That project, 500 Brickell, is slated for the prestigious Brickell neighborhood in Miami's central business district. The high-tech condominium will be a Smart building, which will provide residents with WiFi technology through a smart panel and touch screen TV, to access building services, the web, e-mail, and music and video features. The unit prices will range from the $200,000s, and sales are scheduled to start next month.

"500 Brickell is about putting the future into residents' hands. It's about simplifying busy routines into turn-key, luxurious lifestyles through technological advances," project manager John Chappelear says.

The other project the Related Group is planning is slated for a 6.6-acre, bayfront site Ocean Land Equities has signed an agreement to buy from Mercy Hospital Inc. for $96 million--more than the property is worth--as a charitable donation from Ocean Land Equities. The funds will remain local, and proceeds will go toward enhancing clinical programs at the hospital. "This transaction has placed Mercy Hospital in a position to continue to expand and develop the cutting-edge programs needed to provide the highest quality healthcare to our community," according to John E. Matuska, president and CEO of Mercy Hospital.

Jean François Roy, president of Ocean Land Equities, says he got involved in the deal to use his expertise in redeveloping undervalued waterfront property, something he has done in other South Florida locations, for the benefits of nonprofits organizations. "I hope to do more of these types of deals with other worthy not-for-profits like Mercy," Roy adds in a statement.

The capital from the land sale will subsidize close to half the hospital's financial needs in the next five years, which are estimated to be nearly $200 million total. The property, which Arquitectonica will design, will consist of three buildings along Biscayne Bay in the southeast part of the hospital's property.

Instant Insights /

Related Group To Develop Two Major Multifamily Projects

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