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.
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