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 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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Domus Brickell Park Now Over 50% Sold As Developer Converts Reservations to Contracts

Domus Brickell Park has converted reservations to contracts, with over 50% of the 171 residential units sold, including its sole commercial space. The project is being developed by North Development, a strategic joint-venture between experienced Miami developer Ricardo Dunin’s Oak Capital and Edifica, one of the largest developers and builders in Peru. Sales of Domus Brickell Park, which launched less than a year ago, now total more than $55 million, with the first commissions to realtors fully paid and the project’s groundbreaking slated for the end of Q1.

Located at 1611 SW 2nd Avenue, in Miami’s Brickell Financial District, Domus Brickell Park is the first offering within the developer’s Domus FLATS (Flexible Apartments for Temporary Stays) portfolio. Delivery is on track for the 2025 winter season, with remaining available units ranging from the $500,000’s to $1.2 million, and from 330 square feet to 947 square feet.

“This is a major milestone – a defining moment punctuated by tremendous marketplace demand,” said Dunin, Founding Partner of North Development. “We have taken our collective decades of experience in high-touch hospitality and exclusive branded condominium residences to reimagine the outdated condo-hotel concept through this new and innovative form. The subsequent interest has been overwhelming, as evidenced by these results.”

Designed by Zyskovich Architects, the 12-story Domus Brickell Park comprises 171 fully-furnished studio, one and two-bedroom condominium residences, each complemented by a palpable sense of home – from private balconies and keyless entry smart lock systems to premium appliances, finishes, and in-unit washers and dryers. Adding to its distinction is the building’s robust array of amenities, which include a 4,200-square-foot central gathering space, a café with baristas, a wine bar with a covered terrace, a gourmet market, lush garden lounge, state-of-the-art gym, steam room, rooftop pool deck, cabanas with daybeds, a hot tub, and a bike share program.

A major component of the Domus FLATS model involves operating efficiencies, which will help reduce owners’ costs -- a direct reflection of the developers’ deep-seated experience in hospitality. For instance, the property will have high-profile, senior-level hotel management oversight. Even the 24-hour valet service will be spearheaded by a company with longstanding ties to luxury hotels across the U.S.

Domus will also implement a reservations platform at par with major hotels, airlines, and other booking services, facilitating ease of access to reservations for prospective guests. The Domus App will allow for seamless check-ins, room and elevator access, and numerous other services and benefits; but there will also be a 24/7 concierge on-site for those guests who would like support at check-in -- or during any part of their stay.

“There is simply no concept quite like Domus FLATS,” said Juan Carlos Tassara, cofounder of Edifica. “Buyers will be able to enjoy the property, and when they choose to rent their units, guests will benefit from a brand conceived not as a condominium, but a hotel. This encourages future business and stability for owners.”

Furthering the project’s draw is the involvement of Domus Management, a subsidiary of North Development that was specifically created to service Domus-branded projects. Domus Management has decades of industry experience, with its partners having developed of some of the world's most celebrated hotels, including the iconic Le Sereno Hotel in St. Barth. Resultantly, just like in a luxury hotel, Domus Brickell Park will mean consistency of product, efficiency, and professionalism, which will translate to a much more robust, short-term rental process for the unit’s owners, as Domus is designed to achieve repeat guests.

“There is no doubt that the differential advantage is our deep-rooted hospitality experience,” concluded Dunin. “It’s an absolute win-win for the unit owners, as well as the individuals to whom they will ultimately rent.”

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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