Visionaries area taking advantage of a booming population, thriving services and comprehensive code while the opportunity lasts. Santiago Vanegas, partner at Habitat Group, predicts his upcoming three-part project Smart Brickell will be one of the few upcoming condo, hotel and commercial projects to rise. Smart Brickell is to break ground this winter, with completion set for 2020. Mr. Vanegas says supply for newly completed buildings such as the SLS Lux Brickell and Brickell Heights is running relatively dry, leaving his project and the Brickell Flatiron development to absorb remaining demand.
He said, “It’s a fantastic opportunity to make an investment on Brickell because the land is gone. There is not going to be more cycles in the future. Compared to downtown, you have land for more than 50,000 units. You have a lot of potential supply in downtown. Same thing in Edgewater. But not in Brickell.”
The lack of new options and competition works to his advantage, he says: “In the next cycle, Brickell is going to be very difficult to generate more supply. That means the price should go up.”