Smart Brickell rendering
MIAMI—South Florida-based developer Habitat Group has secured a $24 million loan for the construction of Smart Brickell's Tower 1 from Ocean Bank. Sitting on the 1.23-acre development area, Smart Brickell is a three-tower master project in West Brickell, focusing on three key elements: smart use, smart design and smart tech. Once complete, the mixed-use Tower 1 will hold 50 hotel rooms and 50 condos. Santiago Vanegas, founder, CEO and president of Habitat Group, along with Valentina Perez-Cea, the development director at Habitat Group, led the closing of this construction loan. Smart Brickell Tower 1 is slated for completion in 2021.
Vanegas tells GlobeSt.com that his company looks primarily in the West Brickell area for projects because of the opportunities for development that this area offers. "We currently have seven projects in this area including Smart Brickell Tower 1, Smart Brickell Tower 2, Smart Brickell Tower 3, Be Brickell Hotel, Millux Hotel 1, Millux Hotel 2, and Brickell 12 Hotel," he says.
"We also look at Little Havana where we have done projects in the past and currently have a hotel called East River Living," Vanegas also adds.
Smart Brickell pushes the boundaries of smart living with 2 key elements: smart use, smart design and smart tech, Vanegas goes on to explain. He says what's especially unique about Smart Brickell is the flexibility of usage offered to owners, where they can use it while they're here and rent it while they're away. The apartments are delivered move-in ready, fully finished and furnished, with the ability to easily rent their property through various platforms such as Airbnb.
"Receiving this loan for the construction of our first Smart Brickell tower is a testament to the project's continuing success," Vanegas says. "Following the rapid sellout of Smart Brickell Tower 1, Smart Brickell Tower 2 is already 80% sold. We are looking forward to breaking ground on Tower 2 and continuing this construction momentum."
The building will also adhere to LEED certified regulations, the most widely used green building rating system in the world that ensures healthy, highly efficient and cost-saving green buildings. Towers 1 and 2 will follow the same design and optimize space and size with fully finished and custom furnished units by renowned interior design firm Arquitectonica.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
