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.

Past PROFILEmiami articles about Domus Brickell Park:

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PMG, Lion Development Group and Marc Roberts Companies Launch West Eleventh Residences In Collaboration With AirBNB

National developer PMG, Michael Simkins’ Miami-based Lion Development Group, and Marc Roberts Companies have launched sales for West Eleventh Residences, their third luxury short-term rental tower in Downtown Miami’s hot Park West neighborhood now dubbed District 11. Located at 18 NW 11th Street, West Eleventh Residences will offer short-term rental flexibility and a first-time opportunity for owners to enjoy fully centralized management with the ability to host guests 365 days a year on Airbnb. Situated in Miami’s District 11, one of the city’s most notable entertainment destinations, the tower will rise 44 stories and offer 659 fully furnished, turn-key residences complete with vibrant amenities and a distinctive 30,000 square foot, tri-level experiential entertainment and food hall on the ground floor.

With this first-time collaboration, the rental potential for a short-term rental tower doubles from the traditional 189 to 365 days a year. Developers typically chose to max out short-term rental restrictions at 189 days, however PMG is leading the charge of year-round rentals in Miami.

“We are excited to announce the launch of West Eleventh Residences. The demand for short-term rental properties with onsite support for seamless hosting is high in South Florida, especially in Downtown Miami,” said Ryan Shear, Managing Partner at PMG. “Not only will West Eleventh Residences offer flexible living options and luxury condo ownership for buyers, but it will also provide impeccable residences and superb amenities for Airbnb guests and owners to enjoy.”

West Eleventh Residences will give owners the ability to host on Airbnb year-round with seamless centralized management, the first tower in Miami to offer this distinctive luxury. Each residence will be optimized for hosting on Airbnb, giving owners unparalleled autonomy and peace of mind through the convenience of hospitality-level service and oversight. The knowledgeable concierge staff will assist owners in the creation of personalized listings with services ranging from crafting the perfect listing description to offering professional photography resources.

Designed by internationally renowned architecture firm Sieger Suarez Architects, with residential interior concepts by ArX, West Eleventh Residences will offer the latest smart building technology, top-of-the-line appliances, and sweeping views of the Miami skyline, Biscayne Bay, and the Atlantic Ocean. Each of its fully finished and fully furnished studio and one-bedroom residences will also be equipped with PMG smart home technology, delivering seamless personalization with the touch of a button for integrated audio, video and lighting systems.

In addition to the in-residence features, residents at West Eleventh Residences will have access to over 20,000 square feet of elevated amenity space specially curated to extend owner comfort. Amenities include a resort-style pool, private lounge areas, state-of-the-art fitness and wellness centers, a signature on-site restaurant, and more.

“Miami is continuously proving itself as an evolving, world-class entertainment destination people want to call home,” said Michael Simkins, President and CEO of Lion Development Group. “Our collaboration with PMG and Marc Roberts Companies on West Eleventh Residences will once again underscore the area’s potential, solidifying Downtown Miami’s District 11 into a true live-work-play community for all. We are looking forward to delivering this transformative development to the neighborhood.”

West Eleventh Residences marks the fifth PMG property to launch in Downtown in the past 3 years, with a nearly $3 billion total sellout value of all developments. With luxury residential developments nationwide, PMG delivers impeccable attention to detail throughout each of its projects. The developer is notable for meticulously designed condominium developments such as 111 West 57th Street, Walker Tower, Stella Tower, 111 Leroy in New York City, Echo Aventura, Muse Residences Sunny Isles, Echo Brickell and Mei in South Florida, as well as Waldorf Astoria Hotel & Residences Miami, The Elser Hotel & Residences in Miami, and two other successful pre-construction towers in Miami’s District 11. Currently, PMG is developing more than five million square feet of new development that will deliver sophisticated design, high-end finishes and premium quality.

PMG Residential will exclusively represent sales for West Eleventh Residences.

Conceptual renderings via ArX Solutions

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Location Ventures Breaks Ground on URBIN Coconut Grove

The Miami-based real estate developer Location Ventures has broken ground on URBIN Coconut Grove. The milestone signifies the launch of construction for the second location for URBIN, a mixed-use brand that unites design-forward residences for short- or long-term rental with flex workspaces, wellness amenities, social activations, and lifestyle-oriented retail, all in one address. The URBIN Coconut Grove groundbreaking follows Location Venture’s December 2022 groundbreaking on URBIN Miami Beach.

Location Ventures, development partners and city officials gathered on January 25 at the Coconut Grove project site, 3162 Commodore Plaza, for the official groundbreaking ceremony. Special guests included Miami Mayor Frances Suarez, former City of Miami Commissioner Ken Russell and Location Ventures CEO Rishi Kapoor, who shared remarks about the future development and coveted Coconut Grove locale – Miami’s oldest neighborhood.

The residential component of the property is 90% sold, with exclusive sales representation by ONE Sotheby’s International Realty, and has attracted a diverse buyer demographic, from Latin America and Europe. Plans are underway to further scale the URBIN brand in key cities throughout the U.S. Construction commencement in Coconut Grove comes on the heels of the Miami Beach location’s groundbreaking in the fourth quarter of 2022, following its sell-out.

“Demand for URBIN Coconut Grove has been steadfast due to its unique ownership opportunities and location in a thriving neighborhood. We are excited to begin the construction and bring this vision to life,” said Kapoor. “Living, working and wellness are the pillars of this coveted address, all integrated into a singular location.”

URBIN Coconut Grove is comprised of 54 residences ranging from studios at 331 square feet to six bedrooms at 2,352 square feet. Thoughtfully planned for convenient, easy living, residences combine modern luxury with efficient layouts and are delivered designer-finished and furnished for turnkey ownership. Arquitectonica and Paredes Architects are behind the architectural design, while residences will feature interiors by am studio, a boutique design collaborative committed to creating cohesive, resourceful, and oneiric spaces.

A variety of resort-inspired services, such as valet parking, concierge, housekeeping, and room service, will complement onsite amenities to create an environment to “live-work-well.” Residents and members of the adjacent URBIN Work will be complemented by a host of food and beverage options, as well as a wellness center with programming for mindfulness, movement, nourishment, and healing. URBIN Work, pre-leasing with Colliers, offers modern office space for businesses of the future looking to make Miami’s most dynamic neighborhood home. Both traditional office and flex workspaces provide modern amenities.

The property’s dedicated coworking component will bring an elevated level of service to the work experience. In addition to the physical space, coworking members will have access to necessary business support tools, including consulting, administrative and networking services.

The URBIN development is the latest addition to the vibrant Coconut Grove community, which has undergone a significant transformation in recent years. Embodying the laid-back waterfront lifestyle of the locale, it is an area brimming with world-class restaurants, neighborhood shops, lush parks and a hub of growing business enterprises. URBIN Coconut Grove is situated in the center of it all, two blocks from CocoWalk, and within walking distance to Dinner Key Marina, the bay, and Regatta and Peacock Park.

PMG and Greybrook Launch The Elser Hotel & Residences In Downtown Miami

National investment and development firm PMG (Property Markets Group), alongside Toronto-based real estate private equity firm Greybrook, have launched The Elser Hotel & Residences, a 49-story new construction luxury condominium located at 398 NE 5th St. The newly completed tower offers 646 fully furnished residences, over 19,000 square feet of curated amenities and 5,000 square feet of prime retail space. PMG Residential is the exclusive sales team for the property, with residences priced from the $600Ks or the equivalent cryptocurrency exchange rate.

“Downtown Miami is the city’s most desirable location for luxury real estate, resulting in high levels of demand met with record-low inventory,” said Ryan Shear, Managing Partner of PMG. “On the heels of an incredible response to our recent pre-construction developments, Waldorf Astoria Residences Miami and E11EVEN Hotel & Residences, PMG continues to meet the demands of Miami’s evolving real estate market by now delivering a new, move-in-ready luxury residential tower to the heart of Downtown with The Elser Hotel & Residences.” Contributing to its growth, Miami has also experienced a flurry of notable corporate relocations from prominent financial institutions over the past two years including Citadel, Blackstone and Thoma Bravo, among others.

Offering sweeping views of Biscayne Bay and the Miami skyline, The Elser Hotel & Residences Miami is designed by Sieger Suarez Architects with interior architecture and design by Cotofana Designs. The fully-furnished residences range from studios to three-bedrooms spanning 404 to 1307 square feet. Managed by industry-leading management company Highgate, the property will allow owners to enter a short-term rental program with daily rental options through The Elser Hotel & Residences Owners Program.

“With historically low resale inventories and long lead times for new projects under development to be completed, we are very excited to be launching The Elser Hotel & Residences Miami, together with PMG, in order to capture the strong demand for move-in ready residences in the Downtown Miami market,” said Peter Politis, CEO of Greybrook Realty Partners. “The short-term rental optionality available to owners, coupled with the high caliber of finishes and offerings, will continue to serve the city as it experiences a population, tourism and corporate relocation boom.”

Amenities at The Elser Hotel & Residences include a double-level amenity deck spanning over 19,000 square feet which overlooks Downtown Miami and Biscayne Bay, a 132-foot resort-style pool with private lounge areas and a 16-foot poolside screening LED wall. Additional amenities include co-working spaces, oversized modern gyms and fitness studios with frequent group classes, multiple lounges, smart package lockers, bike storage facilities, and a yoga lawn overlooking Biscayne Bay, among others. The property will include a new lobby cocktail bar and restaurant by the creators of Jaguar Sun as well as a coffee lounge by Cafe Domino.

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The Standard Residences, Midtown Miami Now 70% Reserved, Hosts Cocktail Celebration At Sugarcane

The Standard Residences, Midtown Miami is now 70% reserved and celebrated in style overlooking the building’s future site from SUGARCCANE raw bar grill. The exclusive cocktail event was hosted by developer Carlos Rosso, Urban Robot Associates’ Giancarlo Pietri and Naturalficial’s Andres Arcila, showcasing the energy, culture, community and style that The Standard brand is known for. The evening was attended by top real estate and hospitality leaders in Miami who enjoyed The Standard’s custom cocktails, sushi and hors d'oeuvres.

The Standard Residences, Midtown Miami is the first true pied-à-terre-style project to be developed in Miami. The project is being developed by hospitality and real estate pioneers Standard International and Rosso Development, in collaboration with Midtown Development. The 12-story property blends culture, community and style with the world-class design, amenities and service that The Standard brand is known for–which to date has only been available at its hotels.

Located in the heart of Midtown, Miami’s most walkable neighborhood, the building is centrally positioned between The Design District and Wynwood and will feature 228 pied-à-terre-style residences ranging from studios to two bedrooms. The Standard Residences, Midtown Miami has tapped the industry’s best talent for this debut, including architecture by award-winning Arquitectonica, interiors by Urban Robot, and Naturalficial for landscape design.

In step with other Standard properties, residents will enjoy thoughtfully designed social spaces and amenities spanning 34,000 square feet across five floors including a lushly landscaped rooftop with a 60-foot, resort-style sunset pool, and signature rooftop restaurant and bar reminiscent of the vibe The Standard pioneered from LA to New York to London. Wellness offerings include a state-of-the-art sweat room and fitness center, an infrared sauna, an indoor pickleball court, and yoga and stretch studios. A social floor features a karaoke bar and screening room, while co-working spaces include a private boardroom and zoom rooms. A pet spa rounds out The Standard Residences’ anything but standard amenity package. Residents will also gain access to The Standard’s “Friends with Benefits” program, which earns them preferred pricing at all The Standard hotel properties around the world.

Location Ventures Announces Sellout of URBIN Miami Beach Mixed-Use Condo, Co-Working Lifestyle Project

The Miami-based Location Ventures, an integrated real estate platform that delivers thoughtfully-designed and fully-connected residential and mixed-use projects, has announced the sell-out of URBIN Miami Beach. The mixed-use development will deliver a combination of 69 turnkey residences, coworking space, and ground-floor retail at 1260 Washington Avenue, an area of Miami Beach with revitalization underway. The project, exclusively represented by ONE Sotheby’s International Realty, commanded an average price of $1,350 per square foot for its residences comprised of micro-style units, comparable to nearby luxury condominiums. The property is slated to break ground this summer and is anticipated to deliver by 2025, once constructed by Winmar Construction.

When complete, URBIN will join the renaissance and expansion currently underway on Washington Avenue and Commodore Plaza – two streets situated in two of the city’s most thriving and in-demand districts. URBIN Miami Beach, designed by architect Touzet Studio and New York interior design studio Meyer Davis, will offer turnkey residences that include 275-square-foot studios, as well as two- to four-bedrooms up to 1,334 square feet. There will be a variety of shared spaces, including an indoor / outdoor living area to foster community, South Florida style. Units are part of a leaseback program that allows owners to stay on property for up to 90 nights per year. While away, the fully furnished residence generates income as part of a managed rental system.

“This sellout showcases the continued demand for an all-in-one product, geared toward professionals who work remote and travel frequently,’ said Rishi Kapoor, CEO of Location Ventures. “The price per square foot is a sign of the times, where high-quality product is dominating the market.”

URBIN is a first-to-market, mixed-use brand that unites design-forward residences for short- or long-term rent with an all-inclusive wellness amenity programming, social activations, lifestyle-oriented F&B outlets and an adjacent co-working space, all in one central address. The URBIN portfolio includes URBIN Miami Beach, as well as URBIN Coconut Grove, where residential sales are also underway, with 60 percent pre-sold in the transformative neighborhood.

URBIN is backed by investors David Martin, CEO of Terra Group; Rudy Touzet, CEO of Banyan Street Capital; the Murphy family of Coastal Construction; former New York Jets and New Orleans Saints linebacker Jonathan Vilma; Gabriel Navarro, Marcel Navarro and Martin Pico of MMG Equity Partners; Marty Halpern of UnitedTranzactions; and a group of owners from Location Ventures.

Related Group And Merrimac Ventures Launch The Crosby Miami Worldcenter Condo With No Rental Restrictions In Downtown Miami

A joint venture between Related Group (Related), one of the nation’s most prolific developers, and Merrimac Ventures, a leading South Florida-based real estate investment and development firm, have launched sales of The Crosby Miami Worldcenter (The Crosby). The 31-story tower set within Downtown Miami’s $4 billion 27-acre Miami Worldcenter mixed-use development will deliver 450 turn-key residences, free of rental restrictions. Groundbreaking is targeted for the first quarter of 2023 and delivery in the first quarter of 2025.

“The sales launch of The Crosby comes during a period of immense activity for Miami’s real estate market, with Downtown Miami one of the key beneficiaries,” said Nick Perez, SVP of Related. “Buyers are looking for multiple ways to live and invest, and The Crosby allows them to do both within the city’s most notable address, Miami Worldcenter.”

The Crosby is aimed at a new generation of buyers seeking attainable, flexible living in the core of one of the world’s most sought-after cities.

“Our vision for The Crosby at Miami Worldcenter will capture significant appetite among domestic and international buyers in the market for residential product in the heart of Downtown Miami,” said Nitin Motwani, Managing Partner of Merrimac Ventures. “Our team at Merrimac is looking forward to joining forces with Related on what will be a transformative residential development at the center of Miami Worldcenter’s ‘city within a city’ setting.”

The Crosby was designed as a collaboration between South Florida-based architecture firm CFE Architects, and New York-based interior designers AvroKO. Together, the duo created an urban oasis that that balances the calmness of a retreat with the energy and vibrancy of its surroundings.

Residence floorplans are designed to fit a range of lifestyles, spanning studio, one- and two-bedroom residences, which range from 350 to 825 square feet. Each turn-key home curated by AvroKO comes complete with open living areas, gourmet kitchens with state-of-the-art appliances, a spa-inspired master bath and smart home technology including keyless entry. Balconies feature 180- and 360-degree views of Downtown Miami.

Owners have access to over 22,000 square feet of amenity spaces spanning multiple floors. Amenities include a fitness and wellness center with saunas and plunge pools and a dedicated space for yoga and mat workouts; a spacious coworking center designed for solo or group work; and a clubroom featuring billiards, a theater and a private dining area for exclusive chef events and tastings. The Crosby will also feature museum-quality art in nearly every space, indoor and out.

Outside, owners and residents will enjoy a resort-style rooftop pool deck with a jacuzzi, poolside chaises, an Italian-inspired trellis garden and outdoor grills.

Pricing starts in the $300,000s with OneWorld Properties, led by CEO Peggy Olin, as the exclusive sales partner for The Crosby.

“OneWorld Properties has sold over 1,500 units in Downtown Miami alone, so we’re extremely in-tune with the market and the wants/needs of those looking to live and invest there. The Crosby checks all the boxes and more, so we look forward to working with Related and Merrimac to deliver a successful sellout.” Said Olin.

The Crosby is the latest residential offering within Miami Worldcenter, the $4 billion, 27-acre mixed-use development transforming the heart of Downtown Miami. As the second largest urban development in the U.S. after Hudson Yards, the ‘city within a city’ features a diverse mix of residential, commercial and hospitality uses complemented by approximately 300,000 square feet of retail, restaurant and entertainment space.

Miami Worldcenter occupies 10 city blocks within walking distance of the city’s top museums, parks, sports venues, dining and various other entertainment options, including Museum Park, home to the Pérez Art Museum Miami and the Frost Museum of Science; FTX Arena; the Adrienne Arsht Center for the Performing Arts; and Miami Dade College’s Downtown Miami campus. It is also adjacent to Brightline’s MiamiCentral Station, which offers direct train service to Fort Lauderdale and West Palm Beach – together with access to TriRail, the Metromover and the Metrorail – making Miami Worldcenter the largest and most connected transit-oriented development in Florida.

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