A joint venture between Aria Development Group, Place Projects and Largo landed a $77 million construction loan for a boutique condominium in Miami’s Brickell that is set to break ground later this year.
Bank OZK provided the financing for 2200 Brickell, a proposed five-story building with 105 condos and a few townhomes, according to a press release. The development site is at 2222, 2250, 2204, 2248 and 2252 Brickell Avenue.
Aria, a Miami-based firm led by founding partner David Arditi, is co-developing the project with Place Projects, also based in Miami and led by managing principal Joe Furst, and Largo, a New York-based firm led by Nicholas Werner.
Bank OZK was represented by King & Spalding. Law firm Hunton Andrews Kurth and The Aztec Group represented the joint venture.
In 2021, Aria Development, Place Projects and Largo acquired the 1.7-acre site for $12.8 million, and recently demolished a 34-unit apartment building that was on the property, records show. The joint venture expects to break ground in this year’s fourth quarter, the release states.
Units at 2200 Brickell start at $1 million, and Peggy Olin’s OneWorld Properties is leading sales, the release states.
The proposed project is along a stretch of Brickell Avenue known for its older waterfront condo towers, including the Atlantis Condominium, a 20-story glass tower that was among the first projects designed by Miami-based Arquitectonica, and the Santa Maria, a 51-story high-rise that was the second condo building developed by Miami builder Ugo Colombo.
Nearby, the owners of 14 townhomes at Brickell Woods recently retained Colliers to find a bulk buyer to purchase all their units. The garden community can be redeveloped into a five-story building with 54 condos, according to a brochure. The Brickell Woods owners are seeking bids starting at between $18 million and $20 million.
Founded in 2009, Aria Development focuses on building multifamily, condominium and mixed-use projects. In November, the firm partnered with Fort Lauderdale-based Merrimac Ventures to purchase a redevelopment site at Miami Worldcenter for a 32-story condominium that will allow short-term rentals. The joint venture paid $17.5 million.
Place Projects, launched in 2018, is partnering with NDT Development to build a 2-million-square-foot mixed-use project in West Palm Beach’s Nora District. The $1 billion planned project’s first phase entails 13 buildings and 150,000 square feet of retail, bars and restaurants.
Largo has developed more than 2 million square feet of mid-rise and high-rise buildings in Manhattan and Brooklyn, according to the firm’s website.