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MIAMI—Skyline Equities Realty sold its rights for a proposed luxury condo development in Mary Brickell Village to Lynd Development and LNR Property. Instead of SkyPalace, the co-developers will build EnV Brickell in the heart of Miami’s Brickell District. Financial terms of the deal were not disclosed.

“When it became apparent that financing this development as a condominium was not going to be an option, we determined that in order to see our vision through for delivering to Miami a significant residential structure, this would be the best course of action,” Stylianos Vayanos, vice president of Communications and Business Development at Skyline, tells GlobeSt.com.

Skyline will refund the existing condo deposits at 100% of the full dollar amount to the valued consumers of this development. Blackrock Realty Advisors is providing capital to the new developers.

“Our challenges were born first and foremost from our disappointment in not being able to receive the proper financing to see our initial vision to fruition,” Vayanos says. “We are pleased with the outcome and proud of the fact that all buyers will be refunded 100% of their money, which is in concert with our company's level of integrity.”

Since the development was originally proposed, Miami's Brickell Avenue and surrounding area have seen a transformational boom. With new office and residential structures delivered and the groundbreaking of Brickell CitiCentre, which will be delivered in 2015, the new developers are determining the best approach to the planned residential project. The district is recognized as one of Miami’s preeminent residential neighborhoods, boasting average apartment occupancy of more than 97 percent.
 
Construction of the 35-story condo tower, which will be built above an existing Publix market and multi-level parking structure for the Shops at Mary Brickell Village, will commence in September.  The condo tower is scheduled for completion in 2014.  

“We are excited to follow up on the success of our EnV Chicago project with EnV Brickell,” Lynd CEO Michael Lynd said in a statement. “This project got closed after over a year of hard work and efforts on the part of the entire development team as well as many great Miami-based consultants.  We look forward to delivering a project that sets a new standard for multifamily in Miami.”