Breaking Ground: Aria Development Group and Partners Secure $77 Million Loan for Luxury Condo Project in Miami’s Brickell District

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”

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