A significant financial milestone has been reached for Brickell Starlite, a new luxury residential project in downtown Miami. A joint venture between Focus and Group Fox has secured a $250 million construction loan, paving the way for the development of a 517-unit tower. Affinius Capital provided the financing, with Cushman & Wakefield facilitating the transaction.
Key Takeaways
- A $250 million construction loan has been secured for the Brickell Starlite project.
- The development will feature 517 luxury rental units in downtown Miami.
- Completion is anticipated by 2028.
Brickell Starlite Project Details
The Gensler-designed Brickell Starlite is slated to rise 39 stories at 128 SW 7th St., the former site of a hospitality property. The developers acquired the site in 2022 for $28 million and have since demolished the existing structure to make way for the multifamily development. The project is expected to be completed in 2028.
The development will offer a range of studio to three-bedroom apartments, with five percent of the units designated as workforce housing. Residents will have access to amenities including two swimming pools with decks and cabanas, coworking spaces, a fitness center, and 8,000 square feet of retail space. The building’s design will feature a distinctive curved concrete and glass facade.
Strategic Location and Market Context
Brickell Starlite’s location offers convenient access to major attractions. It is within walking distance of Brickell City Centre, a sprawling 5 million-square-foot mixed-use complex, and approximately seven miles from Miami International Airport. This prime location is expected to attract residents seeking a vibrant urban lifestyle.
Despite a robust multifamily pipeline in the Greater Miami area, with over 33,000 units in development as of December, certain submarkets like Brickell have faced challenges in delivering new luxury rental options. This new project aims to address that demand. The broader Miami market is seeing continued construction activity, with developers expected to break ground on approximately 12,000 units in 2025.