Week of Oct. 14, 2004
Developer plans 700-unit condo project in Brickell
By Marilyn Bowden
An Israeli investment and development firm is planning a two-tower residential complex
west of Miami's Brickell Avenue.
"We think this is an exciting time for Miami," said Brack Capital Group partner Greg Altshuler, overseeing the firm's first venture in Miami-Dade County. "We see Brickell as full of existing amenities, and it has proximity to centers of employment."
Axis at Brickell Village, with more than 700 units, is planned for a 2-acre lot on Southwest First Street between 11th and 12th streets.
Mr. Altshuler said that Brack, which purchased the site in July, plans to spend a little less than $200 million to develop it. He said the twin 40-story towers will be designed by Arquitectonica and will include about 20,000 square feet of retail fronting First Avenue.
"We are in a unique situation," Mr. Altshuler said, "because we are one block from Mary Brickell Village, which has national retailers going in. We hope there will be a great synergy with them."
Mr. Altshuler said the buyer profile is evenly split between international investors and local end users but "our ultimate goal is to create housing for the Brickell area."
Plans have been approved by the City of Miami.
According to Yami Roa of Miami's Downtown Development Authority, about 3,100 new condo units are under construction in Brickell, with close to 4,000 more on the drawing board.
Mr. Altshuler said the area has not fulfilled its potential.
"We see Brickell as full of existing amenities and proximity to centers of employment," he said.
Brack has projects in New York, London, Budapest and China.
"This is our first venture in Miami-Dade, but so far, we like the market and are looking for more opportunities," Mr. Altshuler said.
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