Ytech buys historic Nolan House in Brickell for $6M
Property, converted to offices, hit the market last year with an asking price of $8M
UPDATED, Oct. 20, 7:10 p.m.: A developer paid $6 million for the historic Nolan House, one of the few remaining original mansions that lined Miami’s Brickell Avenue in the 1920s.
Ytech, a Miami-based company led by Yamal Yidios, bought the property at 1548 Brickell Avenue with renovation plans, according to a press release.
Ytech declined to disclose its vision for the building, only saying in the release that it will “bring new life to the estate, while honoring its deep roots in Miami’s history.”
A city historic designation limits changes to interior renovations and mandates preservation of the exterior and historic elements. Originally built in 1926 as a home, the property in recent years has been converted to offices.
Seller EJG Real Estate, led by Estanislao and Jose Garavilla, had put the property on the market in February 2020 for $8 million. EJG Real Estate paid $3.8 million for the property in 2019, property records show.
Hunter Halten of One Commercial Real Estate represented the seller in the recent deal.
George Nolan, who moved to Miami with his wife and two children in 1921 to head Miami National Bank, built the 14-room mansion in a neoclassical-style, per the wishes of his wife Mae Belle Nolan, who hailed from Georgia and wanted a Southern colonial home, according to a Miami History blog. J.C. Gault was the architect.
The property has a two-story portico supported by massive Corinthian columns, according to Miami’s historic preservation website. The city designated it as historic in 1997.
The home became the gathering place for other Miami pioneers who settled along Brickell Avenue, at the time known as Millionaire’s Row, according to the Miami History blog. It also is noted for withstanding the hurricane of 1926.
By the 1970s, the Nolan children were receiving top-dollar offers, but George Nolan Jr. held on to the home until 1997 when he sold it to a law firm, according to Miami History.
The property has had commercial uses since then, including as an office for Sotheby’s International Realty, and then for Hive Brickell, which provides offices for freelancers and startups.
Ytech’s other Brickell project in the pipeline is an up to 80-story tower with 183 units at 41 and 75 Broadway. Yidios bought the development site, which is just north of Simpson Park, in January for $12.2 million.
The Nolan house is one of the few remnants of old Miami, as Brickell has been redeveloped with high-rise office, hotel and condominium buildings, including the massive Brickell City Centre project. In one of the biggest projects currently on tap, Vlad Doronin’s OKO Group and Cain International are building the 55-story 830 Brickell tower, with Microsoft and WeWork already signed on as tenants.