Henry Pino has placed an eight-figure wager on the Brickell residential market.
His Alta Development bought a half-acre site along Southwest Ninth Street for $15 million, with plans to build a 38-story tower with 320 apartments, according to a news release. Progesti, led by Jose Nunez, is the seller.
The real estate consists of a three-story, 24-unit apartment building constructed in 1964 at 180 Southwest Ninth Street and the adjacent, vacant lot at 160 Southwest Ninth Street. Progesti bought the properties in two deals in 1999 and 2000 for a combined $2.95 million, according to records.
Virgilio Fernandez and Gerard Yetming were part of the Colliers team that closed the deal.
Brickell has morphed into a major office market in light of the company expansions and outright relocations there, prompting developers to beef up the neighborhood’s apartment and condominium offerings.
Among the developers betting on building residences in Brickell is Harvey Hernandez’s Newgard Development Group, which plans a 2 million-square-foot project with a pair of condo towers and an apartment building along Southwest Seventh Street and near the Miami River.
Also, a venture among Mexican firms Menesse Condos and Investee, and their Miami-based partner Lucid Investment Group, wants to build a 24-story apartment building with 350 units at 143 Southwest Ninth Street.
As for Pino, the apartment tower he plans in Brickell won’t be his first venture in the neighborhood. Before he formed his Alta Development in 2020, he was one of the executives at Alta Developers, which built the 12-story, 128-unit Le Parc at Brickell condominium at 1600 Southwest First Avenue.
On the office front, Brickell’s biggest score is billionaire hedge funder Ken Griffin’s planned relocation of his Citadel and Citadel Securities headquarters from Chicago.
Read more
Commercial
South Florida
“We’re not sort of in — we’re all in:” A look at Ken Griffin's plans to reshape Miami
Residential
South Florida
Inside Griffin's billion-dollar South Florida property play
Commercial
South Florida
Mapping out Ken Griffin’s Miami shopping spree
Griffin has retained Sterling Bay to build the Citadel headquarters at 1201 Brickell Bay Drive, a 2.5-acre site he purchased for a record $363 million in April. It also has leased space at the 830 Brickell office tower being developed by Vlad Doronin’s OKO Group and Jonathan Goldstein’s Cain International.
The neighborhood is also in line to get another office tower, as Swire Properties and Stephen Ross’ Related Companies plan the 1,000-foot tall One Brickell City Centre.