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New York Developer Enters Market With 570-Unit, Mixed-Use Project

MIAMI-Intell Management and Investment Co. plans to develop the two-tower project, called Avenue, by the first quarter of 2007 in the city's Brickell Avenue area. The mixed-used effort will include condo units and 24,000 sf of retail space.

By Melissa Bogdany | Updated on October 05, 2004

MIAMI-New York City developer Intell Management and Investment Co. expects to develop Avenue, a 570-unit, mixed-used condominium project and its first project in this market. Intell, whose president is Gary Barnett, is partnering with European investors to develop the two-tower Avenue. The company also developed the Manhattan’s W Hotel in Times Square and owned the former Enron Corp. headquarters in Houston.

Plans call for the project, located at 1060 Brickell Ave., to include 24,000 sf of on-site retail space as well as an 11-story parking garage. Condo units will range from 570-sf studios and lofts to 2,500-sf duplex penthouses. Prices range from the low $200,000s to more than $1 million. The developer has named Fortune International its exclusive brokerage and sales are set to begin this fall.

Barnett expects a demand for units in that price range in this area, which is becoming more of a 24-hour location. “There are a lot of large condo development projects in Miami right now where the units are priced at $800,000 and up, and it’s not clear what the demand for units in that range will be,” he says. “We feel the sweet spot in the market is the $200,000 to $500,000 range.”

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