Ytech Proposes 54-Story Condo Tower in Brickell
Developer Yamal Yidios has unveiled plans for a new residential project in Miami’s thriving Brickell neighborhood—a striking 54-story, 113-unit condo tower known as 7 Broadway. This ambitious endeavor represents another milestone in the ongoing residential boom in South Florida’s financial district.
Project Overview
- Location: 41 and 75 Broadway (also listed as 41 and 75 Southwest 15th Road)
- Developer: Ytech, founded by Yamal Yidios in 2006
- Design Firm: Kohn Pedersen Fox Associates
- Building Features:
- Brass-colored frame
- Floor-to-ceiling windows
The Miami Urban Development Review Board is set to discuss and vote on the project in an upcoming meeting on Wednesday.
Site Acquisition and Development Rights
Ytech acquired the half-acre property for approximately $12.2 million in 2021. An intriguing aspect of this acquisition is that the firm also secured development rights that could have permitted a massive 80-story, 183-unit luxury project. This approach underscores Ytech’s strategic vision for urban development within the heart of Miami.
Ytech’s Development Footprint
Ytech’s portfolio extends beyond the prospective 7 Broadway tower; the firm has successfully developed over 7,000 residential units across 25 cities in the Southeastern United States. Their current development pipeline stands at an impressive $3 billion, featuring luxury condominiums tailored to meet the growing demand in the region.
Ongoing Projects in Brickell
Ytech is also making strides with other significant developments in Brickell, including:
- Residences at 1428 Brickell: A 70-story, 189-unit condo tower that broke ground last year at 1428 Brickell Avenue.
- Château Petit Douy: A historic property located at 1500 Brickell Avenue, originally built in 1931, which Ytech has meticulously renovated.
The Boom in Brickell
Brickell has emerged as the epicenter of South Florida’s real estate surge over the last five years, attracting a plethora of out-of-state businesses eager to establish operations in the tri-county area. This influx has led to a flourishing residential market, even as the broader office market exhibits signs of slowing growth. For example, Swire Properties recently sold the One Brickell City Centre site due to sluggish pre-leasing activity.
New Residential Projects
Recent months have seen a flurry of new proposals for residential towers in Brickell, demonstrating the area’s continued appeal:
- Claudio Fischer has proposed a 41-story, 544-unit residential tower at the former site of the Mexican Consulate on Southwest First Avenue.
- Empira Group secured a $111.3 million construction loan for the 26-story, 310-unit Perrin apartment tower at 244 Southwest Ninth Street.
- PMG obtained $413 million in financing for the One Twenty Brickell Residences, a project comprising a 37-story, 266-unit condo tower and a 41-story, 537-unit apartment tower at 120 Southwest Eighth Street.
Conclusion
As Ytech moves forward with the 7 Broadway condo tower, the Brickell neighborhood continues to thrive as a hub for both residential and commercial growth. The innovative designs and strategic developments being pursued by various developers signal a vibrant future for Miami’s real estate landscape.
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Stay tuned for updates on the 7 Broadway project and other transformative developments throughout the region.