Ytech Lands $25M to Expand Historic Brickell Mansion in Miami

Development firm Ytech nabbed a $25 million construction loan to expand a historic mansion in Miami’s Brickell district and to turn it into the company’s headquarters, Commercial Observer has learned.

The financing from Banesco USA covers the Nolan House, a 9,172-square-foot property at 1548 Brickell Avenue. The two-story house was built in 1926 as the residence of banker George E. Nolan, and today is one of the few remaining homes in Miami’s original “Millionaire’s Row.” 

Ytech, led by Yamal Yidios, plans to add a five-story structure onto the 0.4-acre site, which will rise to the back of the neoclassical house. The expansion will bring the estate’s total footprint to 32,686 square feet, making space for Ytech’s offices and a gallery to promote the company’s projects. 

“Our objective is to be the benchmark for quality in this market, and that requires aligning design, construction, marketing, sales, and our projects’ various sales galleries under one roof,” Yidios said in a statement.

Milan-based ACPV Architects and preservationist Jorge Hernandez drew up plans for the project. Construction is expected to start later this quarter and be completed by the end of 2027. Ytech purchased Nolan House for $6 million in 2021, according to property records.

The expansion adds to Ytech’s projects in Brickell. Down the road at 1428 Brickell Avenue, the developer is building a 70-story condo tower after securing a $565 million debt package last year. Nolan House has served as the sales gallery for the 195-unit condo project. Ytech spent $22 million renovating the house and setting up the gallery.

The developer owns another mansion on the strip at 1500 Brickell Avenue, which operates as Major Food Group’s Chateau ZZ’s, a fine-dining Mexican restaurant.

Julia Echikson can be reached at jechikson@commercialobserver.com.