Related and Integra Paid $100M for the St. Regis Condo Site in Miami
By Julia Echikson September 9, 2024 5:05 pm
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Jorge M. Pérez’s Related Group with Integra Investments closed on the $100 million purchase of a waterfront property in Miami’s Brickell district, where the St. Regis-branded condo development will rise.
The sale comes just days after the joint venture secured a $527 million loan from Tyko Capital to build the 50-story condo tower at 1809 Brickell Avenue, which faces Biscayne Bay. Proceeds of the loan also covered the acquisition, said representatives for Related and Integra.
The joint venture purchased the 3.1-acre property from an affiliate of Integra, which had paid $14 million a decade ago, according to property records. Integra remains a partner on the St. Regis Residences, Miami project, the representatives added.
The site was home to George Humphrey Towers, a 211,121-square-foot rental building for seniors completed in 1966. The U.S. Department of Housing and Urban Development managed the 17-story rental until 2019, per the Miami Herald.
Its replacement, the Robert A.M. Stern Architects-designed St. Regis Residences, is set to feature 152 units. Over 60 percent of units are under contract, according to a representative for Related. The projected sellout is estimated at $1 billion.
The tower is the latest luxury condo tower to rise in Brickell.
Related nabbed a $328 million from Bank OZK to build Baccarat Residences earlier this year. Mast Capital is building the Cipriani-branded development after securing a $600 million debt package. Along Brickell Avenue, Oko Group and Cain International’s Una Residences is also under construction.
Julia Echikson can be reached at jechikson@commercialobserver.com.
