Three-tower condo/hotel project proposed in Miami’s Brickell

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Brian Bandell
Senior Reporter
South Florida Business Journal

Habitat Development has proposed Smart Brickell, a three-tower condo/hotel project in Miami’s Brickell Financial District.
Karen Elmir of Cervera Real Estate said her group is the exclusive broker of the $120 million project, which launched sales in the summer.

It would be located on a 1.23-acre site that Habitat Development bought for $21.6 million in 2016, with Elmir as the broker. The addresses include 229, 239 and 243 S.W. 9th Street. The site is a few blocks from the Brickell Metrorail Station and about three blocks west of both Brickell City Centre and Mary Brickell Village.

Smart Brickell would have 170 condos, 150 hotel rooms and 30,000 square feet of retail space, including a spa and restaurant inside the hotel. The hotel rooms would be in the pedestal while the condos would be in the three towers.

The developer said the building would have “integrated technology and amenities.”
“Karen Elmir’s vast knowledge of the Miami market and strong relationships with key players in the national and international market will be a huge factor in selling Smart Brickell,” said Santiago Venegas, principal of Habitat Development.

Units in Smart Brickell will range from 558 to 878 square feet and are priced from $290,000 to $490,000. That means the prices would be in the $500’s per square foot, which is less than many other new condos in Brickell.

New condo sales have been slow in Miami for over a year as foreign investors lost buying power due to the strong U.S. dollar.
Habitat Development said it has already pre-sold 35 percent of the first tower at Smart Brickell and it expects to launch sales of the second tower in the first quarter of 2018. It plans to complete the project in early 2020.

The developer said it would not use the standard 50 percent deposit model for condo sales, but it didn’t provide details on its deposit structure.
Habitat Development said it would manage the new hotel.

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