Brickell City Centre won the initial green light to expand its footprint, creating two new mixed-use towers within a more than 100,000-square-foot annex to the $1.05 billion project.
The Miami City Commission just approved on first reading an amendment to Brickell City Centre’s special area plan that adds 15 properties owned by Colombian businessman Carlos Mattos, who is partnering with Brickell City Centre developer Swire Properties on the 104,287-square-foot expansion.
According to documents submitted to the city, Mattos and Swire want to build a 54-story building that would have 588 residential units, 84,009 square feet of commercial space and 832 parking spaces, as well as a 62-story tower with 384 residential units, 3,275 square feet of commercial space and 399 parking spaces. Among the sites is the former home of Tobacco Road, the famed watering hole that lasted 102 years before a wrecking ball claimed it in 2014.
Akerman attorney Neisen Kasdin, who represents Swire, told city commissioners the project will likely not break ground until the next cycle.
“It is market-dependent of course because there will be for-sale units there,” Kasdin said. “We are probably looking at a two-to-three-year period.”
The proposed Brickell City Centre annex would also have 11,718 square feet of civic space and the joint venture partners have agreed to build a connection to the Miami Riverwalk, add lighting to the South Miami Avenue Bridge. They will also donate $1 million to the city to be used for renovating single-family houses owned by low-income individuals.
The 15 properties run between Southwest 5th and 7th streets along South Miami Avenue and total just over 2 acres. In 2012, Mattos’ Tobacco Road Property Holdings LLC paid a combined $15.44 million for the majority of the assemblage which consists of nine adjacent properties at 11, 21, 31, 37, 45 and 55 Southwest Seventh Street and 622, 626 and 640 South Miami Avenue in 2012. Swire affiliate BCC Road Improvement LLC paid $4.7 million for the roughly 15,000-square-foot corner piece at 602 South Miami Avenue in 2014.
The expansion still requires final approval, which is often likely once it has been approved on first reading. Brickell City Centre’s first phase included two 390-unit condo towers, Reach and Rise; a 500,000-square-foot outdoor mall; an office building and a 40-story hotel, East, Miami.
Source: The Real Deal