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Another Related Condo Tower for Miami

Related project could be 19th condo tower in downtown Miami

 

Jorge Perez's The Related Group is considering building a condo-hotel in Miami's Brickell neighborhood.

 
Reporter- South Florida Business Journal
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If The Related Group pursues its condo-hotel project in Miami's Brickell neighborhood, it would raise to 19 the number of condominium towers various developers have planned for the downtown area, according to a new report.

A Related spokeswoman said the company was not commenting, because details were still fluid, but the project could have more than 400 condo units and 132 hotel rooms, according to the Daily Business Review, which first reported the story.

Related currently has four towers in the works in downtown Miami: 1100 Millecento, Icon Bay and MyBrickell in addition to the unnamed 1300 S. Miami Ave. project, at the site of the unbuilt Infinity II at Brickell. All told, the Miami-based company would produce a combined 1,325 condo units in the downtown area.

Related has a total of 11 condo towers planned for the region, with three already under construction.

"Several developers are proceeding aggressively to tap into the reportedly strong buyer demand for preconstruction condos in South Florida at a time when unsold unit inventory from the tri-county region's last boom-and-bust cycle is currently on pace to sell out as early as 2014," said Peter Zalewski, principal with real estate consultancy Condo Vultures.

Related isn't the only developer seeking to develop a hotel in the area. Swire Properties' mixed-use Brickell CityCentre project now under construction has a hotel component.

The Related Group is also considering other high-profile projects, including becoming an investor in the Island Gardens project on Watson Island.

Oscar Pedro Musibay covers real estate.
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