Newgard Group and Two Roads Development have successfully secured a substantial $513 million in financing for their ambitious One Brickell Riverfront condominium project in Miami. This significant funding marks one of the largest residential construction financings in South Florida this year, paving the way for the development of two prominent towers.
Key Takeaways
- A total of $513 million has been secured for the One Brickell Riverfront project.
- The development will feature two condominium towers, LOFTY Brickell and The Standard Residences Brickell.
- Completion is anticipated by August 2027.
- The project is strategically located near the Brickell City Centre.
Project Details and Financing
The financing package includes $370 million in senior financing from a private lender and a $143 million mezzanine loan provided by 3650 Capital. Designed by Arquitectonica, the One Brickell Riverfront project is already under construction, with an expected completion date in August 2027. G.T. McDonald is serving as the general contractor.
The development comprises two condominium towers, LOFTY Brickell and The Standard Residences Brickell, which will rise 44 and 46 stories respectively, atop a shared podium. Together, they will offer a total of 784 residences, featuring studio, one-bedroom, and two-bedroom floor plans.
Amenities and Pricing
LOFTY Brickell will boast approximately 40,000 square feet of amenities, including a swimming pool, coworking spaces, and a private marina. Residences at LOFTY Brickell are priced between $2.4 million and $3.5 million.
Meanwhile, The Standard Residences Brickell will offer amenities such as a rooftop pool, saunas, a gym, a bowling alley, and a spa. Prices for units in this tower start in the mid-$600,000s.
Strategic Location and Market Context
Located at 99 SW Seventh St., the One Brickell Riverfront project benefits from its proximity to the expansive 5.4 million-square-foot Brickell City Centre mixed-use property. It is also situated less than a mile from Mast Capital’s Cipriani Residences Miami, another significant condo project slated for completion in 2027.
Recent market data from Miami Realtors indicates a robust performance in the Greater Miami condo market. In August, condo sales saw an increase across all price points, with the $1 million and up category rising by 10.8 percent year-over-year and the $5 million and higher segment growing by 11.8 percent. While condo prices have doubled over the past decade, the median price saw a slight decline of 1.2 percent compared to the previous August, a rare occurrence in a market that has seen consistent price increases or stability for most of the last 171 months.