Related Converts Miami Apartment Tower to Viceroy Condos

Related Group and its partner converted plans for an apartment tower under construction into a Viceroy-branded condo building along the Miami River.

Coconut Grove-based Related and New York-based GTIS Partners launched sales of the 45-story, 420-unit Viceroy Brickell, The Residences, at 77 Southeast Fifth Street, just west of Brickell Avenue in Miami, according to a press release. A Related affiliate secured a $164 million construction loan from Truist Bank in late 2022. The building could be completed in 2026.

Viceroy Brickell will be part of a three-tower One Brickell complex that includes the planned Baccarat Residences and a third building that Related has not yet launched, planned for 444 Brickell Avenue.

The project marks a sort of déjà vu for Related, which built the former Viceroy Brickell hotel, now a W, in 2009 as part of the Icon Brickell complex at 485 Brickell Avenue. It also adds to a growing pipeline of branded condo developments in South Florida, many of which are concentrated in Greater Downtown Miami, including Aston Martin Residences, Mandarin Residences and Cipriani Residences.

Principals of Highgate, one of the largest hotel management companies in the world, announced it was acquiring the Viceroy Hotels & Resorts brand in late 2022.

Edgardo Defortuna’s Fortune International Realty is leading sales and marketing for Viceroy Brickell. Units range from the $600,000s to more than $2.5 million.

The units will range in size from studios to two-bedrooms, and from 485 square feet to 1,286 square feet, according to the release. It will also have two floors of penthouses and 56 “city flats” fronting Southeast Fifth Street.

Arquitectonica is designing the building with interiors by Meyer Davis. It will have 37,000 square feet of amenities, including a 14th-floor amenity deck.

In March, Related and GTIS scored $328 million in construction financing for the Baccarat high-rise, a planned 75-story, 355-unit branded condominium tower. The project is more than 95 percent presold, and it could be completed in 2028.

Related’s plans for the overall site were in limbo after the discovery of some of the most archaeologically significant findings in more than two decades near the mouth of the Miami River. The city of Miami gave a portion of the property an archeological designation after the discovery of artifacts and human and animal remains, but that will likely not change Related’s plans for the three towers.