Property Markets Group wants to develop a pair of residential towers with 803 units combined on a site it has under contract in Miami’s Brickell.
PMG proposes a 1.5 million-square-foot project with a 31-story tower and a 46-story tower on 1.2 acres between Southwest Eight and Ninth streets and west of Southwest First Avenue and the Metromover tracks, according to PMG’s application to Miami-Dade County filed last month.
Schematics of the proposed project (Sieger Suarez Architects)
The filing does not specify whether the units would be condominiums or apartments.
The properties are at 102, 106, 120 and 130 Southwest Eighth Street; 101 Southwest Ninth Street and 826 Southwest First Avenue. The site now has a three-story office building constructed in 1982; and a four-story, 16-unit apartment building constructed in 1973, property records show.
The entities that currently own the properties tie to Jose Rasco, co-founder of Building, a shared workspace company for tech firms.
Schematics of the proposed project (Sieger Suarez Architects)
The Sieger Suarez Architects-designed development would include 15,791 square feet of retail and 832 parking spaces, according to the application. The towers would share a one-story lobby, 11-story garage, and pool decks on the 13th and 31st floors. The 31-story south tower would have 233 units and the 46-story north tower would have 570.
PMG declined comment through a spokesperson.
Based in New York and with an office in Miami, PMG has developed both condos and apartment towers throughout South Florida. The company is led by Kevin Maloney, Ryan Shear and Dan Kaplan.
In downtown Miami, PMG plans to develop a 100-story Waldorf Astoria Hotel and Residences with 361 condos and 205 hotel rooms at 300 South Biscayne Boulevard.
In the Park West neighborhood near downtown Miami, a partnership between PMG and E11even Partners is building the E11even Hotel & Residences. It is just south of the 24-hour nightclub E11even Miami, known for burlesque and trapeze dancers. The duo scored a $150 million construction loan for the first tower in February.
In January, PMG flipped a North Miami building at 1600 Northeast 126th Street, part of the shuttered Johnson & Wales University campus, for $10.7 million. That was more than double the $4.5 million it had paid for the property in July 2021.
Brickell, known as Miami’s financial district, has quickly morphed into a residential hub in recent years, with numerous projects in the pipeline.
Jorge Pérez’s Related Group and Integra Investments are partnering on the development of a pair of St. Regis-branded condo towers at 1809 Brickell Avenue.
Also, Gazit Horizons, the U.S. subsidiary of Tel Aviv-based Gazit Globe Group, wants to build a 504-unit apartment tower called Brickell Gateway at 90 Southwest Eighth Street.