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Brickell Woods townhome owners seek bulk buyer for redevelopment site

Potential purchaser could demolish nearly 1-acre complex to build five-story condominium or apartment building

A rendering of 2180 Brickell Avenue
A rendering of 2180 Brickell Avenue (Offering Memorandum)

Owners of a 14-unit townhome complex in Brickell are on the hunt for a lucrative cash-out. They’re seeking a bulk buyer to purchase their two-story units in Brickell Woods, according to an offering memorandum obtained by The Real Deal.

Virgilio Fernandez and Mitash Kripalani with Colliers are marketing the 0.8-acre property at 2180 Brickell Avenue in Miami, which can be redeveloped into a five-story building with 54 condos or apartments, the offering states. The listing hit the market without an asking price, but the brokers are advising interested buyers to submit offers starting in the $18 million to $20 million range, Fernandez said. 

“We are getting a lot of interest since the listing went up about a week ago,” Fernandez said. “We have been approached by groups from Mexico, Brazil and Argentina. We are also getting calls from some New York developers and some local guys.”

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More than likely, the townhomes would be redeveloped into a boutique condominium, Fernandez said. Divided into two buildings with five townhouses, and another building with four units, Brickell Woods was completed in 1979, records show. 

The property is adjacent to another redevelopment site at 2200 Brickell Avenue. David Arditi’s Aria Development Group is proposing a five-story condominium with 104 units starting at $1 million on the 1.7-acre site. Aria recently tore down an apartment building also built in the 1970s in preparation for a groundbreaking. 

Brickell Woods is also in the same Brickell enclave as older waterfront condominium towers built in the 1980s and 1990s, such as The Palace, among the first high-rise buildings designed by Miami-based Arquitectonica, and Santa Maria Brickell, a 51-story condominium developed by Ugo Colombo’s CMC Group. 

Another Brickell development site up for grabs is a 1-acre assemblage at 68, 82 and 84 Southwest 13th Street and 1399 Southwest First Avenue. Investment firm Black Salmon is targeting a sale price of between $60 million and $70 million. 
In June, Leste Group and Brazilian real estate firm Opportunity Fundo de Investimento Imobiliário paid $35 million for a half-acre parking lot on the southeast corner of Southwest 10th Street and Southwest First Avenue in Miami. The joint venture is proposing a 70-story tower with 500 apartments.

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BrickellBulk SalesMiamiTownhomesTownhouses