PMG is set to break ground on One Twenty Brickell Residences, a significant dual-tower luxury development in Miami’s Brickell district. The project, comprising 803 condominium and rental units, has secured a substantial $413 million in construction financing from an Ares Real Estate fund and Monarch Alternative Capital. This marks the largest loan transaction in South Florida this year, underscoring confidence in PMG’s ability to deliver high-end residential and commercial spaces.
Key Takeaways
- $413 million in construction financing secured for One Twenty Brickell Residences.
- The development features 803 luxury condominium and rental units across two towers.
- Financing covers condominium, multifamily, commercial, and parking components.
- Project completion is slated for 2028.
Project Details and Financing
The One Twenty Brickell Residences project, located at 120 SW 8th St., will consist of a 37-story, 277-unit condominium tower and a 41-story, 537-unit rental tower, both sharing a podium. The $413 million financing, the largest of its kind in South Florida this year, was arranged with support from Ares and Monarch. Despite current market challenges for multifamily financing, PMG officials highlighted the continued confidence from capital markets in their development capabilities.
Design and Amenities
Designed by Sieger Suarez Architects with interiors by Cotofana Designs, the development offers distinct features for both condominium and rental residents. The condominium tower includes 266 fully-finished units, each with a deeded office suite. These units boast high-end finishes, custom cabinetry, and smart home technology. The rental tower, managed by Sentral, offers studio to three-bedroom layouts with integrated kitchens and premium bathroom fixtures.
Residents will benefit from extensive amenities. The multifamily tower provides over 48,000 square feet of amenities, including a gym, pool, social lounges, and co-working spaces. Condominium residents will have access to more than 60,000 square feet, featuring an owner’s lounge, infinity-edge pool, pickleball court, kids’ club, and a comprehensive wellness and fitness center.
PMG’s Expanding Portfolio
This development adds to PMG’s extensive pipeline, which includes over 10,000 residential units and 20 million square feet of development nationwide. The company has a diverse portfolio, including rental projects under the Society Living brand and notable condominium developments such as 111 W. 57th Street in Manhattan and several projects in Miami. PMG also maintains a national affordable housing division.