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South Florida Business Journal

Habitat Development plans condo/hotel in Brickell, two more projects


South Florida Business Journal

By: Brian Bandell

Habitat Development has announced a slew of new developments in Miami’s urban core, as the company moves closer to breaking ground on Smart Brickell.

The Miami-based developer, led by CEO Santiago Vanegas, recently acquired the apartment building at 143 S.W. Ninth Street for $14.5 million. Vanegas said he plans to redevelop the 30,000-square-foot site with a 36-story condo that would include 108 condos, 60 hotel rooms, and 12,000 square feet of ground-floor retail space. He expects to start construction in about two years.

“The total cost for the development will be $59.6 million with a $48.7 million sell-out of the condos,” Vanegas said. “There will be a $26.4 million valuation of the hotel and $6.6 million for the commercial space, for a total sellout of $81.7 million, and expected profit of $22.1 million.”

While some condo developers are holding back on launching new projects amid a slowdown in new condo sales, Habitat Development has been bullish on the market.

Smart Brickell launched sales in summer 2017. It will have three towers at 229, 239 and 243 S.W. 9th Street, about three blocks from the apartment complex Habitat Development just acquired.

The first tower of Smart Brickell, which will have 50 condos and 50 hotel rooms, is 100 percent pre-sold, he said. The second tower will be the same size, and the third tower will have 70 condos and 50 hotel rooms. Smart Brickell will also have 30,000 square feet of retail space.

Vanegas said he expects to start demolition work for Smart Brickell by the end of October.


Read the full article:


Trammell Crow proposes 24-story condo and more real estate news for the week of Oct. 10

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Condo-hotel project could rise in Brickell
Brian Bandell
Senior Reporter
South Florida Business Journal
Habitat Development wants to build the three-tower Smart Brickell condo-hotel project in Miami.
The project 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. It would be on the 1.23-acre site at 243 S.W. Ninth St.


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.


Miami River Inn sells for $8.6 million

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The Vagabond Group, a company led by developer Avra Jain, has purchased the historic Miami River Inn hotel.
Aztec Group represented Jain’s company and announced the sale of the 58-unit property this week, which sold for $8.6 million — up 105 percent from its previous sale price of $4.2 million in July 2013, according to Miami-Dade County property records.
The seller was Miami River Inn Holdings, a company affiliated with Habitat Group, which was represented by Alfonso Jaramillo of Fortune International Realty.
The new owner, Jain, was behind the renovation of the 45-room Vagabond Motel in Miami’s MiMo District, which reopened last fall.
“This transaction is an indication of Miami’s growth around its main artery and namesake, the Miami River. Bringing such an important property back to life will only further activate the already pulsating river corridor,” said Jason Katz, vice president at Aztec Group in a news release.
The Miami River Inn is at 437 S.W. 2nd St. in Miami. It was built in 1906.

Emon Reiser
Digital Producer, South Florida Business JournalSenior Reporter
South Florida Business Journal