Aria Development Scores $77M for Boutique Condo in Brickell
By Julia Echikson October 4, 2023 4:24 pm
reprints
Aria Development Group scored a $77 million construction loan for a low-rise condo project in Miami’s Brickell neighborhood, property records show.
The five-story development, called 2200 Brickell, is set to feature 105 condo units at 2200 Brickell Avenue, near the Rickenbacker Causeway. The Miami-based developer, together with Place Projects and Largo, purchased the 1.65-acre site for $12.75 million in 2021.
Bank OZK (OZK) assumed a $6.1 mortgage, originated by Pacific National Bank shortly after the site was purchased, and upped it by $70.85 million, bringing the total financing to $77 million.
Prices for the condos range start at $1.2 million.
Aria, led by David Arditi, is active in Miami’s broader downtown area. At Miami Worldcenter, the firm, alongside Merrimac Ventures, paid $17.5 million for a development site just east of the Miami Central train station last year. Nearby, Aria secured $81 million, also from Bank OZK, to build a 40-story condo tower.
The 2200 Brickell condo is at the southern end of the neighborhood where swaths of single-family homes still remain, and which is seeing a rush of luxury condo developments. Along Biscayne Bay, Related Group is developing a St Regis-branded tower, while Oko Group and Cain International are building the Una Residences. Ytech has launched sales for the city’s first solar-powered condo at 1428 Brickell Avenue.
Julia Echikson can be reached at jechikson@commercialobserver.com.
