Miami-based Habitat Group partnered with Kazakhstan-based BI Group to purchase a development site in Miami’s Brickell Financial District for $14.8 million.
HS Brickell Lodging, an affiliate of Chattanooga, Tennessee-based 3H Group, sold the 30,000-square-foot site at 1750 S.W. First Ave. to Brickell Park Group LLC, a partnership between Habitat Group, led by CEO Santiago Vanegas, and BI Group, a major construction company in Central Asia. The deal included $9.8 million in seller financing.
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Habitat Group said this will be the first major project for BI Group in the western hemisphere.
The vacant property last traded for $10.25 million in 2019. The prior owner was working on plans for a hotel, but no construction took place.
The buyers said they plan to develop this site with Parkside, featuring 164 hotel/condo units, 21 condos and a rooftop pool deck overlooking nearby Simpson Park.
“This is a historic moment for BI Group as we expand our footprint globally,” officials with BI Group stated. “We are excited to bring our construction excellence and innovation to Miami and contribute to the city’s vibrant growth.”
Meanwhile, Habitat Group announced it has two additional projects in the works in partnership with BI Group. They plan Season Royale, with 20 condos and condo/hotel lodging units, at 1200 S.W. Second Ave., which currently has a small office building. They also plan Millux Place, with 20 condos and 79 condo/hotel units, at 239 S.W. 12th Street, which currently has a small apartment building.
“We are thrilled to partner with BI Group and embark on this remarkable journey to develop high-quality residential and lodging spaces in Miami,” Vanegas stated. “This partnership not only signifies a major step for Habitat Group but also brings BI Group’s renowned expertise to the Western Hemisphere for the first time.”
The developers are working with Miami-based Kobi Karp Architects on all three projects. They aim to start construction on all three projects by the end of this year.
Habitat Group is currently building the Smart Brickell condo and hotel project in the neighborhood.
