PMG Locks Down $413 Million Construction Loan For One Twenty Brickell Residences
National developer PMG has secured $413 million in construction financing for One Twenty Brickell Residences, a dual-tower luxury mixed-use condominium and rental development rising in the heart of Brickell. The loan covers financing for the condominium, multifamily, commercial, and parking components of the property.
National developer PMG has secured $413 million in construction financing for One Twenty Brickell Residences, a dual-tower luxury mixed-use condominium and rental development rising in the heart of Brickell. The loan covers financing for the condominium, multifamily, commercial, and parking components of the property. An Ares Real Estate fund (“Ares”) and Monarch Alternative Capital provided the financing, which follows a previous collaboration between the two firms on a financing for a PMG property in Wynwood last year.
PMG was represented in the One Twenty Brickell Residences transaction by Jones Lang LaSalle (NYSE: JLL) who, alongside PMG’s Capital Markets team comprised of Andrew Warman, Jon Blank and Paton Marion, secured the financing. One Twenty Brickell Residences will officially break ground the first week of May and is slated for completion in 2028.
“Obtaining this financing stands as an incredible feat at a time when current market conditions are making development of multifamily towers challenging,” said Andrew Warman, Managing Director of Capital Markets at PMG. “Receiving the continued support of the Ares and Monarch teams underscores not only the confidence the capital markets have in PMG as a sponsor, but also our ability to identify a strategy to deliver both luxury for-sale and rental product to the heart of Miami’s thriving business district.”
Designed by internationally renowned architecture firm Sieger Suarez Architects, with interiors by Cotofana Designs, plans for One Twenty Brickell Residences consist of two towers. The first tower will rise 37 stories and offer 266 fully finished and furnished condominium residences, each delivered with first-of-their-kind deeded office suites to residents upon their purchase of a condo unit. The second tower, sharing a podium with the first, will rise 41 stories and offer 537 multifamily residential units operated by the Sentral Management Platform. Each studio- to three-bedroom will include fully-integrated kitchens with custom countertops, a curated high-end appliance package, imported and custom kitchen and bathroom cabinetry by Italkraft, WaterWorks bathroom fixtures, a contemporary lighting package and fully built-out closets in the primary bedrooms. Residences also will offer a high level of efficiency through PMG’s smart home technology experience for seamless personalization with the touch of a button.
“We are grateful to receive the significant support from the Ares and Monarch Alternative Capital teams as we advance on One Twenty Brickell Residences,” Dan Kaplan, Managing Partner at PMG. “At over 91 percent sold, its swift sales success is a testament to the tremendous team at PMG Residential’s hard work and keen understanding of the Brickell market. We’re looking forward to being one step closer to delivering One Twenty Brickell Residences and its revolutionary concept of luxury living to its future residents.”
One Twenty Brickell Residences’ towers offer an impressive collection of amenities thoughtfully designed for socializing, entertaining, and self-care. The over 48,000 square feet of amenities and services available to multifamily residents include a lobby with a concierge service, a modern gym and fitness studio, a pool and hot tub, a grilling terrace, social lounges, a co-working hub, and daily community events. Over 60,000 square feet of condominium-specific amenities are also available, including an owner’s lounge, an infinity-edge pool, a pickleball court with courtside seating, a kid’s club and gym, a cafe and juice bar, and the One Twenty Brickell Residences Wellness & Fitness center, equipped with steam, sauna, and treatment rooms, a relaxation area with outdoor terraces, a state-of-the-art fitness studio with the latest high-tech equipment, a movement studio, and a yoga lawn.
“Ares is pleased to further build on our relationship with PMG with this latest project that capitalizes on the strong demand for luxury housing in Miami,” said Bryan Donohoe, Partner and Head of U.S. Debt in Ares Real Estate. “We look forward to potential future opportunities to provide Ares’ scaled and flexible capital solutions in this dynamic market environment.”
“We are pleased to be a lender-of-choice and work with a best-in-class developer like PMG that has an exceptional presence in the Miami market,” said Joshua Acheatel, Head of Real Estate Acquisitions at Monarch Alternative Capital. “Boasting luxury finishes and extensive amenities, we believe One Twenty Brickell Residences is favorably positioned at a marquee location. We are excited to continue our relationship with PMG and are looking forward to the project’s success.”
Legal representation was spearheaded by PMG’s in-house team consisting of Lowell Plotkin, Scott Buscemi and Lindsay Davis. Outside counsel involved in the financing for One Twenty Brickell Residences include James Godman, Borna Khoshand, and Celeste Williams at Kramer Levin Naftalis & Frankel LLP, who served as the lead transactional counsel; David Shear, Luis Flores, and Teofilo Victoria at Saul Ewing LLP, who served as condominium counsel and local counsel; Javier Avino and Andres Rivero at Bilzin Sumberg Baena Price & Axelrod LLP, who served as land use counsel; and Evan Wagowski at Greenberg, Trager & Herbst, LLP, who served as construction counsel.
With more than three decades of experience in luxury residential developments nationwide, PMG continues to passionately transform skylines with impeccable attention to detail throughout each of its projects. In addition to its extensive portfolio of over 175 projects, the developer is famed for thoughtfully designed condominium developments including 111 West 57th Street in New York City; E11EVEN® Club Hotel & Residences & E11EVEN® Club Residences Beyond, 38 West Eleventh Residences Miami, Waldorf Astoria Hotel & Residences, One West Twelve Residences, and The Elser Hotel & Residences in Miami; Sage Intracoastal Residences in Fort Lauderdale; as well as One Park Sarasota and One Park West on Florida’s west coast. PMG also has expanded its multifamily division, Society Living, to span nationwide, with more than seven communities open or under construction.
Renderings via ARX Creative
For more information about One Twenty Brickell Residences or to inquire about purchasing a unit please fill out the form below:
Lionel Messi Goes Under Contract On Multiple Condominiums at Cipriani Residences Miami
Soccer superstar Lionel Messi has gone into contract on multiple condominiums at Cipriani Residences Miami, the renowned hospitality brand's first-ever ground-up residential tower in the US, according to news that broke this afternoon.
Soccer superstar Lionel Messi has gone into contract on multiple condominiums at Cipriani Residences Miami, the renowned hospitality brand's first-ever ground-up residential tower in the US, according to news that broke this afternoon. Sources say the purchase includes a home that's a part of The Canaletto Collection, a limited assemblage of six penthouses and 68 ultra-luxury homes on the top 18 floors of the building. The collection offers the utmost privacy, 360-degree Miami skyline and Biscayne Bay views, and exclusive offerings such as priority access to the tower's private Cipriani speakeasy. Similar homes currently available in The Canaletto Collection start at $7.5 million.
Rising 80 stories above the city in the heart of Brickell at 1420 South Miami Avenue, Cipriani Residences Miami, developed by Mast Capital, features 397 one- to four-bedroom residences starting at $1.7 million. The tower's interiors were curated by 1508 London with architecture by Arquitectonica. The premium amenity collection includes resident-only Cipriani dining services such as catering and a private restaurant and speakeasy, a resort-style deck with two pools, and a spa with sauna and treatment rooms. The tower set an at-the-time record for the largest foundation mat pour in Brickell last year, following an impressive $600 million construction loan from Mexico's Banco Inbursa and Ascendant Capital Partners.
PROFILEmiami had an exclusive construction tour of Cipriani Residences Miami which can be found covered via Instagram Reels.
Renderings via The Boundary
For more information about Cipriani Residences Miami or to inquire about purchasing a unit please fill out the form below:
Mexican Formula One Racing Legend Sergio 'Checo' Pérez Purchases Condominium At St. Regis Residences, Miami
Mexican racing legend Sergio ‘Checo’ Pérez, famously known for his six Grands Prix victories across 14 seasons in the Formula One World Championship (F1), is now in contract for a luxury condominium at The St. Regis Residences, Miami (The Residences).
Mexican racing legend Sergio ‘Checo’ Pérez, famously known for his six Grands Prix victories across 14 seasons in the Formula One World Championship (F1), is now in contract for a luxury condominium at The St. Regis Residences, Miami (The Residences). Although specific details of the residence purchased by Pérez were not released, a comparable residence is #27B which is listed for $9.6 million.
Pérez’s residence will showcase panoramic waterfront views and the glittering Brickell skyline. The expansive home features four bedrooms, spa-like bathrooms and private elevator access. The kitchen is equipped with Sub-Zero and Wolf appliances, custom Italian cabinetry, and imported natural stone countertops and backsplashes. A 750-square-foot terrace seamlessly blends indoor and outdoor living.
Rising on the sparkling Biscayne Bay waterfront in Miami’s South Brickell neighborhood, the highly anticipated 50-story residential tower from Related Group (Related) and Integra Investments (Integra) offers an unparalleled lifestyle with more than 50,000 square feet of amenities including a residents-only, fine-dining restaurant by Michelin-starred chef Fabio Trabocchi. Related and Integra broke ground for the tower in November 2024. The building is now more than 65% sold, with completion expected in 2027.
“Miami has become incredibly special to me after spending the past few years here for F1, and I look forward to enjoying this stunning new home with my family and friends,” said Checo. “I’ve always been drawn to the St. Regis brand, and with the towers’ privacy and prime location in Brickell, it’s the perfect place to call my vacation home.”
“As luxury developments like the St. Regis Residences, Miami enter the market, Brickell continues to attract those seeking South Florida’s unrivaled lifestyle, including a growing number of high-profile individuals,” said Nick Pérez, President of Related Group’s Condominium Division. “We’re thrilled to welcome Checo to his new home, where we’ve meticulously upheld the St. Regis brand’s century-old legacy of innovation and excellence.”
Miami Real Investment served as Checo’s exclusive representative in this transaction, leveraging its expertise in luxury real estate to secure the perfect residence. “We are thrilled to have assisted Checo in finding his ideal Miami home,” said Hans Baumgartner, President of Miami Real Investment. “His connection to the city and appreciation for world-class living made the St. Regis Residences, Miami a clear choice, and we’re proud to have facilitated this important step in his real estate investment journey.”
Located at 1809 Brickell Ave., The Residences is brought to life by a visionary team, with architecture by the esteemed Robert A.M. Stern Architects (RAMSA) – marking the firm’s first residential development in South Florida – and interiors by the acclaimed Rockwell Group. Featuring 152 bespoke residences — including penthouses, sky villas, and two exclusive stand-alone garden villas — the project offers a once-in-a-generation opportunity to experience the timeless elegance and celebrated five-star services that define the St. Regis brand.
With St. Regis’ uncompromising commitment to excellence, residents will experience one of the most robust amenities packages on the market, with more than 50,000 square feet of indoor and outdoor spaces, including a professional-grade fitness center with a pilates and yoga studio; a full-size pickleball court; a private marina; a world-class spa and holistic wellness center; and an indoor lap pool. Signature butler services complete the lifestyle experience, including deliveries to residences, an on-premises house car, shoeshine service and other personal arrangements. The culinary offerings at The Residences are equally exceptional. With the iconic St. Regis Tea Room and a fine-dining restaurant led by Michelin-starred chef Fabio Trabocchi, residents are treated to an unparalleled dining experience, redefining the concept of 'dining in.' Park-like grounds surround the building with lush landscaping designed by the acclaimed Swiss design firm, Enea Garden Design.
Related Realty is the exclusive sales and marketing partner for The Residences.
Renderings via Binyan Studios
For more information about St. Regis Residences, Miami or to inquire about purchasing a unit please fill out the form below:
Ytech Receives Master Permit Approval For 'The Residences at 1428 Brickell'
Development firm Ytech, led by Yamal Yidios, have received master permit approval for The Residences at 1428 Brickell. This approval marks a significant milestone for Ytech in the greater development of The Residences at 1428 Brickell which has seen strong sales since launching in January 2023.
Development firm Ytech, led by Yamal Yidios, have received master permit approval for The Residences at 1428 Brickell. This approval marks a significant milestone for Ytech in the greater development of The Residences at 1428 Brickell which has seen strong sales since launching in January 2023. By pursuing a full master permit instead of traditional phased permitting, the firm has not only reiterated its position as an industry innovator, but also underscored its commitment to delivering this highly anticipated project on schedule without compromise. With groundbreaking having taken place last year and this approval now in place, the development is on track to begin going vertical and make its official impact on the Brickell skyline.
The Residences at 1428 Brickell will be a 70-story, 195-residence tower that will rise in Brickell as the first ever high-rise residential tower to be partially powered using solar energy, with 500 photovoltaic-integrated windows along the west-facing façade creating a “Solar Backbone” comprising nearly 20,000 square feet of energy-producing glass.
Designed by international architecture firm Arquitectonica, with interiors by world-renowned architecture and interior design firm ACPV ARCHITECTS, The Residences at 1428 Brickell’s limited collection of residences, priced from $3 million to $7 million, will be fully finished with two- to four-bedroom plus den units ranging from 1,800 to 4,000 square feet. Residents will have access to over 80,000 square feet of amenity space across the building’s top three levels and 860 feet in the sky, including a rooftop pool and atrium, two-story wine and fine art lounge, expansive 10,000 square foot gym, and family-centric Imaginarium, among others.
The property’s Penthouse Collection includes lower penthouses starting from $8 million. Penthouses range in size from 4,000 to 12,000 square feet. These exclusive, private residences are focused on empowering owners with a sense of privacy, safety and individuality. They showcase stunning water views and have been thoughtfully created with a true flow-through configuration to maximize light. A significant portion of residences within the property are two-stories, creating the feeling of a single-family home in the sky.
Renderings via The Boundary for Ytech
For more information about The Residences at 1428 Brickell or to inquire about purchasing a unit please fill out the form below:
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.
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
For more information about Domus Brickell Park or to inquire about purchasing a unit please fill out the form below:
The Residences at Mandarin Oriental, Miami Unveils Extensive Amenities and Achieves $800 Million in Sales
The Residences at Mandarin Oriental has officially unveiled its impressive array of amenities, boasting over 100,000 square feet dedicated to high-end leisure and relaxation. Developed by Swire Properties, the project features a multi-tiered, resort-style podium surrounded by lush landscaping.
The Residences at Mandarin Oriental has officially unveiled its impressive array of amenities, boasting over 100,000 square feet dedicated to high-end leisure and relaxation. Developed by Swire Properties, the project features a multi-tiered, resort-style podium surrounded by lush landscaping, promising an unmatched living experience in one of the city’s most coveted neighborhoods.
The response from buyers has been overwhelmingly positive, with sales reaching an impressive $800 million to date, averaging a remarkable $100 million per month in transactions. This strong performance is particularly notable within Miami’s competitive residential market, as the properties have been selling at an approximate price of $2,500 per square foot, with several residences exceeding $3,000 per square foot.
Fortune Development Sales is the exclusive sales and marketing firm representing The Residences with pricing starting at $4,900,000. The property has an anticipated completion date of 2030.
The appeal of The Residences is significantly enhanced by its robust array of amenities, all serviced by the prestigious Mandarin Oriental brand, which will also include the new North American flagship hotel on-site. Key highlights of the amenity offerings include:
An Unrivaled Pool Experience: Eleven pools—more than any other new development in Miami—along with a luxurious poolside lounge operated by Mandarin Oriental.
Wellness Facilities: A wellness deck featuring a hot tub, cold plunge, and private cabanas for outdoor treatments amid serene greenery.
Meditative Spaces: An immersive hammock garden and a forest yoga lawn complemented by various meditative garden areas designed to promote tranquility.
Dining Options: A choice of private dining venues, including a pavilion with stunning sunset and skyline views, an indoor private dining room with a chef’s kitchen, and a wine cellar, alongside multiple restaurants led by renowned chefs from around the world.
Recreational Amenities: An indoor multi-purpose sports court catering to basketball, pickleball, or padel, enhancing the active lifestyle options for residents.
Spa Services: The signature Mandarin Oriental spa offering award-winning treatments in a serene environment.
Hospitality Features: A dedicated hospitality console in the lobby providing infused water and daily provisions for residents.
The Residences at Mandarin Oriental, Miami, encompasses two towers designed by the acclaimed architecture firm Kohn Pedersen Fox (KPF). The South Tower will feature 228 residences with interiors by renowned Parisian designer Tristan Auer. The North Tower, with interiors by AD 100 designer Laura Gonzalez, will feature the new North American flagship Mandarin Oriental hotel – with 121 rooms, a signature Spa at Mandarin Oriental, and multiple intimate fine-dining and al fresco restaurants – along with an additional 66 private residences and 28 hotel residences slated to be launched soon. Swire Properties has been responsible for developing Brickell Key for more than 40 years, and The Residences offers the final opportunity to own a luxurious piece of a new development on the highly desirable island community.
Renderings via The Boundary, The Residences at Mandarin Oriental & Optimist Consulting
For more information about The Residences at Mandarin Oriental or to inquire about purchasing a unit please fill out the form below:
Focus and Group Fox secure administrative site plan approval for Brickell Apartment tower
Focus, a seasoned real estate development and construction firm, and Group Fox, a family-owned property and asset management firm, both headquartered in Chicago, have received administrative site plan approval for their latest project, the 517-unit Brickell Starlite apartment tower. This milestone sets the stage for the development of a 39-story luxury high-rise in the heart of Miami’s Brickell neighborhood.
Focus, a seasoned real estate development and construction firm, and Group Fox, a family-owned property and asset management firm, both headquartered in Chicago, have received administrative site plan approval for their latest project, the 517-unit Brickell Starlite apartment tower. This milestone sets the stage for the development of a 39-story luxury high-rise in the heart of Miami’s Brickell neighborhood.
“We are thrilled to finalize the entitlements on this property in Miami,” said Tim Anderson, CEO and Founder of Focus. “The world-class design, unparalleled location, and favorable zoning were strategically developed to meet the needs of the modern renter flocking to the Brickell neighborhood.”
Located within walking distance of the Brickell Metrorail station, the property will offer seamless access to Miami’s Brightline, Tri-Rail, Metrorail, and Metromover transit systems, providing residents with connectivity across South Florida. The developers and design team, led world renowned architectural firm Gensler, proposed a pedestrian and vehicular paseo at the building’s base, linking 7th and 8th streets. This feature will enhance accessibility to retail spaces within the tower and improve connectivity to the nearby I-95 on- and off-ramps.
The Brickell neighborhood remains a focal point for rental demand in South Florida, driven by a booming economy, favorable tax policies, and national migration trends. In 2024, Miami recorded its most competitive rental market in recent history, with apartments renting in an average of just 33 days and nearly 20 renters vying for each available unit.
Focus and Group Fox are in the final stages of permitting for the project and have enlisted a Cushman & Wakefield team—including Chris Lentz, Chris Moyer, Jeff Altenau, Susan Tjarksen, and Marc Royer—to capitalize the development.
Chris Lentz, Executive Director at Cushman & Wakefield, emphasized the project’s significance: “Brickell Starlite is a landmark multifamily development in Miami’s most vibrant and sought-after Brickell neighborhood and represents one of the only new luxury high-rise multifamily products underway in this well-occupied submarket. With extremely limited new developments coming online in Brickell, and the most recent multifamily deliveries dating back to 2019 and 2021, Brickell Starlite is uniquely positioned to meet the strong sustained demand for luxury.”
2025 Discover Boating Miami International Boat Show Returns February 12-16
The highly anticipated 2025 Discover Boating® Miami International Boat Show® is set to return to Miami from February 12 to 16, 2025, bringing the world’s largest collection of boats and marine products to South Florida. As the boating world converges on the Magic City, this iconic event promises to offer both seasoned boating enthusiasts and first-time buyers a glimpse into the latest trends and innovations in the marine industry.
The highly anticipated 2025 Discover Boating® Miami International Boat Show® is set to return to Miami from February 12 to 16, 2025, bringing the world’s largest collection of boats and marine products to South Florida. As the boating world converges on the Magic City, this iconic event promises to offer both seasoned boating enthusiasts and first-time buyers a glimpse into the latest trends and innovations in the marine industry.
This year’s event will take place at some of the most iconic spots in Miami and each venue will showcase a variety of boats, from motor yachts ranging from 30 to 125 feet at Herald Plaza to exclusive superyachts at Yacht Haven Grande Miami, accessible with VIP or Superyacht Miami tickets. The Miami Beach Convention Center will feature a range of boats up to 49 feet, as well as engine manufacturers, marine accessories, and electronics. The Venetian Marina will also provide visitors the chance to get hands-on experience through sea trials, offering attendees the opportunity to test drive vessels and see firsthand how they perform on the water.
Attendees will have access to a diverse range of boats—from luxury yachts to fishing vessels—and cutting-edge marine technologies and accessories. As always, the show promises to be an immersive experience, offering a wealth of opportunities for attendees to connect with top manufacturers, explore new products, and even test drive the latest boats on the water.
For those looking to enjoy an elevated experience, the Windward VIP Experience offers exclusive access to private lounges, gourmet food, premium open bars, and a host of additional perks, including complimentary transportation and access to the Superyacht Miami at Yacht Haven Grande Miami.
As part of its commitment to sustainability, the Miami Boat Show will emphasize environmental responsibility through initiatives like a no single-use plastic policy, water refill stations, and on-site recycling efforts. Additionally, a unique art installation made from plastics collected from Miami’s beaches will highlight the importance of ocean conservation and the show’s dedication to reducing its environmental impact.
The Discover Boating® Miami International Boat Show® has long been one of Miami’s premier events, attracting over 100,000 attendees each year and contributing an estimated $956 million to the region’s economy. The event is a key driver of tourism and a significant boon for Miami’s hospitality and real estate sectors, drawing visitors from across the globe to experience everything Miami has to offer, both on land and at sea.
With its combination of stunning boats, cutting-edge marine technology, and immersive experiences, the 2025 Discover Boating® Miami International Boat Show® is set to once again make waves in the Miami real estate market, attracting boating enthusiasts, industry professionals, and tourists alike to the heart of one of the world’s most dynamic cities. To purchase tickets, click here.
Related Companies To Co-Develop Citadel's Waterfront Foster + Partners-Designed 1201 Brickell Bay Drive Supertall
Billionaire hedge fund manager Ken Griffin will be partnering with the New York-based Related Companies to develop co-develop Citadel’s new supertall tower at 1201 Brickell Bay Drive. The project, with a proposed height of 1,032 feet and 54 stories, will be a mixed-use development.
Billionaire hedge fund manager Ken Griffin will be partnering with the New York-based Related Companies to develop co-develop Citadel’s new supertall tower at 1201 Brickell Bay Drive. The project, with a proposed height of 1,032 feet and 54 stories, will be a mixed-use development featuring 1.3 million square feet of office space, a 212-room rooftop hotel, fine dining restaurants, a health spa, fitness club, and more.
Designed by Foster + Partners, the 1.7 million square foot supertall tower will serve as the headquarters for Griffin's Citadel and Citadel Securities. Construction of the $1 billion-plus development is expected to begin in the third quarter of 2025, with plans for subsequent phases that include additional office space, residential units, and parking facilities across the street.
After announcing that both Citadel and Citadel securities will move to Miami from Chicago, Citadel was revealed as the buyer of 1201 Brickell Bay Drive after Tibor Hollo’s Florida East Coast Realty sold the 2.5 acre supertall development lot in a $363 million mega-deal in April 2022. Also in April 2022, Griffin acquired the adjacent 1250 Brickell Bay Drive and 1260 Brickell Bay Drive for $20 million, the lots total roughly 6,655 SF. The lots are adjacent to 1221 Brickell Avenue, which an entity tied to Citadel acquired in June 2022 for $286.5 million. The assemblage of properties spanning from 1221 Brickell Avenue to 1250-1260 Brickell Bay Drive is across the street from 1201 Brickell Bay Drive. The price equated to $145 million per acre, $3,340 PSF dirt value.
Ken Griffin’s net-worth is estimated to be about $31 billion and he has been one of the largest luxury property buyers in the world over the past several years. Also in Miami, Griffin has spent years and $170 million acquiring a Star Island assemblage. He made a splash when he acquired 8 Star Island Drive, a teardown built in 1993 on 1.8-acres, for $75 million. The sale set record for single-family home sales in Miami-Dade County at the time, a record Griffin is no stranger breaking. Griffin has also acquired the adjacent 10 Star Island for $25 million and 11 and 12 Star Island Drive in an off-market deal for roughly $37 million and 13 Star Island for $32.5 million. The acquisitions total $170 million. Griffin also set a record when he was revealed as the buyer in the mega-transaction for the four-acre waterfront Adrienne Arsht compound for a staggering $106,875,000.
Renderings via Foster + Partners
Acclaimed Mexican Hospitality Brand RosaNegra Makes Its U.S. Debut
Grupo RosaNegra, the acclaimed Mexican hospitality group celebrated for its blend of elevated Latin American cuisine and high-energy dining experiences, has announced the opening of its first U.S. location in Miami’s Brickell district. The new RosaNegra restaurant is situated in the Dua Miami, Autograph Collection Hotel, formerly the SLS Brickell, and will officially open its doors on December 4, 2024. The space is owned by Robert Rivani, President of Black Lion.
Grupo RosaNegra, the acclaimed Mexican hospitality group celebrated for its blend of elevated Latin American cuisine and high-energy dining experiences, has announced the opening of its first U.S. location in Miami’s Brickell district. The new RosaNegra restaurant is situated in the Dua Miami, Autograph Collection Hotel, formerly the SLS Brickell, and will officially open its doors on December 4, 2024. The space is owned by Robert Rivani, President of Black Lion.
Renowned for flagship locations in Polanco, Tulum, Cancun, and Los Cabos, RosaNegra has built a reputation as a go-to destination for bold flavors and lively ambiance. The brand has attracted an A-list following, including Karol G, Canelo Álvarez, Eva Longoria, and David Beckham, and its Miami debut is poised to bring the same allure to the vibrant heart of Brickell.
RosaNegra Miami’s menu, curated by Executive Chef Omar Martinez, pays homage to the rich culinary traditions of Latin America with influences from Mexico, Peru, Argentina, Colombia, and Brazil. Guests can expect signature dishes like the Lucifer Tomahawk on Fire, Super Colossal Octopus, and Lobster Tacos. The menu also includes a selection of premium beef cuts, including Kobe beef, Japanese wagyu, and USDA prime-quality Argentinian steaks. A variety of appetizers, ceviches, and tiraditos, such as the Burrata con Mole Almendrado and Tiradito de Salmon con Aji Amarillo, round out the offerings.
The beverage program emphasizes Latin America’s diverse spirit culture, featuring creative cocktails and an extensive selection of premium tequilas, mezcals, and Mexican wines. Highlights include the Amazonica, a blend of Brazilian cachaça, coconut liqueur, and avocado; and Luna Clandestina, which incorporates Bacanora, roasted pineapple, and turmeric.
RosaNegra’s ambiance reflects Grupo RosaNegra’s signature style, combining refined dining with a vibrant, late-night atmosphere. The restaurant spans 13,600 square feet, including a 4,600-square-foot outdoor patio adorned with woven basket chandeliers, lush greenery, and plush seating. The modern interior design incorporates warm, earthy tones, wooden elements, and expansive windows, creating a sophisticated yet inviting space. For a more exclusive experience, guests can discover a hidden speakeasy offering expertly crafted cocktails.
Located at 1346 S Miami Ave, RosaNegra will initially open for dinner service daily at 5 p.m., with brunch and lunch service to follow in the coming weeks.
This Miami debut represents Grupo RosaNegra’s first step into the U.S. market, marking an exciting new chapter for the celebrated hospitality brand. With its prime location in Brickell and its unique combination of elevated cuisine and dynamic energy, RosaNegra is set to become a standout dining destination in the city.
Bal Harbour Shops has unveiled its fully leased, 200,000-square-foot West Shops expansion, with 30 luxury boutiques and flagship stores and openings continuing through 2028.