MIAMI—The Related Group has acquired a strategic four-acre site on Brickell Avenue—and the last undeveloped waterfront parcel of this magnitude. The condo developer will build One Brickell at the site of 444 Brickell Avenue and the parking lot directly behind it. The price is rumored to be about $100 million.
The seller is 444 Brickell Ave Holdings, LLC. Related is expected to close on the transaction Dec. 9. Financial terms of the deal were not disclosed.
"This is the most important development in the urban core," says Related Group CEO Jorge Perez of the future landmark that will sit on the river at the convergence Brickell and Downtown Miami. Perez expects One Brickell to become Related's most visible and iconic Miami property.
One Brickell's three buildings of 80 stories, 70 stories, and 55 stories will total more than 4 million square feet, with 2 million sellable. The planned three-tower, waterfront mixed-use project will house more than 1,200 residential units, a five-star 200-plus room hotel with meeting and convention space, 200,000 square feet of office space and street level retail. Related has engaged Miami-based Arquitectonica and Connecticut-based Pelli Clarke Pell to design the towers, its grounds and common areas.
The site's history paves the way for Related. In the 1980s, well before Brickell became a vibrant center of international business, the building now at 444 Brickell Avenue was home Cye's Rivergate restaurant, where Miami's leaders gathered to shape the city's future. Capital Grille currently occupies and fulfills that same experience.
A millennium before, Miami's first inhabitants lived and traded along this same stretch of riverfront. Related's plans are destined to maintain and increase the timeless allure of the picturesque urban setting.
"One Brickell is the link that will unify the neighborhood by bringing pedestrian-friendly walkways from east Brickell all the way to Brickell City Centre," says Perez. “Our vision will meet the robust demand for additional residential, hospitality, and entertainment facilities in the area.”
A millennium before, Miami's first inhabitants lived and traded along this same stretch of riverfront. Related's plans are destined to maintain and increase the timeless allure of the picturesque urban setting.
"One Brickell is the link that will unify the neighborhood by bringing pedestrian-friendly walkways from east Brickell all the way to Brickell City Centre," says Perez. “Our vision will meet the robust demand for additional residential, hospitality, and entertainment facilities in the area.”
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