Monthly Archives

November 2019

Developer nabs $24M to build Brickell condo


Habitat Group obtained a $24 million construction loan for the first tower of the Smart Brickell condo project in Miami.

Miami-based Ocean Bank awarded the mortgage on the 1.23-acre development site at 229, 239 and 243 S.W. 9th St. Featuring 50 condos, 50 hotel rooms and 10,000 square feet of retail, the project broke ground in March and is on track for completion in 2021. It is sold out.

Habitat Group plans to break ground on the second tower of Smart Brickell, which will be the same size as the first tower, in early 2020.

“Receiving this loan for the construction of our first Smart Brickell tower is a testament to the project’s continuing success,” said Santiago Vanegas, president of Habitat Group. “Following the rapid sellout of Smart Brickell Tower 1, Smart Brickell Tower 2 is already 80% sold. We are looking forward to breaking ground on Tower 2 and continuing this construction momentum.”

The condos will range from 558 to 1,117 square feet. Prices range from $300,000 to $600,000. Owners will be able to rent their units up to 50 times a year on home-sharing services like Airbnb. They could also lease their condos to the developer to join the hotel pool.

Cervera Real Estate is the exclusive broker.

The third tower is also planned with 97 multifamily units and 30,000 square feet of retail.

The 25-story Smart Brickell was designed by Gensler. Amenities will include two pools, a spa, a fitness center, a business center and a rooftop lounge.

Habitat moves forward with West Brickell condo, hotel project


Habitat Group is moving forward with the construction of a large condo and hotel project in Brickell after scoring a $24 million loan.

Habitat secured the construction loan from Miami-based Ocean Bank to build Smart Brickell’s Tower 1 at 239 Southwest 9th Street in Miami’s West Brickell neighborhood. The tower will have 50 hotel rooms and 50 condos and is planned for completion in 2021.

Smart Brickell is a three-building condo and hotel project that will offer owners the ability to rent their units out 50 times a year. In all, the project will have nearly 300 units and about 12,000 square feet of commercial space for a cafe, restaurant and retail. Tower 2 is expected to break ground in early 2020.

Santiago Vanegas, CEO and president of Habitat Group, said Smart Brickell Tower 1 is already sold out, while Smart Brickell Tower 2 is about 80 percent sold.

Miami-based Cervera Real Estate is handling sales for Smart Brickell. Hernando Carrillo is the architect. Condo prices range from $300,000 to $600,000.

Habitat Group is focusing on West Brickell. The company recently paid $6.1 million for a site at 1200 Southwest Second Avenue where it’s planning to build Brickell 12, a 96-key hotel project. The company’s other projects include the Brickell Lux and Millux Hotel, according to its website.

With just over $4 billion in assets, Ocean Bank is an active construction lender in South Florida. Last year, the community bank provided an $85 million construction for Melo Group’s Art Plaza Apartment. This comes at a time when many banks in South Florida are backing away from construction lending due to heightened regulatory scrutiny.