The Related Group is planning a Baccarat-branded three-tower development in Brickell with up to 1,400 residential units, The Real Deal has learned.
The Miami-based developer would build the high-rise project on the property at 444 Brickell Avenue, where it previously planned to build One Brickell, according to marketing materials obtained by TRD.
Related, the largest condo developer in the Miami area based on the number of units it has built, is typically the first to launch in a new cycle. Despite the pandemic, a handful of developers are working on plans for large projects, fueled in part by the huge surge in single-family home sales in recent months, which has started to spill over into high-end condos.
Related’s mixed-use luxury condo project would be managed by Baccarat Hotel and would include 57-story, 77-story and 82-story towers with hotel, office and retail components. Units would range from one to four bedrooms, and the project would include a fitness center, business center, pool and riverfront promenade, according to marketing materials.
Arquitectonica — which often designs Related’s projects, and which was previously hired to design One Brickell — is the architect for Baccarat Residences. Enzo Enea is handling landscaping.
Related declined to comment through a spokesperson.
Baccarat, a French crystal maker and jeweler, has the Baccarat Boutique B Bar and Lounge in the Miami Design District and The Baccarat Hotel & Residences in New York.
Baccarat Hotels is looking to expand in San Francisco, Los Angeles, Miami, Mexico City and São Paulo, in addition to major cities around the world, according to its website.
Related paid $104 million for the 444 Brickell Avenue property in 2013. The 4-acre property is home to an office building with a Capital Grille restaurant on the ground floor. The planned redevelopment, previously called One Brickell, had been in the works since Related bought the site, which is across the street from its Icon Brickell development.
Related, led by chairman and CEO Jorge Pérez and his son, president Jon Paul Pérez, began sales in the fall of a luxury condo tower in Pompano Beach called Solemar. The Solemar launch marked the first new condo sales launch for Related in South Florida since 2016. Related is also partnering with Dezer Development on a condo site in Hillsboro Beach.
Other developers are ramping up to launch sales of major projects this year, sources say.
Property Markets Group and E11even Partners, led by Michael Simkins, are working with Deepak Chopra on E11even Hotel & Residences, a planned 65-story, 400-unit tower northwest of downtown Miami.
According to RelatedISG’s 2020 fourth quarter Miami report, about 1,300 new construction units remain for sale out of about 19,500 units built or under construction since 2012 . The report covers new projects from Coral Gables to Fort Lauderdale, and surveys developers for sales updates.
Condo sales are on the rise in Miami-Dade. In December, existing condo sales rose by more than 29 percent, compared to December 2019, to 1,618 closings, according to the Miami Association of Realtors.