Lore Development Buys Brickell Site for $500M Resi Tower
Lore Development Group paid $35 million for a development site in Miami’s Brickell district, where it plans to erect a $500 million rental tower.
Back in June, the developer announced plans to build a 442,000-square-foot tower featuring 500 multifamily units and 2,000 square feet of retail space on the vacant site, located between 1015 SW First Avenue and 88 SW 10th Street, just east of the Brickell Metromover train station. The project is expected to cost $500 million.
The seller, private investor José Luis Galveas Loureiro, had acquired the parcel for $26 million in 2015, according to property records.
The rental project marks the first development for Lore, a joint venture between Leste Group, a Miami-based firm with offices in Brazil, and the Brazil-based private investment firm Opportunity Fundo de Investimento Imobiliário. In all, Lore plans to develop more than $1 billion in multifamily projects over the next five years across Florida, according to a press release issued in June.
As Brickell, Miami’s financial district, has become a hotbed of luxury development, developers have been gobbling up land along the train tracks that run through the neighborhood. Other notable projects in the pipeline include JDS Development Group’s 1 Southside Park as well as PMG’s Sentral-branded two-tower development at 130 SW Eighth Street.
Julia Echikson can be reached at firstname.lastname@example.org.