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As borrowing becomes more affordable, construction costs stabilize, and market liquidity improves, many investors, currently sitting on significant dry powder, are eager to re-enter the market.
The De La Cruz Collection building closed following the death of Rosa De La Cruz at age 81 in February.
The hotelwould feature 823 lodging units and 339 parking spaces.
Seven supertall towers are currently planned across Miami.
The two major productions will inject approximately $12 million into the local economy.
In Miami Beach, where politicians recently voted unanimously to oppose the Metromover expansion to South Beach, the vote was even more lopsided.
The Madrid-based bank will begin demolition of its Brickell office building in the next few weeks to make way for the new tower.
The tower is currently going through Miami-Dade’s review process under the Rapid Transit zoning plan. Approval of developments in the zone may be conditioned on public benefits.
When Dan Kodsi and his former partner acquired the site two years ago, they planned to build a 200-unit apartment building. Now, Royal Palm is moving forward with a roughly 30-story condo tower.
Companies tied to Griffin and Citadel spent about $670M on the Brickell assemblage in 2022.
Ven-American Real Estate, Inc. established in 1991, is a full service commercial and residential real estate firm offering brokerage and property management services.
Ven-American Real Estate, Inc.
2401 SW 145th Avenue, Ste 407
Miramar, FL 33027
Brokerage & Property Management Services
Phone: 305-858-1188