Ytech Acquires 1500 Brickell, One Of The Last Remaining Historic Estates On Brickell Avenue

Miami-based real estate development and investment firm Ytech have acquired a historic mansion located at 1500 Brickell Avenue. Ytech is completing a multi-million dollar restoration and renovation of the property which is slated for completion by Q1 2023. The property joins Ytech’s ownership portfolio of prime addresses in Brickell including 1428 Brickell Avenue, 1548 Brickell Avenue, and 75 Broadway, among others. Ytech was represented by Stuart Kapp of KappMorrison, LLP in the acquisition.

“The acquisition of 1500 Brickell Avenue underscores our commitment to the area which is the epicenter of growth in Miami,” said Yamal Yidios, CEO of Ytech. “The restoration will bring to life the significance of this historic property, which when complete will serve as a complement to our luxury residential development efforts in Brickell.”

Originally built in 1931, the property, referred to as “Château Petit Douy,” was designed to resemble the Priory in Saint Julian, France and reflects the period revival style of architecture common during the first half of the twentieth century. Located in what was then known as the Millionaires’ Row neighborhood, the home remains as one of the few historic mansions left on Brickell Avenue. The property gained its historic designation status in 1983.

Since 2006, Ytech has developed and redeveloped more than 7,000 apartments in 25 submarkets across the Southeast United States, involving over $2 billion in capital. In addition, the firm currently has a development pipeline of more than $3 billion in residential projects in the Brickell area.

Fortune International Group and Blue Road Partnership Closes On Land For Next Residences For $16 Million

Fortune International Group, in partnership with Blue Road, has closed on a 1.74-acre site at 13899 Biscayne Boulevard for $16 million, paving the way for the future development of Nexo Residences. Nexo Residences is one of the first condo projects with short-term rental capability in the rapidly evolving city of North Miami Beach.

“The transaction is another positive step toward bringing Nexo Residences to fruition, following an extremely successful sales launch and approximately 50 percent of units reserved,” said Edgardo Defortuna, President and CEO of Fortune International Group. “We continue to see strong interest from buyers and investors who are witnessing North Miami Beach’s transformation and want to own a part of its growth as a thriving destination.”

Slated to convert reservations to contracts end of August, Nexo Residences presents 254 move-in-ready condominiums with full home-sharing capabilities, coupled with resort-style amenities. With exclusive sales and marketing by Fortune Development Sales, Nexo Residences’ units will be delivered fully furnished.

Priced from the low $500,000s, studios to four-bedroom townhomes range from about 525 to 2,190 interior square feet. Each homeowner has the choice to rent his/her residence for short-, seasonal or long-term durations without listing limitations, making it a coveted property type for investors, while enjoying the option to utilize it at their own discretion or for personal leisure.

“Understanding the consumer demand to be at the nexus of everything, the project unites activated amenity spaces with an ideal location that allows residents to take advantage of the experiential offerings on property and within the neighborhood,” added Jorge Savloff, CEO of Blue Road.

Blending the necessities of remote work life with inspiration from South Florida as a year-round vacation destination, Nexo Residences’ suite of amenities includes a three-story arrival lobby and lounge; a two-story tech hub with a café; coworking spaces; a business center; luxury pool deck outfitted with a resort-inspired pool with loungers; two fully equipped summer kitchens; and a rooftop observatory deck with 360-degree views. Entertainment offerings include an outdoor children’s playground; multi-purpose clubroom and private event area; and a fitness center with a yoga studio and virtual trainer. The property will also be pet friendly.

Nexo Residences is in proximity to a plethora of business and leisure offerings in Miami, Bal Harbour, Aventura, North Bay Village, Sunny Isles, Hollywood Beach, and beyond. The property is set along the main thoroughfare of Biscayne Boulevard, minutes from the Intracoastal, and is nearly equidistant to Miami International Airport and Fort Lauderdale-Hollywood International Airport. Owners and guests can easily shop at brands like Whole Foods and Target, or indulge in fine dining, shops, and entertainment at surrounding retail centers. The property is also near popular outdoor recreational areas and green spaces, like Oleta River State Park and Haulover Park.

For more information about Nexo Residences, private showings or purchasing/ leasing information please fill out the form below:

Ari Pearl's PPG Development Delivers The Kobi Karp-Designed Slate Hallandale Beach

Ari Pearl has delivered the Kobi Karp-designed Slate Hallandale Beach, a recently completed high-rise luxury rental property that offers an unparalleled elevated living experience in Hallandale Beach, Florida. The project was developed by PPG Development and owned in partnership with BH3 Management. The 26-story luxury rental community with 250 modern residences is located at 101 Diplomat Parkway, Hallandale Beach, FL 33009.

Designed by Kobi Karp Architects & Interior Design, Slate Hallandale Beach offers an elevated living experience beyond comparison, delivering thoughtfully designed floor plans ranging from one to four bedrooms, welcoming residents to bask in luxurious living. Featuring a sophisticated blend of sustainability and modern grandeur, the building enhances the lifestyle of residents through more than 20,000 square feet of resort-inspired amenities and first-class services in the heart of Hallandale Beach. Leasing is underway with immediate availability for occupancy at the completed development, which began accepting reservations in spring 2022.

Slate boasts a cutting-edge, sustainable design to maximize both comfort and privacy. Every residence at Slate features stunning views with spacious open-floor plans, sweeping 10-foot ceilings and expansive terraces with floor-to-ceiling glass windows and doors for seamless indoor and outdoor living. Well-appointed, modern design elements are incorporated throughout the interiors with sleek finishes, top-of-the-line Samsung energy efficient appliances, quartz stone waterfall edge kitchen islands, luxurious bathrooms with floating vanities, glass-enclosed showers and soaking tubs in some units. A limited selection of penthouse units boast 14-foot ceilings and breathtaking views of the Atlantic Ocean and Intracoastal Waterway.

“Slate’s opening represents another milestone for Hallandale Beach and for South Florida as the state continues to allure residents with its fantastic beaches, world-class dining and entertainment and unparalleled residential offerings,” said Ari Pearl, founder and CEO of PPG Development. “Hallandale Beach has always been a desirable location full of possibilities, but never had a development of this caliber offering expansive, resort-inspired amenities and stylish modern residences combined with the convenience and flexibility of living in a rental community. This state-of-the-art development sets the bar even higher, offering thoughtfully designed homes with exceptional finishes and a wealth of outstanding amenities rarely found outside of condominiums.”

Beyond the residences, Slate’s collection of curated amenities and professional staff provide an array of distinctive lifestyle enhancements and experiences for children and adults, spanning from wellness to relaxation to business. A state-of-the art fitness center offers a cardio room with top-of-the-line equipment including Hydrow rowers and Echelon cycling bikes, a strength conditioning room with resistance machines and free weights, and a training room for individual workouts with high-end equipment including a Pilates reformer and chair, Echelon Reflect smart fitness mirror, Nexersys boxing trainer, boxing bag, TRX suspension system and more. An expansive outdoor pool with cabanas, a spa soaking hot tub, concessions wait staff and outdoor tennis courts provide the ultimate outdoor oasis for fun in the sun. Residents can unwind and recharge in the spa lounge, which has a sauna, steam room and private massage treatment rooms.

Rounding out the offerings are a game lounge and kid’s playroom, golf simulation room, business center and conference room, movie theater, event space, wine cellar with personal lockers available for reservation, as well as a dedicated pet area and grooming station, a dog park, an electric car-charging station, and a bicycle station. On-site valet, a concierge and a 24-hour doorman provide residents and their guests with exceptional security and service. The development will also overlook a brand new 18-hole golf course designed by Greg Norman along with an exclusive country club.

“Every single inch of each common area and residence at Slate is impeccably designed with beautiful condo finishes that appeal to the most discerning taste,” said Randy Weisburd, COO of Atlantic Pacific Companies, who’s handling the leasing and management of the property. “Breathtaking views, spacious open-floor plans, outdoor terraces, expansive ceilings, sleek finishes, top-of-the-line Samsung appliances and generous closet space are just a few of the standout elements that make Slate unlike any other community in South Florida. We could not be happier with this exceptional development and we look forward to welcoming residents into their new homes and new community at Slate Hallandale Beach.”

Redevelopment Of Hollywood's Bread Building Site Secures $83 million Construction Loan

In partnership with Bridge Investment Group, Fort Lauderdale-based BTI Partners has secured an $83 million construction loan for a development in downtown Hollywood. The site was home to the long-neglected Hollywood Bread Building on Young Circle. The building was demolished last year. Canadian Imperial Bank of Commerce is the lender. Cushman & Wakefield Equity, Debt & Structured Finance team brokered the transaction, which closed on Friday, Aug. 19th.

BTI Partners and equity partner Bridge will build 362 market-rate apartments and about 16,000 square feet of retail space on Young Circle. Located at 1727-1745 Van Buren St.,1700-1716 Harrison St., and 1740-1760 S. Young Circle, the redevelopment of the site is an important step in the revitalization of the west end of Downtown Hollywood anchored by the 10-acre ArtsPark at Young Circle.

“The new Hollywood Bread Building development will continue to inject new life into Downtown Hollywood and is an important milestone to the future redevelopment of a new and revitalized Young Circle,” said Noah Breakstone, CEO of BTI Partners. “Overlooking ArtsPark, easy access to amazing beaches, and close proximity to South Florida’s largest employment hubs, the new mixed-use development will be a tremendous asset for the city and residents looking to live, work and play in Hollywood’s east urban core.”

BTI Partners, a leading developer of master-planned communities and residential properties across Florida, and Bridge Investment Group, a real estate investment manager headquartered in Salt Lake City, Utah, with over $42 billion in assets under management throughout the country, acquired the site for $11 million in June 2021.

“Bridge is excited to bring a development of this quality to Young Circle for Hollywood residents to enjoy,” said David Coelho, Chief Investment Officer of Bridge Development and Opportunity Zones. “We are grateful for all of the support we received from residents, community leaders, and elected officials. We look forward to continuing construction and turning our vision into reality.”

This project is part of BTI Partners’ and Bridge’s larger effort to continue to revitalize Downtown Hollywood. BTI Partners is also in the planning and approval stages of a second project to replace a rundown strip mall a few steps away from the Bread Building with twin modern towers on the east side of Young Circle. The second project will include residential living, shops, restaurants, office space and a skywalk connecting the two towers. Both projects together will represent a direct investment of over $500 million in Hollywood's Young Circle neighborhood.

Cushman & Wakefield Equity, Debt & Structured Finance team, including Steve Kohn, Chris Lentz and Chris Moyer, played a key role in identifying CIBC as the ideal capital source.

“We are pleased to have been involved in the financing of this game-changing development, which will help meet the demand for more housing opportunities in Hollywood as its strategic location continues to attract residents and businesses to the city,” said Kohn, whose team advised BTI Partners on arranging the joint venture with Bridge as well as on securing the construction loan.

Attorneys Luis Flores, Michael Denberg and Sophia Rub of Saul Ewing Arnstein & Lehr represented the developer in closing the transaction.

"We are proud to be part of a development team that is focused on bringing new life to downtown Hollywood, which has so much to offer," said Denberg, Managing Partner of Saul Ewing’s Fort Lauderdale office. "The new Hollywood Bread Building will bring pedestrian activity to the ArtsPark and to the many businesses on Young Circle eager to grow and thrive. This is the perfect urban location to create a highly-desired live, work, play and enjoy environment."

BODEGA TAQUERIA Y TEQUILA TO OPEN 5TH SOUTH FLORIDA LOCATION

Bodega Taqueria y Tequila, South Florida's iconic taco joint by day and speakeasy concept by night, is gearing up for its highly anticipated Coconut Grove opening on Thursday, August 25th. Marking the brand’s fifth location to date, Bodega is set to open by introducing a robust lineup of daily and nightly programming curated for locals and visitors alike to enjoy, housed in a 3,276-square-foot space built in 1922.

The historic space has been reimagined to reflect the brand’s trademark design, pumped with neon signs and bright colors thoughtfully juxtaposed by traditional, old-world Mexican design elements. The Grove outpost will offer a three-part experience including a fast-casual taco shack; a speakeasy-style lounge; as well as a high-end mezcaleria designed for exclusive tasting experiences - each with its own high-energy curated programming. 

“We are excited to continue growing the Bodega footprint with the opening of our first South Miami location,” said Jared Galbut, Co-Founder and President of Bodega Taqueria y Tequila. “The beautiful and historic Coconut Grove neighborhood is undoubtedly experiencing a moment of tremendous resurgence, and we are thrilled to be among the restaurant groups and businesses contributing to its revival.”  

Guests enter at the ground level of the Taco Shack, where they are immediately taken in by the aromas of Mexican street food-inspired cuisine wafting from the quintessential airstream trailer-turned-taco-truck. True to the brand’s commitment to deliver fresh menu items in a warm and lively setting, the menu is stacked with classic and innovative dishes locals and visitors alike have come to expect from the revered brand. All the popular items like Nachos and Quesadillas; legendary Burritos and Tacos, like the Barbacoa made with guajillo braised short rib, cotija cheese, red onion, potato sticks, cilantro, and salsa rosada; health- and vegetarian-friendly Build Your Own Bowls; and, of course Frozen Margaritas, are available to order for dine-in, pickup and delivery. 

Bodega’s second floor design showcases an array of beautiful details for the eye to enjoy, including an ornate wood entrance door, distressed aromatic leathers, aged brass metal finishes, and velvet drapery in agave-green accents. Hand-painted tin ceiling tiles by muralist Juan Rosas add color to the already whimsical décor featuring an eclectic mix of “found” seating and artwork. Together, these thoughtful details are meant to evoke the primitive feel of haciendas and create an ambiance with an undeniable energy that harks one back, nostalgically, to a bygone era of Mexican opulence.

In addition to the brand’s iconic menu, guests can look forward to “Margarita Monday”, featuring $5 Frozen Margaritas, available all day on Mondays. On Tuesdays, patrons can indulge in Bodega Taqueria y Tequila’s “Taco Tuesday” special, showcasing three for $11 Classic Tacos available in-stores, as well as on the Bodega app until 5 p.m. Also taking place is the brand’s iconic “Live Music Wednesdays” presented by 818 Tequila showcasing local musical performances by rotating bands from 7 to 9 p.m. On Thursdays, patrons can come in for “Thursdays on Tap” and enjoy $1 select rotating Draft Beer until the keg is tapped. Lastly, taking place Saturdays and Sundays, guests can indulge in “Liquid Weekend Brunch”, featuring large format cocktails, beer buckets and Mexican-inspired mimosas starting at 12 p.m. Following brunch, watch all of your favorite College Football and NFL teams, with continuing beer specials and half off well drinks for ladies during the games.

The Coconut Grove opening is part of an expansion for both the Bodega brand and the Miami neighborhood, the latter of which is currently experiencing a renaissance that has brought in a slew of new businesses to the area. Bodega’s flagship location opened in South Beach in 2015, followed by Fort Lauderdale in 2020. In August 2021, the first taqueria-only Bodega opened in Aventura, followed by a West Palm Beach spot in February 2022.  In early 2023, a second South Miami location will open in Coral Gables, followed by the opening of Bodega Taqueria y Tequila in Chicago, the first of several out-of-state locations. Additional Florida expansion includes a taqueria-only location at the Natiivo Miami Hotel & Residences in downtown Miami, as well as a hybrid concept in Wynwood. 

Bodega Coconut Grove is located at 3419 Main Highway and hours of operation are Sunday through Wednesday from 11:30 a.m. to 1 a.m. and Thursday through Saturday from 11:30 a.m. to 3 a.m.

The Estate Companies Obtains Site Plan Approval For Soleste on the Bay Luxury Waterfront Rental Development

The Estate Companies (EIG) has obtained unanimous site plan approval for Soleste on the Bay, a 759,439 square-foot, 28-story luxury waterfront rental community with 363 units, 17,000 square feet of commercial space and 645 parking spaces at 16375 Biscayne Blvd. in North Miami Beach. The city commission voted unanimously in favor of the project on Aug. 16th. Groundbreaking is slated for Q4 2022. The Estate Companies was represented by Land Use Counsel, Ethan Wasserman, of Greenberg Traurig, LLP.

This is The Estate Companies’ second major investment in North Miami Beach. Located directly next door to Soleste on the Bay, construction is underway on Soleste NoMi Beach, a 23-story rental community with 367 units and 2,708 square feet of ground floor commercial space. The project broke ground in October 2021.

Tenants can select from a variety of studios, one-, two- and three-bedroom units ranging in size from approximately 550-1,250 square feet.

Like all projects within the Soleste Living brand portfolio, Soleste on the Bay will be a highly amenitized development with a vast collection of health and wellness offerings and social components, including a 10th floor amenity deck with two resort-style pools, spacious sundeck, game room, yoga room, spinning room, lounge, state-of-the-art fitness center and cinema.

The 2.15-acre waterfront property is located on the south side of the Royal Glades Canal with water views to the north and east. The site offers easy access to the 163rd Street Causeway, which connects to US-1 and A1A and all major arteries. The project is also in close proximity to Greynolds Park and within minutes to the beach and two of Florida’s premier shopping destinations, the Aventura Mall and legendary Bal Harbour Shops.

The Estate Companies is one of Florida’s largest and most active multifamily development firms with more than 4,000 rental units and 153,000 square feet of commercial space in the pipeline throughout the tri-county region. The firm recently completed and sold Miami’s first large-scale, ground-up opportunity zone development, Soleste Grand Central in Downtown Miami. Development is also nearing completion on Alture Westland, a hotel conversion in Hialeah, and Soleste Spring Gardens in Miami’s historic health district. The Estate Companies recently completed and sold Miami’s first large-scale opportunity zone development, Soleste Grand Central in Downtown Miami. In addition to two projects in North Miami Beach, the firm has projects in various stages of development in Dania Beach, Spring Gardens, Hollywood, Riviera Beach, Lauderhill, Pompano Beach and West Palm Beach, among others.

Former Plaza Construction CEO Brad Meltzer Joins Two Roads Development As Partner And President

South Florida-based real estate development firm Two Roads Development announced Brad Meltzer has joined the firm as Partner and President, further strengthening its growth trajectory. In this role, Meltzer will oversee real estate development activities, as well as identify new market opportunities.

Meltzer comes to Two Roads Development with an educational background in architecture and more than 30 years of construction experience. Prior to joining Two Roads Development, Meltzer was most recently the Chairman and CEO of Plaza Construction, a leading a top national construction firm where he oversaw award-winning projects across various asset classes from inception to completion including Miami’s iconic One Thousand Museum by Zaha Hadid Architects.

"We are thrilled to expand our leadership team and welcome Brad, who played an integral role in helping us deliver Biscayne Beach," said Reid Boren, Managing Partner of Two Roads Development. "His robust network and industry background will help further our momentum in current and future projects. He will work with our team to keep our projects focused on attention to design and detail throughout each phase of the building process."

His portfolio of work encompasses a wide range of project types, including condominium, multifamily, hospitality, office, and retail. Meltzer specialized in delivering high end projects such as One Thousand Museum by Zaha Hadid, the four tower Paraiso District by Arquitectonica and the Ritz Carlton Residences Miami Beach by Piero Lissoni. In South Florida, Meltzer has overseen more than a dozen projects that exceed 40 stories including multiple projects that exceeded 700 feet in height.

“I am honored to have this opportunity to join the team at Two Roads Development,” said Brad Meltzer. “I look forward to mentoring and leading a team of professionals while promoting a culture of transparency, trust, and accountability. Our ultimate goal is to create projects that we can all be proud of.”

Highly engaged in industry and community organizations, Meltzer sits on various local and national boards, including Voices for Children Board of Directors, Gulliver Prep Board of Trustees, Chair of the University of Miami School of Construction Management Industry Advisory Board, University of Miami MRED+U Advisory Board and Tulane School of Architecture Advisory Board.

He holds a Master of Architecture from Tulane University School of Architecture.

Miami Dolphins Star Tyreek Hill Opens Soul Runner Experiential Pop-Up In Aventura Mall

The newest Miami Dolphins star Tyreek Hill has opened a pop-up for Soul Runner, his motivational athletic wear brand, in Aventura Mall. On August 11, Hill hosted a special grand opening attended by NFL stars such as AJ Greene and Cedrick Wilson, as well as influencers such as Zach “That’s a Dot” Lewis and Lahgriddy, attracting large crowds to the Soul Runner Pop-Up as fans tried to get a look at the Dolphin’s star receiver. Hill debuted the new Soul Runner store and collection as well as recorded an episode of his “It Needed To Be Said” Podcast live with special guest Jake Paul.

Rooted in the vision of a “spirit in motion,” Soul Runner is inspired by unwavering faith and the meditative, therapeutic influence of putting one’s body, life and soul in a forward motion. According to Hill, the uplifting mission of the brand is grounded in the choices one makes in the face of adversity – “either running away from fear or running towards a new goal” – and dedicated to those who take the high road in the endless pursuit of a better future.

Nicknamed “Cheetah,” Hill was acquired by the Dolphins from the Kansas City Chiefs this March. He was a Super Bowl Champion in 2019, has been selected to the Pro Bowl in all six seasons of his NFL career, and was chosen as a member of the 2010s NFL All-Decade Team.

The Soul Runner pop-up at Aventura Mall features exclusive new Soul Runner styles, including new premium heavyweight tees, premium heavyweight hoodies and women’s crop tops. Additionally, the experiential pop-up has a performance zone with light workout equipment where workout classes will be hosted throughout the month in collaboration with its fitness partners.

“Aventura Mall is an iconic destination and I’m thrilled to debut the Soul Runner pop-up in a South Florida landmark alongside so many great brands,” says Hill. “To launch our first store in Miami is a dream, especially as I’m embarking on a new journey here myself. I feel lucky to be in such a vibrant place.”

The Soul Runner mindset originated during Hill’s childhood when he was faced with opportunities to join gangs. He and his friends took a different direction, forming a group called the “Soul Runners.” Deviating from gangs, the Soul Runners embarked on a lifelong journey dedicated to creating a better future for themselves and those around them.

“Hard work is contagious. When you push yourself, it pushes others and drives everyone to be better. This is what Soul Runner is all about,” says Hill. “I’m still ‘Soul Running.’ It never ends.”

The Soul Runner pop-up at Aventura Mall is located on the Lower Level near Bloomingdale’s.

James Beard Award-Winning Restaurant Group Hai Hospitality To Open 'Uchiko' to Eighteen Sunset In Sunset Harbour

James Beard Award-winning group Hai Hospitality, the group behind Wynwood hotspot Uchi, will bring its acclaimed Uchiko restaurant concept to Miami Beach’s popular Sunset Harbour neighbored. Uchiko will be located in Eighteen Sunset, a mixed-use project being developed by Deco Capital. Hai Hospitality signed a lease for 6,000 square feet of street-level restaurant space and is planning to open in 2024.

Uchiko, the Japanese concept that launched in Austin, Texas and helped fuel the city’s rise as a dining destination, will be located on the ground floor of the project, along Purdy Avenue, within the walkable neighborhood of Sunset Harbour known as one of South Florida’s most beloved lifestyle destinations. Slated to open in 2024, the restaurant will feature 180 indoor seats, including approximately 35 outdoor patio seats. Uchiko, recently recognized by Open Table as one of the top 100 restaurants in the US and lauded by GQ Magazine as one of the best new restaurants in America when it first opened, will open its third location in Miami Beach, following locations in Austin and Houston.

The menu at Uchiko constantly evolves. Uchiko Miami guests can expect signature bold flavors with hints of smoke and char that differentiate Uchiko from its sibling Uchi. Uchiko balances richness and delicacy with its interpretation of raw fish at the sushi bar alongside wood-fired items and Yakitori-grilled options. Uchiko Miami will also offer a full bar with hard-to-find Japanese whiskeys and a well-rounded and inventive cocktail menu.

“We quickly fell in love with the energy of Miami when we opened our first Florida Uchi location in 2021,” said Hai Hospitality CEO Tony Montero. “When we found the Eighteen Sunset development, we knew it would be the perfect location to continue to grow in Miami with Uchiko, and we’re looking forward to adding to both the energy of the city and Sunset Harbour with Uchiko Miami.”

“Uchiko is one of the country’s most innovative restaurant concepts, and Miami Beach is among the world’s most vibrant dining destinations. Uchiko at Eighteen Sunset is destined to become a favorite spot for the growing number of residents and visitors setting their sights on South Florida,” said Deco Capital Group Founder Bradley Colmer.

Eighteen Sunset is Deco Capital’s latest mixed-use development, rising five stories directly across from Biscayne Bay. The ground floor is home to 17,000 square feet of restaurant and retail space, a central cobblestone breezeway and cantilevered, covered sidewalk connecting to Maurice Gibb Park. The building has parking on the second level, and Class A+ office totaling 40,000 square feet on the third and fourth, topped by an exclusive penthouse encompassing nearly 30,000 square feet of interior and exterior space, including a spectacular rooftop and pool deck. Construction is currently underway, with delivery slated for late 2023.

Images via Eighteen Sunset

For more information about Eighteen Sunset or commercial leasing in Sunset Harbour, private showings or availability/ pricing information please fill out the form below:

Ken Griffin Expands Brickell Holdings As Citadel Leases 95,000 SF At 830 Brickell

The multi-billionaire hedge fund magnate Ken Griffin, who founded the Chicago-based Citadel Securities, has continued to expand his Brickell portfolio while Citadel signed a lease for 95,000 SF at OKO Group’s 830 Brickell office tower. Griffin announced earlier this year that both Citadel and Citadel securities will move to Miami from Chicago. Through an entity Griffin acquired 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 reportedly 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, which Citadel was revealed as the buyer of after Tibor Hollo’s Florida East Coast Realty sold the 2.5 acre supertall development lot in a $363 million mega-deal also in April 2022. The price equated to $145 million per acre, $3,340 PSF dirt value. Citadel is planning to develop the property with the Chicago-based developer Sterling Bay.

The lease signing at 830 Brickell comes following the news of developers OKO Group and Cain International buying WeWork out of their 146,000 square foot lease covering 10-floors. WeWork was one of the first to sign a major lease at the Class A office tower in 2019 which was set to become their largest location Florida. Rents at 830 Brickell are now in excess of $125 PSF, representing a 42% rise year-over-year. Other top-tier office users who have signed leases at 830 Brickell include Microsoft, international law firm Sidley Austin LLP, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap, and others.

The news comes as the Miami office market continues to boast one of the lowest vacancy rates with absorption faring better than other competing markets across the U.S, according to the Miami Downtown Development Authority’s 2021 Office Market Report. In fact, Downtown Miami was the only major urban office market in the country to achieve net-positive absorption in 2021.