Up to 80-Story Resi Tower Could Rise in South Brickell in Miami
A local development group bought two lots at Southwest 15th Road and First Avenue as well as air rights.
The concrete canyon that has come to define Miami’s Brickell Financial District is to creep into the southern end of the neighborhood as a local developer can build up to 80 stories on a site it just bought.
Ytech, which focuses on building luxury condominiums and has projects across 25 U.S. cities, bought two lots totaling just over one-third of an acre for $12.2 million.
The properties are at 41 and 75 SW 15th Road, on the northeast intersection of Southwest 15th Road and First Avenue.
Current zoning allows for the site to be developed with up to 288,000 square feet, but Ytech bought air rights allowing it to build much more. Ytech can build a tower of an up to 432,000-square-foot, 80-story tower, with 183 luxury residential units.
Specific plans are yet to be revealed.
The acquisition wasn’t straightforward, as it took a couple of years to complete. Ytech acquired one of the lots as a backup buyer after the original buyer didn’t complete the deal. The other lot was the subject of years of litigation among family members, but Ytech eventually bought it and ended the lawsuits.
The purchase price breaks down to $762.5 per square foot.
Ytech CEO Yamal Yidios said in prepared remarks that a future residential high-rise would have the benefit of being right next to an urban park.
The site is across the street from 10-acre Simpson Park.
A residential tower that’s walking distance from a park in the middle of a bustling city is rare in Brickell and reminiscent of development in New York, London and cities in Asia, Yidios said.
“The property offers one of the best development sites for boutique luxury living in the highly sought-after south Brickell area. It has direct access to the vibrancy of Brickell Avenue’s restaurants, shops and offices while remaining close to nature and green space in the 10-acre park across the street,” Yidios said.
Ytech also owns a 10-story office building at 1428 Brickell Ave., a block east of the property it just acquired.