Skyline Equities Pays $100M to Develop Condos

MIAMI-Skyline Equities Realty of Chicago has paid more than $100 million for the rights to develop the residential component of Mary Brickell Village, a 200,000-sf mixed-use development in the city. The residential portion of the project will consist of a 34-story, 369-unit luxury condominium tower. The seller was Fairfield, a large, national apartment developer, which originally was planning to develop apartments there, according to a spokesperson.

The residential project will be named Skyline at Mary Brickell Village and will be located at 900 S.W. First Ave. Home prices start at $250,000 and the one-, two- and three-bedroom units will average 1,250 sf. Most of them will have views of historic Coral Gables, Coconut Grove, the Brickell Financial District, Key Biscayne, the Miami skyline and South Beach. The residences will start on the 11th floor, above parking and a retail component, which is anchored by an upscale Publix Gourmet Market.

Fairfield will be the general contractor for the residences, which have a planned ground-breaking of the second quarter of 2005. The residential tower is expected to be completed in the second quarter of 2007. Skyline Equities Realty will market and sell the units.