Ricardo Dunin Buying Brickell Site to Build Hotel
By Julia Echikson September 19, 2024 12:48 pm
reprints
Ricardo Dunin is expanding his fiefdom in Miami’s Brickell district, going under contract to buy a 0.6-acre site where he plans to build a hotel tower — marking his third project with Peruvian developer Edifica, public filings show.
The parcel includes three lots at 132, 142 and 152 SW Ninth Street, a block west of the Brickell Metrorail Station and the Metromover station. The land holds three low-rise residential buildings.
Dunin wants to replace the structures with a 43-story hotel, called the House of Wellness, according to a pre-application filing to Miami-Dade County. The development will be a partnership between Dunin’s Oak Capital and Lima-based Edifica, a representative for Dunin told Commercial Observer.
It would house 832 lodging units, 339 parking spots and rooftop pool. The lobby and amenities would be on the second through sixth floors. The representative declined to provide details about the pending land sale.
The project marks the latest development by Oak Capital and Edifica in that section of Brickell, which remains considerably less chic than the eastern section across the train track, where glassy, glistening condo and office towers stand.
In May, the joint venture, called North Development, launched sales for a 35-story, 579-unit short-term condo tower a block over. A few blocks south, North Development is building another condo development, which will rise 12 stories and house 172 units, after securing a $70 million construction loan from Forman Capital and Core Capital in March.
Dunin previously co-led Lionheart Capital, which developed the Ritz-Carlton Residences, Miami Beach, before he struck out on his own and founded Oak Capital in 2020. Dunin’s other high-profile projects include a Ritz-Carlton-branded condo development in Pompano Beach, a partnership with Fortune International Group. The 205-unit condominium is under construction after landing a $259 million loan from Bank OZK last year.
Julia Echikson can be reached at jechikson@commercialobserver.com.
