago Vanegas, CEO and president of Habitat Group, said Smart Brickell Tower 1 is already sold out, while Smart Brickell Tower 2 is about 80 percent sold.

Miami-based Cervera Real Estate is handling sales for Smart Brickell. Hernando Carrillo is the architect. Condo prices range from $300,000 to $600,000.

Habitat Group is focusing on West Brickell. The company recently paid $6.1 million for a site at 1200 Southwest Second Avenue where it’s planning to build Brickell 12, a 96-key hotel project. The company’s other projects include the Brickell Lux and Millux Hotel, according to its website.

With just over $4 billion in assets, Ocean Bank is an active construction lender in South Florida. Last year, the community bank provided an $85 million construction for Melo Group’s Art Plaza Apartment. This comes at a time when many banks in South Florida are backing away from construction lending due to heightened regulatory scrutiny.


Related Articles

arrow_forward_ios
Four Seasons Hotel Miami at 1435 Brickell Avenue (Credit: Averette/Wikipedia)

Four Seasons Hotel Miami, DoubleTree near MIA lay off hundreds

Fabio and Sebastian Faerman with 801 Brickell Bay Drive

Turkish nightclub mogul buys Brickell space for first US location

Jake Vogel and the upper penthouse 6201 at Brickell Flatiron (Credit: Facebook)

Marine industry exec drops anchor at Brickell Flatiron

Steven Hurwitz and Ryan Severino

JLL’s top economist forecasts low probability of a recession

From left: Carlos Mattos, Nusret Gökçe, Panorama Tower and 999 Brickell (Credit: Getty Images)

Panorama Tower debris damaged building housing Salt Bae joint: lawsuit

Stephen Nostrand and 1548 Brickell Avenue

Historic Brickell Avenue building listed for sale

Rattan Chadha, Executive Chairman & Founder of CitizenM

CitizenM scores $48M loan to build Brickell hotel

Daily Digest Miami

Last call for Purdy Lounge, Russell Galbut wants to sell another Miami Beach hotel: Daily digest

arrow_forward_ios
Loading...