$24M Brickell District Loan Starts Miami Hotel-Residential Project
The three-building Smart Brickell project secures construction financing from Ocean Bank.
February 11, 2020 at 11:31 AM
3 minute read
A three-tower residential-hotel project in Miami's booming Brickell Financial District got a $24 million boost in the form of construction financing.
Smart Brickell will have two hotel-condominium towers and one apartment tower on 1.23 acres southeast of Interstate 95 and Southwest Eighth Street.
Miami-based developer Habitat Group secured the loan from Ocean Bank for the development at 239 SW Ninth St. on Jan. 31.
Habitat Group founder, president and CEO Santiago Vanegas and development director Valentina Perez-Cea led the team in closing the transaction.
The financing will be used at least for the first 25-story tower, which is to be completed early next year. It will have the 50-key Smart Brickell Hotel and 50 condo units, which are sold out. Tower 2, which is soon to break ground for delivery in late 2021, also will have a 50-key hotel and 50 condo units. It's 90% sold at prices ranging from $300,000 to $600,000.
The 97-unit multifamily tower is planned in the future without a hotel.
The project is rising west of tony Brickell Avenue. The neighborhood has evolved beyond the office base and is attracting residents seeking the live-work-play lifestyle that allows them to walk to work and entertainment.
A project like Smart Brickell is a good addition that the city needs, said Alicia Cervera Lamadrid of Cervera Real Estate, which is leading the condo sales.
"Smart Brickell is confirmation that buyers are looking for flexibility and ease of use for their investments," Cervera Lamadrid said in a news release. "With Smart Brickell, we have set a precedent for developers and buyers alike. The building's amenities, price points and integration of design and space are proof this project model not only works but is undoubtedly required in a globally connected city like Miami."
Smart Brickell will focus on three main themes — smart use, smart design and smart technology.
The two condo-hotel towers share the same design and offer fully furnished or custom furnished units. Architect Hernando Carrillo in Miami designed the three towers, and interior designs were done by Arquitectonica.
The smart tech comes in the form of Wi-Fi enabled features such as Nest thermostats and Echo/Alexa home and personal assistant. There also is a mobile concierge and parking spaces with charging stations.
The project will have an amenity deck with a landscaped recreation area and expansive terrace, two resort-style pools, sundeck, gym, organic cafe on the ground floor, a spa and rooftop lounge.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View AllFowler White Burnett Opens Jacksonville Office Focused on Transportation Practice
3 minute readHow Much Coverage Do You Really Have? Valuation and Loss Settlement Provisions in Commercial Property Policies
10 minute readThe Importance of 'Speaking Up' Regarding Lease Renewal Deadlines for Commercial Tenants and Landlords
6 minute readMeet the Attorneys—and Little Known Law—Behind $20M Miami Dispute
Trending Stories
- 1South Florida Attorney Charged With Aggravated Battery After Incident in Prime Rib Line
- 2'A Death Sentence for TikTok'?: Litigators and Experts Weigh Impact of Potential Ban on Creators and Data Privacy
- 3Bribery Case Against Former Lt. Gov. Brian Benjamin Is Dropped
- 4‘Extremely Disturbing’: AI Firms Face Class Action by ‘Taskers’ Exposed to Traumatic Content
- 5State Appeals Court Revives BraunHagey Lawsuit Alleging $4.2M Unlawful Wire to China
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250