New Miami Residential Tower Gets New Developer, and New Format

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The Miami Beach Condo Journal announced its Real Estate Story of the Week, following news that a new luxury high-rise in the Brickell District will change formats after being sold to a new developing firm. Originally developer Skyline Equities Realty had intended EnV Brickell, a 35-story, 390-unit building, to become a luxury condo development; but Miami-based LNR Properties LLC and San Antonio developer LYND have acquired the development rights, and will develop EnV Brickell as luxury apartments, not condos.

The Miami Beach Condo Journal released its Real Estate Story of the Week after an announcement last week by Commercial Property Executive that a new luxury high-rise in Miami had changed developers, and would switch from a luxury condo building to a luxury apartment complex. The original developer, Skyline Equities Realty, had planned a luxury condominium complex called SkyPalace inside the new skyscraper. However, the economic downturn in Miami Beach motivated SER to sell the rights; the developer has claimed that it will return all condo deposits.

The new owners of the development rights are LNR Property LLC, of Miami Beach; and LYND, of San Antonio. LYND has previously worked on a Chicago version of the EnV high-rise, which it recently sold to MetLife Inc. for about $125 million. While the cost of the project is uncertain at the moment, the developers report that all approvals and financing for the project are in place; BlackRock Realty Advisors and Wells Fargo have been mentioned as financiers. The acquisition of approval and financing means that the developers can break ground on the complex immediately.

The format of the building will be similar to the original plan; a 35-story, 390-unit high-rise. The principal difference is that the units will be marketed not as Miami Beach condos for sale but as apartments, and so won’t be available for occupants to buy or own. The project is slated to be built at the west end of The Shops at Mary Brickell Village, a large, upscale shopping and entertainment center on South Miami Avenue. The building will house mostly two-bedroom units, although one- and three-bedroom units will also be available; the average size of a unit will be 1200 square feet. Construction will begin in September, and developers hope to finish by 2014. Rent for an apartment in the Brickell district of similar size to St.Regis condos can be more than $2.10 per square foot.

The Miami Beach Condo Journal released its Real Estate Story of the Week, following an announcement by Skyline Equities Realty that it had sold development rights of a Brickell District high-rise to two new firms. The new rights-owners, LNR Property LLC of Miami and LYND of San Antonio, intend to develop the structure not as condos, as was originally intended, but as apartments. Construction of the 390-unit high-rise is scheduled to begin this month, and be completed by 2014.

Miami Beach Condo Journal is an online newsletter which discusses Florida real estate news.

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