Condo Developer Launches $125M South Tower

MIAMI-Since the north tower of the city’s Brickell on the River sold in record time, received a $73-million construction loan and recently began construction, developers have decided to launch sales of the planned $125-million south tower ahead of schedule. In all, both towers of the contemporary-style, luxury waterfront condominium community have an estimated cost of $250 million. They are being developed at 31 S.E. 5th St.

The foundation has been poured for what will become Brickell on the River North after Groupe Pacific, the project’s developer, obtained the financing late last year through Bank of America. The north tower will consist of 384 units on 42 stories with a mix of one-, two- and three-bedroom units ranging from 757 sf to 1,513 sf. The north tower is very close to being sold out, with few units remaining at pre-construction prices, a spokesperson says.

“We were very satisfied with the absorption,” Michael Bedzow, president of developer Groupe Pacific’s US operations, tells GlobeSt.com. “We developed a product that we felt would satisfy the market.