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The first of three towers in Miami's Smart Brickell project has obtained a construction permit from Ocean Bank. The $24 million construction loan paves the way for South Florida-based developer Habitat Group to realize the mixed-use development at 239 SW 9th Street in West Brickell.
Focusing on smart use, smart design and smart tech, the Hernando Carrillo-designed project will occupy the 1.23-acre site with residential and hotel space. The first tower will contain 50 hotel rooms and 50 condominiums, to be delivered simultaneously in 2021.
"Receiving this loan for the construction of our first Smart Brickell tower is a testament to the project’s continuing success," said Santiago Vanegas of Habitat Group. "Following the rapid sellout of Smart Brickell Tower 1, Smart Brickell Tower 2 is already 80 percent sold. We are looking forward to breaking ground on Tower 2 and continuing this construction momentum."
Piling for the project began on November 18th. The 25-storey second tower is anticipated to break ground in early 2020. It will hold one- and two-bedroom floor plans from 558 to 1,117 square feet in size. The first two towers adhere to the same design principles, with fully furnished units and interior design by Arquitectonica.
Upon completion, Smart Brickell will contain 170 condominiums, 150 hotel rooms, 30,000 square feet of retail space, and amenities designed to promote social interaction. Residents will also be able to rent their units up to 50 times a year through home sharing applications like Airbnb, or participate in a two-year fixed annual leaseback program that guarantees two years' rent at a fixed rate.
Residences inside Smart Brickell currently range between $300,000 to $600,000 USD.
For more information, check out the associated Database file and Forum thread, and as always, feel free to join the conversation in the comments section below.
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