Writer: Joshua Andino
2 min read February 2022— In case there was any doubt, Brickell is still booming — and one of the last available lots in the highly coveted neighborhood is about to fall.
Coconut Grove-based Mast Capital has submitted plans to develop the lot at 1420 South Miami Avenue. The area had sat vacant for years as a result of long-standing litigation settled confidentially by the previous owner, with Mast Capital buying the property at the end of 2021 for $103 million. The plans detail the intent to build three towers on the property, with one of the three just shy of achieving supertall status.
The project is referred to simply as 1420 South Miami Avenue. The three towers are planned at 80 stories and 939 feet, 59 stories and 691 feet, and 50 stories and 604 feet. The first and tallest building will provide 405 condo units, with the second two towers dedicated to rental apartments. According to Multifamily news, the project is slated to begin construction around the end of 2022, with completion scheduled for 2025.
In a conversation with Invest:, Founder and CEO Camilo Miguel Jr. said that the market had changed but with continued opportunity for real estate investments and development. “Long-term in-migration to South Florida presents a long runway for residential development, including for-sale and for-rent multifamily projects. In addition, we are seeing greater capital flows into Florida real estate from a broader set of institutional and private investors.” He remarked that investors were drawn to the area for its relative affordability. “The investment appetite has expanded beyond what was usual pre-COVID from an institutional standpoint, both in terms of the types of institutions and the areas in which they invest. Part of that is driven by the affordability factor.”
The project will include 1,255 parking spaces, which is the exact minimum required under the Miami 21 zoning code, reports The Next Miami. It will also include 18,969 square feet of ground-floor retail space. While the project will add to the ever-growing Miami skyline, it may encounter potential issues with the possible revocation of the Miami 21 parking waiver. Currently, the waiver allows developers to build 30-50% less parking space if near transit corridors or public transportation.
While the Miami Planning and Zoning Board voted 9-2 against the revocation, with one member calling the proposal “garbage,” the final decision will be made by the Miami Commission once a vote is scheduled. Two members of the five-person commission, Joe Carrollo and Manolo Reyes, have already voiced their support for the amendment.
Regardless of the outcome, Brickell, and Miami as a whole, remains one of, if not the most in-demand market in the United States as the migration of new businesses and residents that began at the onset of the pandemic has not stopped and shows no signs of slowing down. The demand has driven Miami to become the city with the highest rising rents in the nation, followed closely by other markets across Florida, such as Tampa. “We’re seeing a lot of growth across South Florida and beyond and are capitalizing on that. Overall, we have a lot in the pipeline and a lot to talk about in the future,” Miguel said, speaking of Mast Capital’s prospects.
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