Owners of a 14-unit
townhome complex in Brickell are on the hunt for a lucrative
cash-out. They’re seeking a bulk buyer to purchase their
two-story units in Brickell Woods, according to an offering
memorandum obtained by The Real Deal.
Virgilio Fernandez and Mitash Kripalani with Colliers are
marketing the 0.8-acre property at 2180 Brickell Avenue in
Miami, which can be redeveloped into a five-story building
with 54 condos or apartments, the offering states. The
listing hit the market without an asking price, but the
brokers are advising interested buyers to submit offers
starting in the $18 million to $20 million range, Fernandez
said.
“We are getting a lot of interest since the listing went up
about a week ago,” Fernandez said. “We have been approached
by groups from Mexico, Brazil and Argentina. We are also
getting calls from some New York developers and some local
guys.”
More than likely, the townhomes would be redeveloped into a
boutique condominium, Fernandez said. Divided into two
buildings with five townhouses, and another building with
four units, Brickell Woods was completed in 1979, records
show.
The property is adjacent to another redevelopment site at
2200 Brickell Avenue. David Arditi’s Aria Development Group
is proposing a five-story condominium with 104 units
starting at $1 million on the 1.7-acre site. Aria recently
tore down an apartment building also built in the 1970s in
preparation for a groundbreaking.
Brickell Woods is also in the same Brickell enclave as older
waterfront condominium towers built in the 1980s and 1990s,
such as The Palace, among the first high-rise buildings
designed by Miami-based Arquitectonica, and Santa Maria
Brickell, a 51-story condominium developed by Ugo Colombo’s
CMC Group.
Another Brickell development site up for grabs is a 1-acre
assemblage at 68, 82 and 84 Southwest 13th Street and 1399
Southwest First Avenue. Investment firm Black Salmon is
targeting a sale price of between $60 million and $70
million.
In June, Leste Group and Brazilian real estate firm
Opportunity Fundo de Investimento Imobiliário paid $35
million for a half-acre parking lot on the southeast corner
of Southwest 10th Street and Southwest First Avenue in
Miami. The joint venture is proposing a 70-story tower with
500 apartments.