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Ricardo Dunin, Peruvian partner launch sales of second Domus-branded Brickell condo project
Prices for 35-story, 579-unit short-term rental tower range from $500K to $1.5M
From left: Oak Capital CEO and North Development co-founder Ricardo Dunin; North Development co-founder and Edifica’s Juan Carlos Tassara; a rendering of Domus Brickell Center (North Development)
Ricardo Dunin and his Peruvian partner, Juan Carlos Tassara, are launching sales of their second Domus-branded short-term rental-friendly condo tower in Miami’s Brickell neighborhood.
Dunin, CEO of Miami-Based Oak Capital and co-founder of North Development, his joint venture with Tassara, said his aim for Domus Brickell Center, as the project is named, is affordability and hospitality.
“We are thinking of it as a hotel, and building it as a hotel,” he said of the planned 35-story, 579-unit condo tower at 1034 Southwest 2nd Avenue. Prices for the units range between $500,000 and $1.5 million, according to a press release. Cervera Real Estate is leading sales for the project.
Floor plans for the furnished units include studio, one- and two-bedroom options, the release shows. Miami-based Studio Mc+G Architecture designed the project, with Urban Robot Associates handling interiors. Dunin’s Domus Management will handle the rental process for units.
Amenities in the tower will include a rooftop pool and bar, a gym, a private conference room, wine room, café and market.
Dunin said he anticipates most of the buyers for Domus Brickell Center will be from Latin America. Many buyers can’t afford the more expensive Brickell projects, like the nearby Mercedes-Benz-branded project, he said.
“There’s a big appetite for this price point,” Dunin said. “A lot of people have been priced out of the market in the Brickell area.”
He anticipates that the project will be 50 percent presold by the end of this year, and expects to break ground early next year and complete construction in 2027, he said. Dunin bought the site for $15 million in two deals last year, records show.
Condo prices at the partners’ first project, Domus Brickell Park, range from $600,000 to $1.2 million. Dunin and Tassara’s Lima, Peru-based Edifica landed a $70 million construction loan for Domus Brickell Park in March, and they’re confident lenders will be eager to back their latest Domus tower.
“It wasn’t difficult,” Dunin said. “Not only because it’s in Brickell and it’s the product type that everybody wants, but we’ve been here in South Florida doing development for about 30 years.”
South Florida is booming with planned short-term rental-friendly buildings. More than 50 percent of the pipeline of nearly 20,700 condos in the works across the tri-county region are for short-term rental-friendly units. Many of these condos are planned for the urban core of Brickell, Edgewater and downtown Miami. At the Miami Worldcenter complex, the Pérez family’s Related Group and Merrimac Ventures are developing the 33-story, 450-unit The Crosby at 601 North Miami Avenue. On an adjacent lot, Merrimac and Miami-based Aria Development Group are developing the 32-story, 579-unit 600 Miami Worldcenter. Both will be short-term rental-friendly projects.
Earlier this month, Alta Development landed a $68 million construction loan for a 283-unit short-term rental-friendly project near the Miami River. Peruvian developer William Ticona has a 60-story, 592-unit short-term rental project planned in Edgewater, and Harvey Hernandez’s Newgard Development Group has a 40-story, 384-unit project in Fort Lauderdale.