North Development Pays Off $70 Million Construction Loan at Domus Brickell Park

North Development has officially paid off its $70 million loan for Domus Brickell Park, marking a major financial milestone for the recently opened Brickell development and reinforcing the company’s strong execution across construction, sales, closings and operations. The payoff, completed in April 2026, follows the project’s on-time, on-budget completion and strong momentum since closings began. Within the first 60 days alone, Domus Brickell Park recorded 120 closings, underscoring continued buyer demand for North Development’s flexible ownership model, which combines fully furnished residences, hospitality-driven services and short-term rental flexibility.

“This accomplishment speaks to the strength of our team and the discipline behind the entire development process,” said Ricardo Dunin, Founding Partner of North Development. “Paying off the loan so quickly after opening is not just a financial achievement, it reflects the level of coordination, planning and execution that went into every phase of the project, and the strong market response we are now seeing from owners and guests.”

The loan payoff coincides with continued operational momentum at Domus Brickell Park following its recent opening. Since welcoming owners and guests, the property has already received many five-star reviews, reinforcing the strength of the guest experience and the demand for a fully managed residential model that offers both personal use and rent-generating potential. Forman Capital, the project’s main lender, recognized North Development’s execution throughout the development process, citing the team’s professionalism, preparedness, proactive communication and ability to navigate both senior and junior debt structures through full repayment.

“North Development managed the process with clarity and discipline from start to finish,” said Hellois Scheeres, Chief Risk Officer at Forman Capital. “Their ability to meet construction milestones, communicate proactively and ultimately deliver full repayment speaks to the strength of the organization and the caliber of its execution.”

Located in the heart of Brickell, Domus Brickell Park is a fully operational hotel and condominium offering furnished residences that owners can enjoy personally or place into the property’s short-term rental program. Through the Domus App, owners can manage their residence, access services and transition their unit into the hotel inventory when they are away, creating a flexible lifestyle experience for owners while supporting a consistent guest experience. Daily operations are managed by North Management, North Development’s in-house hospitality and property management platform, overseeing everything from service and maintenance to guest relations across the property. The building also features a curated amenity collection, including a rooftop pool deck, fitness center, steam room, garden lounge, co-working spaces and a 4,200-square-foot lobby anchored by Ludlow Coffee Supply, and the Ludlow bar further establishing Domus Brickell Park as a hospitality-driven destination in one of Miami’s most dynamic urban neighborhoods.

The success of Domus Brickell Park comes as North Development continues to advance its second Brickell project, Domus Brickell Center. The project is already more than 50% sold and ahead of its construction schedule, reflecting continued confidence in the Domus model and sustained demand for flexible, fully furnished residences in Miami’s urban core.

A limited selection of units remain, with prices beginning at $600K with Cervera Real Estate exclusively leading sales.

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North Development Breaks Ground On 579-Unit Short-Term Rental Approved 'Domus Brickell Center'

North Development has officially broken ground on Domus Brickell Center, the next phase of the successful Domus FLATS model. Rising 35-stories, this development will introduce 579 fully-furnished residences that combine modern living with hotel-level services and the flexibility of short-term rentals, becoming the second Domus project to come to Miami’s Brickell neighborhood.

The Domus FLATS model was designed to be a better alternative to the traditional condo-hotel concept, emphasizing hospitality, technology, and consistency. Every unit is operated under North Management, an in-house management company that caters specifically to FLATS residents’ needs, ensuring exceptional service while preserving long-term brand integrity. Guests and residents also have access to the Domus App, a seamless portal that makes daily life effortless, offering features such as mobile check-in, digital keys, on-demand services, and access to over 100 booking platforms, including Marriott Bonvoy and Hyatt.

“We are thrilled to break ground on Domus Brickell Center, capitalizing on the success of Domus Brickell Park and further bringing the FLATS vision to life in Miami,” said Ricardo Dunin, Founding Partner at North Development. “This milestone reinforces the Domus brand as a leader in lifestyle-driven residential living, offering buyers a turnkey investment that combines luxury, flexibility, and best-in-class hospitality.”

Designed by world-class architecture firm Studio MC + G Architecture with interiors by Urban Robot Associates, residences in Domus Brickell Center come fully finished and furnished, featuring hard flooring throughout, private balconies, kitchens with premium appliances, modern fixtures, stone countertops, in-unit washers and dryers, and a UV-filtered CLEAR Water Filtration System.

Domus Brickell Center also houses a suite of meticulously tailored amenities. These include a rooftop pool and sky deck with cabanas and daybeds, a rooftop bar, a hot tub, and a rooftop yoga deck, as well as an indoor-outdoor gym with state-of-the-art equipment, a lush garden lounge, indoor-outdoor treatment rooms and a steam room, co-working spaces and a conference room, a 24-hour lobby ambassador, on-call housekeeping, and pet-friendly features. Additionally, the development’s lobby features a signature lounge and an on-site restaurant.

“Domus Brickell Center is far more than just a collection of residences, it is a complete lifestyle experience,” said Juan Carlos Tassara, Founding Partner at North Development. “From the moment they enter the lobby, residents are immersed in a hotel-esque setting designed not only for luxury but for convenience and ease. Its functionality is part of its appeal, and we look forward to its success and the expansion of the Domus brand.”

Domus Brickell Center is being sold exclusively by Cervera. Since launching, the project has secured contracts on over 30% of residences, showing a strong demand from discerning buyers. Domus Brickell Center is located at 1034 SW 2nd Ave and offers studio- to two-bedroom residences ranging from 400 to over 1,000 square feet, priced from the low $500,000s to approximately $1.5 million.

Completion of Domus Brickell Center is slated for the end of 2027.

Images via North Development

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North Development Tops Off Domus Brickell Park

Domus Brickell Park – the widely-anticipated, short-term-rental-friendly condominium in the West Brickell enclave of Miami’s buzzing financial district – has officially topped-off construction at 12 stories. Developer North Development celebrated the milestone in tandem with the project’s general contractor, Thornton Construction, and the exclusive sales broker, Cervera Real Estate.

The plush, amenity-rich building – located at 1611 SW 2nd Avenue – is the first Brickell-area project to achieve the major construction benchmark so far this year. With its external structure now complete, the tower is steadily on track towards securing its temporary certificate of occupancy (TCO) by the end of 2025, with its hotel and residences on schedule to open in Q1 of 2026.

“This is a fantastic start to the new year for us,” said Ricardo Dunin, co-founder of North Development. “We have been working very hard to ensure that deadlines have been met and expectations exceeded.”

“Buyers recognize the incomparable value of this project and its offerings,” said Juan Carlos Tassara, co-founder of North Development. “It’s very hard to find brand-new construction that’s nearing completion at this price-point in Brickell – especially with these hotel-quality levels of amenities and features.”

More than 60% sold, Domus Brickell Park will have 171 fully furnished units and penthouses. The Zyscovich Architects-designed building will be replete with high-tech-driven hotel services and state-of-the-art air and water filtration by CLEAR. North Management – a unique subsidiary of North Development – will ensure that top-tier brand standards are adhered to, complemented by a 360-degree, customer-focused approach.

“We are very pleased to be celebrating this milestone, and ahead of schedule – a testament to the leadership and expertise that have guided Domus Brickell Park and its rise,” said Thomas Thornton, Founder and President of Thornton Construction. “This is a standout project that is going to be a point of pride for the Brickell market.”

With interiors by Urban Robot Associates, Domus Brickell Park will be comprised of studio, one- and two-bedroom condominium residences – currently ranging from the $600,000’s to $1.2 million.

“Domus Brickell Park has become a must-see for buyers in this neighborhood,” said Alicia Cervera Lamadrid, Managing Partner and Principal of Cervera Real Estate. “Consumers know that this project offers a lifestyle that allows you to enjoy all that Brickell has to offer at a competitive price-point, complete with excellent ingress and egress. These units are a winning combination that simply cannot be overlooked.”

Additional highlights include nine- to 14-foot ceilings, private balconies, keyless entry smart lock systems, Italkraft cabinetry, Bosch appliances, premium finishes, and in-unit washers and dryers. Just after the first of the year, the developer also unveiled new renderings of an original mural by Miami-born, internationally lauded artist Johnny Robles. Titled “Sparks,” the massive piece will be visible to the public on the exterior ground level of the building.

Images via North Development

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North Development Completes Foundation Pour at Domus Brickell Park And Begins Vertical Construction

Following several months of foundation work, one of Miami’s most anticipated short-term-rental-friendly condominium towers is going vertical. North Development’s Domus Brickell Park, a 12-story, 171-unit offering, set to redefine the traditional condo-hotel sector, is already 60% sold and has achieved a string of construction mileposts since its spring groundbreaking, putting the project on track for a Q1 2026 delivery.

General contractor Thornton Construction has been overseeing progress at the project’s site, which is well-sited in the Brickell Financial District along the bustling Southwest Second Ave. thoroughfare (1611 SW 2nd Avenue).

In addition to the property’s construction crane now being fully operational, the buildout of columns and shear walls is underway. The first pour of the mezzanine level – the tower’s first elevated slab – is underway, along with additional infrastructure work.

The market has been abuzz over Domus Brickell Park – the first offering to go vertical within the Domus FLATS portfolio by North Development, a joint-venture between Miami developer Ricardo Dunin’s Oak Capital and Edifica, a Peruvian conglomerate focused on development, construction, and fund management with a 20-year track record of success.

“Domus Brickell Park is one of the most exciting opportunities for buyers in Miami’s most in-demand urban setting, and we are thrilled to be celebrating this latest milestone, bringing it closer to fruition,” said Dunin, who is the founding partner of North Development.

Dunin, who helped pioneer condo-hotels in South Florida with projects like The Mutiny Hotel and the Sonesta Bayfront Hotel, both in Coconut Grove, is reinvigorating what he notes as a “tired” concept with the Domus FLATS portfolio, starting with Domus Brickell Park. As Dunin explains, over the years, the condo-hotel concept has degraded and the hospitality component has virtually disappeared, making it an “uncertain product.” Domus Brickell Park – as well as its sister project, Domus Brickell Center (1034 SW 2nd Ave., Miami, Fla.), which was unveiled in May – will be rooted in hospitality.

“What we are building is a completely new asset class and a welcomed addition to the Brickell neighborhood where many buyers have been priced out,” said Juan Carlos Tassara, cofounder of North Development. “Residents and guests will have the security, comfort, and value of consistent, luxury hotel-worthy quality.”

Domus Brickell Park will offer 24-hour oversight by North Management, a subsidiary of North Development, ensuring top-tier brand standards with a 360-degree, customer-focused approach. Residents will enjoy hotel-style amenities, including a vibrant, fully equipped activated lobby with food and beverage services, creating an inviting gathering space for guests and locals alike.

Fully-furnished studio, one- and two-bedroom condominium residences – currently ranging from the $600,000’s to $1.2 million – will feature nine-foot ceilings, private balconies, keyless entry smart lock systems, Italkraft cabinetry, Bosch appliances, premium finishes, and in-unit washers and dryers.

Domus Brickell Park (as well as Domus Brickell Center) is being exclusively brokered by Cervera Real Estate. The building will feature designs by Zyscovich Architects and interiors by Urban Robot Associates.

Images via North Development

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North Development Launches Sales of Second Domus Branded Project, Domus Brickell Center in Miami's Financial Corridor

North Development, a joint-venture between Miami developer Ricardo Dunin’s Oak Capital and Edifica, one of the largest developers and builders in Peru, today announced the launch of sales of Domus Brickell Center, the second condominium project for the developer’s Domus brand and its unique FLATS concept, which stands for “Flexible Apartments for Temporary Stays.” The unveiling of Domus Brickell Center comes less than 60 days following the groundbreaking of its sister project, Domus Brickell Park, which is now approximately 60% sold and slated for completion next winter.

The 35-story, 579-unit tower will be professionally managed and located in the heart of Miami’s premier Brickell financial corridor on the ever-popular SW Second Ave. thoroughfare (1034 SW 2nd Ave., Miami, Fla.). The bustling corridor is flanked by major banks and corporations as well as trendy restaurants, shopping centers, and recreational venues.

In addition to plush, fully furnished FLATS, Domus Brickell Center will feature an amenity-rich, approximately 4,000-square-foot+ gathering area – The Cypress Room – complete with a café, wine bar, and an artisanal market with gourmet fare. There will also be 24-hour high-touch services, from a welcome concierge and valet attendants to a customer service line.

As a whole, the Domus FLATS concept, which was coined by Dunin, is being praised for its transformative approach to short-term-rental-friendly offerings – distinctively bolstered by roots in the high-end hospitality space. A big differentiator from similar offerings is Dunin’s creation of the Domus Management company. Overseen by industry leaders, the entity will have a comprehensive, 360-degree customer-centric view, adhering to top-tier brand standards. In effect, FLATS will be a new asset class within the residential market.

“Domus Brickell Center is a true marketplace disruptor and the latest stage of evolution for our FLATS concept,” said Ricardo Dunin, who is the founding partner of North Development. Dunin was a pioneer of the condo-hotel concept, which he explains is now vastly outdated.

“To ensure that value and quality remain intact, we have created a one-of-its-kind management company to oversee day-to-day services, ensuring that the brand maintains its top-level reputation from one project to the next,” adds Dunin. “Today’s sales launch, just weeks after the groundbreaking of Domus Brickell Park, is indicative of how much the marketplace has embraced our vision.”

“Adding to why Domus Brickell Center is such a standout is the fact that it is an extremely well-constructed and expertly crafted project,” said Juan Carlos Tassara, cofounder of Edifica. “The quality of this property, coupled with its exceptionally innovative designs, cannot be overstated. We have hand-selected the best minds in the industry to bring our latest vision to fruition.”

Like its sister project, Domus Brickell Center will be exclusively brokered by Cervera Real Estate. The team of leading talents behind the building’s designs include Studio Mc+G Architecture, a Miami-based architectural firm, whose current portfolio includes the top-to-bottom renovation of the famed Delano South Beach hotel. Founded by Jennifer McConney-Gayoso, Studio Mc+G is known for its proficiency in hospitality and resort design, historic preservation projects, commercial retail spaces, and single-family residences.

Additional collaborators include interior architect Urban Robot Associates, a full-service design collective located in Miami Beach, specializing in urban design, interiors, and landscape architecture. Urban Robot also designed the façade following an internationally led competition for the best façade design.

The general contactor, South Florida-based Thornton Construction Company, Inc., has been a leader throughout the state for more than 25 years, overseeing countless community-shaping projects, from condominiums to commercial centers. Both Urban Robot and Thornton Construction are also involved in the design and construction of Domus Brickell Park, furthering synergies between the two buildings.

“This is a can’t-miss value proposition for interested buyers,” said Alicia Cervera Lamadrid, Managing Partner and Principal of Cervera Real Estate. “North Development is bringing a magnificent product at a competitive price-point to the Brickell market, where consumers feel they have been left out.”

Starting in the low $500,000’s to $1.5 million, studio, one- and two-bedroom FLATS (Flexible Apartments for Temporary Stays) will feature nine-foot ceilings, private balconies, keyless entry smart lock systems, premium appliances, finishes, and in-unit washers and dryers.

Features throughout Domus Brickell Center – a wellness-focused ‘green’ building with specialized ultraviolet (UV) water purification and air filtration systems in all common areas and EV charging stations – will be numerous and state-of-the-art.

In addition to The Cypress Room and a private meeting area with large-screen-format video conference capabilities and a space for podcast production, there will be a seventh-floor gym adjacent to an outdoor terrace, rooftop yoga deck, rooftop bar, pool, and sky deck, cabanas with day beds, a hot tub, and a lush garden lounge. Additional services include quality control supervisors to oversee cleanliness and turnover, an experienced hospitality housekeeping team that’s on call 24-7, and a Domus owner rental portal. The Domus FLATS App will allow for seamless check-ins, room and elevator access, and multiple other services and benefits.

Domus Brickell Center – in its ideal setting along Southwest Second Ave. – is also across the street from the Mercedes-Benz Places condominium, in addition to being just steps from Southside Park, multiple greenspaces, and The Underline – a highly amenitized, 10-mile linear park with running and bike trails, an outdoor gym, a soccer pitch, public art, and more. High-floor views within the building will be abundant, from surrounding cityscapes to Biscayne Bay.

Since Domus Brickell Center will also be one block from the Brickell Metromover station, the ingress and egress will be unparalleled. The Metromover connects to the Miami Metrorail which, in turn, connects to the Brightline high-speed passenger train, now traveling to Orlando. Essentially, a resident here will be able to get to Orlando by walking one block.

In short, Domus Brickell Center, slated for delivery at the end of 2027, is at the epicenter of one of the neighborhood’s most sought-after hotspots.

North Development Launches Revolutionary Condo-Hotel Brand 'Domus' And First Project 'Domus Brickell Park'

Ricardo Dunin, CEO of Oak Capital and the Miami developer who pioneered the South Florida condo-hotel industry in the 90s, and Edifica, one of the largest developers and builders in Peru, have joined forces for the creation of North Development and the launch of DOMUS, a new condo-hotel brand.

North Development’s first project in Miami, Domus Brickell Park, is located the booming Brickell area, at 1611 SW 2nd Avenue, and features 171 fully furnished condo-hotel units rising 12 stories. The studios, one and two-bedroom units, ranging from 330 to 979 square feet, and with prices from the $400,000’s to the $900,000’s, were masterfully designed by Zyscovich Architects, with interiors by Urban Robot. This is the second project between Dunin and Zyscovich, after working together at The Meridian Lofts in Miami Beach.

“Domus Flats is a new condo-hotel brand that will offer the ultimate solution for buyers that want to enjoy their property when in town and maximize rental income when not in residence,” said Ricardo Dunin. “We have incorporated innovative features that have never been seen before and are putting a strong focus on efficiency and hospitality. We have always worked on high end hotels, like when we created the Le Sereno brand in St. Barth, and those are core values that we want transferred to Domus.”

“Our proprietary Domus reservation system, powered by Hosteeva, allows access to over 85 sales channels, that receive over 700 million monthly visits, including all the major channels such as Airbnb, Booking, Expedia, Marriott, which includes the use of Bonvoy points, and several airlines” added Juan Carlos Tassara, managing partner of Edifica. “Our automated dynamic pricing algorithm uses real-time market data to maximize revenue and occupancy.”

Guests can check-in online and receive their unit's access key on their phone before arrival. This not only offers convenience but also increases the building's security by allowing it to get familiar with the guests in advance. The access key is required for elevator use, ensuring that only owners and guests have access to the units. A 24/7 call center for guests will also be available. By eliminating the developer’s ownership of the common areas (commonly known as the “desk”), but still offering professional management for the individual units, owners will pay substantially less in fees without compromising the integrity of the high-end hospitality concept.

Another competitive advantage of the project is that yearly occupancy for more than 6 months and one day in not allowed. This eliminates the natural conflict between permanent residents and the transient rental business, while still allowing for out-of-towners enjoyment of their units when in Miami.

At the heart of the building, in the oversized lobby, is The Peacock Room. This space includes an all-day food and beverage experience, with gourmet coffee, wine, specially brewed beers, and a market. It includes co-working spaces, high speed internet and chill music, which will attract both locals and guests.

Domus Brickell Park features a wellness center, including a steam room and state-of-the-art fitness equipment. There is also a rooftop pool deck with cabanas, a jacuzzi hot tub, a grilling and entertainment area.

The building is expected to open late 2025, and North Development has a long-term interest in utilizing the Domus brand in multiple locations. The project’s sales and marketing for Domus Brickell Park will be exclusively by Cervera Real Estate.

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