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.
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