South Florida developers Related Group and Integra Investments have secured a $527 million loan for the St. Regis Residences in the southern end of Miami’s Brickell neighborhood, the latest financing in a string of half-a-billion-dollar loans for top-tier projects across the city.
The developers secured the loan from commercial real estate private equity firm TYKO Capital. Plans for the branded 50-story tower at 1809 Brickell Ave. includes 152 units ranging from two to six bedrooms spanning 2,616 square feet to 7,391 square feet. Two stand-alone garden villas are also planned.
Over 60% of the residences are under contract, according to a press release from the developers. Prices for the condos start at $4 million.
It’s one of the “most substantial residential construction loans in South Florida's history," said Nick Pérez, president of Related Group's condominium division, in the release. He added that the loan "underscores investors' trust in Miami’s thriving residential market," which has seen multiple half-a-billion dollar loans for new high-end projects.
Earlier this year, TYKO provided $565 million in permanent financing for the developers behind 830 Brickell, the first office tower built in over a decade in Miami’s Brickell financial district. About six blocks from the planned site of the St. Regis Residences, Mast Capital secured a $600 million loan for the 80-story Cipriani Residences, another branded condo tower, in February.
In June, developer PMG secured a $668 million construction loan for Miami's first supertall tower, the 1,049-foot tall Waldorf Astoria Hotel and Residences, in downtown Miami. The loan is the largest construction loan in Florida's history.
Just over a mile south back in Brickell, construction at the St. Regis Residences is to begin later this year with an expected completion sometime in 2027.
Once built, the tower designed by Robert A.M Stern Architects will "extend the hallmark St. Regis lifestyle — from bespoke butler service to Michelin-starred dining — to a setting that offers both the vibrancy of Brickell and a serene retreat," said Nelson Stabile, a principal at Integra, in the release. It will be one of the newest towers built in the neighborhood's primarily southern portion south of 15th Road.
With interior design led by Rockwell Group, planned amenities include over 50,000 square feet of indoor and outdoor spaces, a fitness center with a yoga and pilates studio, spa and wellness center, as well as an indoor lap pool. The building will feature a restaurant led by Michelin-starred chef Fabio Trabocchi and a St. Regis Tea Room.