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Miami real estate news & trends

In a significant boost to Miami's burgeoning short-term rental market, developers Ricardo Dunin and Juan Carlos Tassara have successfully secured a $70 million construction loan for their latest venture, Domus Brickell Park. This innovative project, situated in the heart of Brickell, is set to redefine the landscape of short-term rental accommodations in Miami.

A Strategic Partnership for Innovation

The financing, provided by Forman Capital and Core Capital, will fuel the development of the 12-story, 172-unit building located at 1611 Southwest Second Avenue. This project is a collaborative effort between Dunin's Oak Capital and Tassara's Edifica, under the umbrella of North Development, with Eduardo Vargas at the helm as President. The involvement of Lima, Peru-based Core Capital, a partner of Edifica, underscores the international interest and confidence in Miami's real estate market.

Pioneering the FLATS Concept

Domus Brickell Park is not just another addition to Miami's skyline; it represents the debut of the Domus FLATS concept, envisioned by the developers as flexible apartments for temporary stays. This concept moves away from the traditional condo-hotel structure, offering a new model that caters to the evolving needs of modern travelers and residents seeking flexibility and convenience.

Pre-Sales and Project Details

With over 50% of the units already presold, the project has garnered significant interest. Cervera Real Estate is spearheading the sales efforts, with unit prices ranging from the $600,000s to $1.2 million. The development promises a mix of studios, one-bedroom, and two-bedroom units, designed to meet the diverse needs of its future occupants.

Unique Amenities and Design

Slated for completion in late next year, Domus Brickell Park will feature amenities that blend luxury with functionality. The Peacock Room, an activated lobby space, will offer food and beverage concepts, a market, and co-working spaces, inspired by the ACE hotel in New York. The project's design and architecture are being led by Zyscovich Architects, with Urban Robot Associates handling the interior design, ensuring a blend of aesthetic appeal and practicality.

Strategic Location and Future Plans

Located just a block away from Simpson Park and west of Brickell Avenue, the site was acquired by North at Brickell II LLC, led by Dunin, for approximately $8.9 million in 2022. The strategic location and innovative concept of Domus Brickell Park highlight the developers' commitment to enhancing the short-term rental market in Miami. Additionally, plans are already underway for a second FLATS project in Brickell, signaling the developers' optimism and long-term vision for the area.

As Miami continues to evolve as a global destination for travelers and investors alike, projects like Domus Brickell Park are setting new standards for luxury and flexibility in the real estate market. If you're exploring investment opportunities or seeking a modern, flexible living solution in Miami, Domus Brickell Park represents a pioneering approach worth considering.

Text me to learn more about this exciting development and how it could fit into your Miami real estate portfolio.

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