A joint venture between Chicago-based real estate firms Focus and Group Fox has received administrative site plan approval for Brickell Starlite, a new luxury apartment tower in Miami’s Brickell neighborhood. The 39-story, 517-unit high-rise is poised to break ground, addressing the undersupplied rental market in one of Miami’s most sought-after areas.
Key Takeaways
- A joint venture of Focus and Group Fox has gained site approval for the 39-story Brickell Starlite luxury apartment tower.
- The 517-unit development will be located in the heart of the Brickell neighborhood.
- Cushman & Wakefield fully capitalized the development, noting its exceptional yield on cost due to a low land basis and increased density.
- The project benefits from its proximity to public transit and easy access to major roadways.
Prime Location and Transit Access
Brickell Starlite will be situated in the vibrant Brickell neighborhood, offering residents unparalleled convenience. The development is within walking distance of the Brickell Metrorail station, providing seamless access to Miami’s extensive public transit network, including the Brightline, Tri-Rail, Metrorail, and Metromover. This strategic location ensures easy connectivity throughout South Florida.
Design Enhancements and Market Demand
The developers, in collaboration with architect Gensler, have proposed a pedestrian paseo connecting 7th and 8th Streets at the tower’s base. This feature aims to enhance the retail experience and improve traffic flow in the area. Additionally, the design allows for vehicular access to both streets, offering quick access to I-95 ramps and helping to bypass typical Brickell traffic congestion.
Chris Lentz, executive director at Cushman & Wakefield, highlighted the project’s strong financial viability, stating, "Brickell Starlite benefits from an exceptionally low land basis and increased unit density to provide a true untrended yield on cost—6.7 percent—that is exceptional for an infill market like Brickell."
The approval comes at a time when the Brickell rental market is experiencing significant demand. Multifamily deliveries in the neighborhood have been limited, with the most recent luxury high-rise deliveries dating back to 2019 and 2021. Currently, apartments in Miami face intense competition, with an average of 20 renters vying for each available residence. This demand is fueled by a robust economy, favorable tax conditions, and ongoing migration trends.
Project Status
With site plan approval secured and zoning in place, Brickell Starlite is now in the final stages of permitting and ready for groundbreaking. The development team, including Focus and Group Fox, worked closely with Miami-Dade County to leverage the Rapid Transit Zoning overlay, enabling the site to achieve additional density and meet the growing housing needs of the Brickell area.