The Related Group and Integra Investments are partnering to redevelop the waterfront site of an older affordable housing building in Miami into a pair of luxury St. Regis-branded condo towers, sources told The Real Deal.
The 354-unit condo Brickell development will be designed by Robert A.M Stern Architects, who designed skyscrapers that include 220 Central Park South and 30 Park Place in New York. Rockwell Group will design the interiors.
Miami-based Integra has owned the existing bayfront building at 1809 Brickell Avenue, formerly known as the Stanley Axelrod Towers, since 2014. It paid $14 million for the 17-story building, now called the George Humphreys Towers. It was built in 1966 on a property of over 3 acres.
The Department of Housing and Urban Development released the building from its affordable housing agreement this summer, records show. The Next Miami reported earlier this year that Related was targeting the building.
In its place, Related and Integra plan to develop the St. Regis Residences, Miami with an estimated $2 billion sellout, a spokesperson said. One Sotheby’s International Realty was tapped to handle sales following a bidding process, sources said.
Prices are expected to start at $2 million, and units will range from 1,300 square feet to 7,000 square feet, according to a release. The project will also have more than 55,000 square feet of amenities, including an indoor lap pool and a St. Regis Tea Room.
The developers expect to open a sales center and launch sales early next year. In South Florida, St. Regis Hotels & Resorts, a Marriott brand, operates The St. Regis Bal Harbour Resort.
Condo developers have been rushing to take advantage of Miami’s hot residential market, launching sales of a number of luxury condo projects this year. Related is no exception. The Miami-based developer, led by Jorge Pérez and his sons Jon Paul and Nick Pérez, launched and sold out the Solemar development in Pompano Beach, and began selling Baccarat Residences near the Miami River, Casa Bella by B&B Italia north of downtown Miami and others.
The company also has recently partnered with billionaire Teddy Sagi on a number of projects, including a development on the last remaining condo site on exclusive Fisher Island in Miami Beach.