Focus is the latest real estate firm to catch Brickell fever.
The Chicago-based company now owns a piece of the booming Miami neighborhood, paying $28 million for the development site at 128 Southwest Seventh Street, according to records.
An entity managed by Matthew Barry sold the shuttered two-story, 60-key Starlite Motel East. It had paid $24.8 million for the property in 2014, records show.
Focus plans a 300-unit apartment tower, although no application has been filed, and the number of stories is yet to be determined, said Walker & Dunlop’s Michael Stepniewski, the buyer’s financing broker.
Focus took out a $17.5 million acquisition and pre-development loan from Wintrust Bank, records show.
The motel, constructed in 1995, is slated for demolition, according to media reports, freeing up almost an acre for redevelopment.
Founded in 1993, Focus has developed throughout Illinois, with its projects in Chicago valued at more than $2.4 billion, according to its website. It’s led by Tim Anderson.
In 2020, Focus sold the 111-unit Kelmscott Park Apartments in Lake Forest for $54 million, two years after completing the complex. The firm is also part of a partnership that plans a 19-story mixed-use building in Chicago’s West Loop.
The Brickell project appears to be Focus’ first in the neighborhood, as the firm does not list any Miami projects on its website.
Brickell has been thrust in the spotlight in recent months for becoming a magnet for large financial firms, most notably hedge funder Ken Griffin’s Citadel. But the neighborhood also has a strong pipeline of residential projects.
Read more
Residential
South Florida
Inside Griffin's billion-dollar South Florida property play
Commercial
South Florida
Ken Griffin's Citadel comes to Brickell — and supercharges the market
Commercial
South Florida
RPT Realty buys Shops at Mary Brickell Village for $216M
Mast Capital plans the Cipriani Residences condominium tower and two apartment high-rises at 1420 South Miami Avenue.
This summer, Menesse Condos and Investee, both based in Mexico, along with their local partner, Lucid Investment Group, announced plans for a 24-story tower with 350 apartments at 143 Southwest Ninth Street.
Yamal Yidios’ Ytech plans a 70-story, 189-unit condo called The Residences at 1428 Brickell Avenue.
On the office front, OKO Group and Cain International’s 830 Brickell that is under construction will be the first new standalone office project in Brickell in over a decade, once completed.
Also, Stephen Ross’ Related Companies and Swire Properties plan a 1,000-foot tall office building at Brickell City Centre.