JV Closes $132M Construction Loan for 50 Biscayne

MIAMI-Atlanta-based Cousins Properties Inc. and the Related Group of Florida completed financing for 50 Biscayne, a 54-story, 529-unit residential condominium to occupy the full, 1.3-acre block at that address. The construction loan, provided by a syndicate of financial institutions led by Chicago-based LaSalle Bank Corp., is for $132 million, Gary Kuhl, project manager with Related Group, tells GlobeSt.com. He declined to disclose the estimated all-in cost of the project, which will be among the tallest buildings in the Downtown skyline.

Cousins acquired the parcel in 2003 with plans to develop an office building, which, according to published reports, was to be 38 stories high with an aggregate of 691,593 sf, plus parking and some retail. "When it seemed like the market wouldn't support office construction," Kuhl says Cousins met with Jorge Perez, chairman, and other principals of Related Group of Florida, which is based here. Among the developer's numerous luxury condo projects are Apogee, Oasis, Ocean I, II and III and Portofino Towers here along with mixed-use CityPlace in West Palm Beach.

Thomas D. Bell, Cousin's president and CEO, says its partner's "extensive knowledge of the South Florida market and great attention to detail are a perfect match for us." He calls 50 Biscayne "an important milestone for our company."

Miami-based Seiger Swarez Architectural Partnership designed 50 Biscayne, which is between Flagler and First streets, facing Biscayne Boulevard, across from the 32-acre Bayfront Park and overlooking the bay. Of the 529 studio, one-, two- and three-bedroom units, just 27 remain available, according to Kuhl.

They range in size from 845 sf to 1,789 sf, and, Kuhl says, prices begin at $160,000 and reach to approximately $800,000. They have floor-to-ceiling glass windows and enclosed glass balconies. The property also includes a ninth-floor pool deck, fitness center and spa along with 15,000 sf of ground-floor retail.