South Florida-based developer Habitat Group says it has secured a $24 million loan from Ocean Bank to build Smart Brickell’s Tower 1.
Developers say the three-tower master project on1.23-acres in Miami’s West Brickell area focuses on smart use, design and tech. The mixed-use Tower 1 will include 50 hotel rooms and 50 condos.
Santiago Vanegas, founder, CEO and president of Habitat Group, with Valentina Perez-Cea, the organization’s development director, led the closing of this construction loan.
Smart Brickell Tower 1 is slated for completion in 2021, making it the first alternative project to be completed in Brickell.
The three towers at at 239 SW 9th St. in Miami were designed by architect Hernando Carrillo, with concept and branding by Gensler.
“Receiving this loan for the construction of our first Smart Brickell tower is a testament to the project’s continuing success,” Vanegas said in a statement. “Following the rapid sellout of Smart Brickell Tower 1, Smart Brickell Tower 2 is already 80 percent sold. We are looking forward to breaking ground on Tower 2 and continuing this construction momentum.”
The secured loan marked the beginning stages of construction pilings on Nov. 18, followed by groundbreaking of Tower 2 in early 2020.
Tower 2 will encompass 25 stories consisting of one- and two-bedroom floor plans from 558 to 1,117 sq. ft. The building will also adhere to LEED certified regulations. Towers 1 and 2 will follow the same design.