Luxury condos will replace low-cost homes in Brickell.
Condo developer Related Group is leading a project to build two twin 48-story St. Regis Residences towers on five acres of Brickell Avenue in Miami.
Miami’s largest condo developer, the nation’s largest hotel operator, and a Florida hedge fund company teamed up to build two 48-story luxury condo towers on Brickell Avenue, where a former low-rise apartment building stood. income for seniors. Related Group, condo builder, hotelier Marriott International, and Integra Investments are betting that high-net-worth individuals from outside Florida and abroad will continue to emigrate to South Florida and be willing to pay between $ 2 and $ 40 million to live in the projected St. Regis Residences at 1809 Brickell Ave. Marriott reached a licensing agreement with Related, which allows the developer to put the St. Regis brand name on the condos. Once the apartment towers are built, Marriott will manage the property. Pending the necessary approvals from municipal authorities, construction could begin in 2023 and be completed in three years. Related and investment firm Integra plan to demolish the 17-story apartment building that was once George Humphrey Towers. The 62-year-old apartments were managed for years by the Department of Housing and Urban Development. Integra acquired the five-acre property for $ 14 million in 2014, according to city property records. Integra evicted 400 older people who lived in the building in 2019, after federal housing officials stopped managing the building. The condo towers will join a growing number of branded Miami residences catering to wealthy consumers moving to South Florida as technology and finance companies flourish .
The project will include 354 condo units, from a 1,300-square-foot residence to a 7,000-square-foot duplex, which Related and Integra expect to generate $ 2 billion in total sales. Owners will have access to an indoor pool, a St. Regis tea room, and a restaurant, among other services. The developers did not want to reveal how much they will spend to build the two towers. “With the migration from outside the United States and from the Northeast,” said Nelson Stabile, one of Integra’s directors, “Miami is maturing very well and deserves a project of this caliber. The location is the best we can think of. It is the best residential area on Brickell Avenue. For us, the project is going to raise standards everywhere ”. Other high-end brand residences being built in the Miami area include Aston Martin Residences in downtown Miami and Bentley Residences in Sunny Isles Beach. Marriott has several brand-name communities nearby, such as St. Regis Residences, Bal Harbor, and Ritz Carlton Residences, Miami Beach. The planned new project in Brickell will only have condos, unlike the sister St. Regis in Bal Harbor, which has condos and a hotel. Elsewhere in the state, Marriott is also working with Related on a St. Regis Residences in Tampa.
Each tower in St. Regis will feature hotel services to cater to condo buyers, said Dana Jacobsohn, director of global mixed-use and US luxury brand development at Marriott. The twin towers coming to Brickell will have them too. “These are the same services that a consumer would get when staying at a St. Regis hotel, like a chef who comes to his apartment to prepare a meal for a dinner and reservation services,” said Jacobsohn, also noting that one owner You can request that a sommelier come to offer a wine tasting. Although Miami has already attracted scores of new residents during the pandemic and many condo buildings are underway, the city will gain even more wealthy residents, especially from New York, to support the planned St. Regis towers in Brickell, Ana said. Bozovic, founder of Analytics Miami, a provider of real estate data. “Miami is emerging as the capital of wealth in this world after COVID,” Bozovic said. “We are in the early stages, so in 2026 there will be enough wealth.” Since 2019, he said, South Florida continues to see the highest sales volume in the condo market of more than $ 1 million. The influx of wealth will benefit the Brickell neighborhood, the city’s financial center, and the growing hub of restaurants, bars, and art galleries. “The more people with deep pockets,” he said, “the better it is for all restaurants and businesses.” Nick Perez, a vice president at Related, called Brickell a combination of Fifth Avenue and Wall Street in Manhattan. He said St. Regis Residences will cement the Brickell community as one of the most coveted addresses in South Florida. By January, Perez said, Related expects to submit its design plans to the city of Miami for approval and launch sales of the condo towers. One Sotheby’s International Realty will oversee the sale activity of the project.