Habitat Group is partnering with a Central Asian firm entering the U.S. market to build a condo-hotel on a Brickell development site acquired for $14.8 million.
An affiliate of Miami-based Habitat, led by CEO Santiago Vanegas, and Kazakhstan-based BI Group bought an 0.6-acre assemblage at 1750 Southwest First Avenue previously slated for a Marriott-branded hotel, records and real estate database Vizzda show. The joint venture obtained $9.8 million in seller financing for the shovel-ready site. The project is called Parkside.
Alfonso Jaramillo with Fortune International Realty brokered the deal. The seller, an affiliate of Chattanooga, Tennessee-based 3H Group, paid $10.2 million for the property in 2019, records show. At the time, the previous seller intended to build a 206-room Residence Inn by Marriott, which has city of Miami approvals for a 275-room hotel.
The new owners now plan to build a condo-hotel with 164 condo-hotel units and 21 condos in what will be the first of three projects between BI Group and his firm, Vanegas told The Real Deal.
“BI group is one of the biggest construction companies from Middle Asia that wants to operate in the United States,” Vanegas said. “They selected Miami as the first city. They are led by very smart people with a lot of experience, so we did this joint venture for a portfolio of three projects in West Brickell.”
The joint venture recently retained Miami architect Kobi Karp to tweak the current plans, including units with bigger sizes and a “new, sexy facade,” Vanegas said.
“Parkside is the first project because the permitting process is very much approved already,” Vanegas said. “We are going to launch in [about] 45 days.”
Habitat and BI are also planning an 80-unit condo-hotel called Season Royale at 1200 Southwest Second Avenue in Miami, and Milux Place, another condo-hotel with 99 units at 229 Southwest 12th Street in Miami, Vanegas said. Karp is also redesigning plans for the two other projects.
“[Developing] condo-hotels is our expertise,” Vanegas said. “It’s our core business right now.”
Habitat is currently developing Smart Brickell, a three-tower condo-hotel project. Last year, the firm completed the first tower with 50 hotel rooms and 50 condos, a Habitat spokesperson said. The second tower is under construction, and Habitat plans to break ground on the third building later this year.
In 2022, Habitat sold a Little Havana apartment project with 34 apartments for $15 million.