Chilean developer Claudio Fischer secured a $65 million loan tied to a prime development site in Miami’s Brickell neighborhood,
Banco Santander provided the financing, which is secured by a 1-acre assemblage at 68, 82 and 84 Southwest 13th Street and 1399 Southwest First Avenue, records show. The site includes a three-story office building that was previously anchored by the Mexican consulate, which moved to Coral Gables in 2023.
Fischer plans to demolish and replace the building with a 41-story residential tower with 544 units, 9,400 square feet of retail and 421 parking spaces. Miami-Dade County approved the project last year, records show. Plans for the Arquitectonica-designed project don’t specify if the units will be apartments or condos.
An entity managed by Fischer paid $53 million for the assemblage in 2020, records show.
The project would mark the first high-rise development for Fischer, a spec home developer and founder of Latin America casino resorts operator Sun Dreams. However, he is under contract to sell the site to Miami-based Key International, led by brothers Inigo and Diego Ardid, according to a memorandum filed in public deeds.
The purchase and sale agreement is being used as collateral for the Banco Santander mortgage, records show. It’s unclear if the $65 million loan is for construction of the project. Fischer and the Ardids did not respond to requests for comment.
Key International has a portfolio of roughly 6,000 residential units, 3,000 hotel rooms, and $2 billion in managed assets, according to the firm’s website.
Key International and Coconut Grove-based 13th Floor Investments, led by Arnaud Karsenti, are partnering to develop a Nobu-branded, 74-story condominium with 300 units on a 2.2-acre site in Brickell.
That joint venture also landed a $79.2 million construction loan in November to build Skye, a planned 327-unit apartment complex within the Parks at Delray mixed-use project in Delray Beach.