A Mexican firm that invested in Brickell development sites over the past two years sold one of the properties.
Yet, it still plans to partner on developing the planned condo project, according to a source familiar with the matter.
Menesse International sold the 0.4-acre vacant lot at 1870 Brickell Avenue in Miami for $10.3 million, according to records. The purchasing entity ties to Andrew Rasken of Lucid Investment Group, which is the Miami-based project partner, and Bruno Benevides of Iron Capital.
Menesse International, which moved its headquarters to Miami last year, had paid $6 million for the property last year. The plan at the time was for a 16-unit condo building, with prices starting at roughly $3 million, media reports say.
Menesse International is a joint venture between Menesse Condos, led by CEO Mariano Borges, and Alejandro Díaz Naranjo, CEO of Habitania Group.
Although Lucid was previously reported to be the project’s local partner, the purchasing entity’s ties to Benevides suggest the buyer is Meta Development. Meta is a joint venture between Lucid and São Paulo, Brazil-based Iron Capital.
Menesse made its first Brickell purchase in 2022, paying $23.5 million for the 0.7-acre site at 143 Southwest Ninth Street. At the time, the partnership submitted a proposal for a 39-story, 400-unit apartment tower.
Last month, Meta Development launched sales of a boutique six-story, 14-unit condo project 3137 Southwest 27th Avenue in Miami’s Coconut Grove. Prices at the building, which is expected to be completed in 2026, start at $2.5 million.
Brickell, known as Miami’s financial district, became a magnet for more condo and apartment developers during South Florida’s real estate boom of the past four years.
The Pérez family’s Related Group and Integra Investments plan the 50-story, 152-condo St. Regis Residences, Miami, at 1809 Brickell Avenue in Miami. It is expected to be completed in 2027. Edgardo Defortuna’s Fortune International Group plans the 77-story, 533-condo Ora by Casa Tua tower at 1210 Brickell Avenue.