Rilea Group Lands $90M From Carlos Slim’s Banco Inbursa to Build Miami Condo

Ciprés and Rilea Group nabbed $90 million to build a condo building between Miami’s Wynwood and Midtown neighborhoods after accepting crypto deposits as payments.

The construction financing from Mexican billionaire Carlos Slim’s Banco Inbursa covers The Rider Residences, a 12-story project at 94 Northeast 29th Street. The development will include 146 condos and 11,000 square feet of retail space.

Prices range from $500,000 to $2.5 million for fully furnished one- to three-bedroom units, ranging from 386 to 1,612 square feet. The development firms — both led by Diego Ojeda — have accepted wallet-to-wallet cryptocurrency payments.

A representative for the development team said the project is nearly 50 percent presold, with two buyers having used cryptocurrency as a form of payment.

This year, a 702-square-foot portion of the retail space sold for $1.19 million to an entity linked to Alejandro Kacheroff, who leads an optical wholesaler and the Italian Ossobuco restaurant in Miami, the South Florida Business Journal reported.

The project broke ground in February, with vertical construction expected to commence in the coming months. Delivery is slated for 2027. Javier Herrera of Franklin Street arranged the construction debt. 

Rilea Group purchased the 0.7-acre site, which faces the Brightline train tracks, for $21 million last year, according to property records. 

Even as interest rates have risen and the pandemic-fueled migration to Florida has slowed, developers have still managed to secure construction financing, in part thanks to strong presales. Last year, Banco Inbursa provided the majority of a $600 million construction debt package for Mast Capital’s Cipriani-branded condo project in Brickell.  

A representative for the Mexican bank did not immediately respond to a request for comment.

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