Aria Development, in collaboration with its partners Largo Investments and Place Projects, is in the planning stages for a boutique condominium featuring five stories and a total of 105 units.
A joint venture led by Aria Development Group secured a $77 million construction loan for the upcoming project situated in Miami’s Brickell neighborhood. The development, known as 2200 Brickell, will encompass a five-story structure housing 105 condos, along with a few townhomes. The site is located at 2222, 2250, 2204, 2248, and 2252 Brickell Avenue.
The project’s co-developers include Aria Development, a Miami-based firm headed by founding partner David Arditi, Place Projects, also based in Miami and overseen by managing principal Joe Furst, and Largo Investments, a New York-based company led by Nissim Ben-Nun and Nicholas Werner.
Bank OZK facilitated the financing and was legally represented by King & Spalding, while the joint venture was represented by law firm Hunton Andrews Kurth and The Aztec Group.
In 2021, Aria Development, Place Projects, and Largo jointly acquired the 1.7-acre site for $12.8 million, subsequently demolishing a 34-unit apartment building located on the property. The joint venture anticipates commencing construction in the fourth quarter of the current year.
Units at 2200 Brickell are slated to start at $1 million, with sales led by Peggy Olin’s OneWorld Properties.
The proposed development is positioned along a section of Brickell Avenue known for its older waterfront condo towers, such as the Atlantis Condominium, a 20-story glass tower designed by Miami-based Arquitectonica, and the Santa Maria, a 51-story high-rise, which was the second condo project developed by Miami builder Ugo Colombo.
In close proximity, the owners of 14 townhomes at Brickell Woods have recently engaged Colliers to identify a bulk buyer for the purchase of all their units. This garden community has the potential for redevelopment into a five-story building featuring 54 condos, as outlined in a brochure. The Brickell Woods owners are seeking offers starting between $18 million and $20 million.
Established in 2009, Aria Development specializes in the construction of multifamily, condominium, and mixed-use projects. In November, the company partnered with Fort Lauderdale-based Merrimac Ventures to acquire a redevelopment site at Miami Worldcenter, slated for a 32-story condominium project allowing short-term rentals. The joint venture acquired the site for $17.5 million.
Place Projects, launched in 2018, is collaborating with NDT Development to develop a 2-million-square-foot mixed-use project in West Palm Beach’s Nora District. The planned $1 billion project’s initial phase encompasses 13 buildings and 150,000 square feet of retail, bars, and restaurants.
Largo Investments, with a portfolio spanning over 2 million square feet of mid-rise and high-rise buildings in Manhattan and Brooklyn, is detailed on the firm’s website.
“For over 15 years, US Asset Loans have been providing funding to Real Estate investors”
Reach out today at [email protected]
