MIAMI, FL - Cushman & Wakefield announced the commercial real estate services firm has arranged $70 million in construction financing for Domus Brickell Park, a 12-story, 172-unit residential condominium located at 1611 SW 2nd Avenue in Miami’s Brickell neighborhood. The building will follow a “flexible apartments for temporary stays (FLATS)” model and allow unrestricted short-term renting.
Robert Kaplan and Mark Rutherford of Cushman & Wakefield secured the financing through Forman Capital and Core Capital on behalf of the developer North Development, a joint venture between Miami-based Oak Development, led by veteran developer Ricardo Dunin, and Peru-based Edifica. The project is more than 50% pre-sold.
“Ricardo was a pioneer in the short term stay condo space decades ago and now, together with his partners, he is revolutionizing the concept. We expect the new Domus brand to really set this and future projects apart from other condo properties with short term rental programs.” said Robert Kaplan, Executive Managing Director, at Cushman & Wakefield.
Domus Brickell Park, with units priced from $600,000 to $1.2 million, is projected to be completed by the end of 2025. Residents and guests will enter an oversized lobby named The Peacock Room with all-day food and beverage venues as well as co-working spaces with high-speed internet and ambient music on the ground floor. Other features will include a wellness center with a steam room and state-of-the-art fitness equipment and a rooftop pool deck with cabanas, a jacuzzi hot tub, and grilling/entertainment area.