A joint venture consisting of two Mexican firms making their U.S. debut and a Miami-based partner is betting on Miami’s booming apartment market with plans for a 24-story tower in Brickell.
Menesse International bought the development site at 143 Southwest Ninth Street from an affiliate of Miami-based Habitat Group for $23.5 million, according to the seller’s broker, Alfonso Jaramillo of Fortune International Realty.
Margaret Sanclemente of Douglas Elliman represented the buyer.
The existing five-story, 39-unit rental property was built in 1968 on 0.7 acres, property records show. Habitat Group paid $14.5 million for the site in 2018, according to a deed.
Menessee International consists of Playa del Carmen, Mexico-based Menessee Condos;
Investee, which specializes in housing development in Mexico; and Lucid Investment Group, the Miami-based partner, according to Menessee International’s website.
The plan is for a Class A building with 350 rental units, ranging from studios to two-bedroom apartments, atop an eight-story podium with approximately 180 parking spaces and ground-floor retail, he said. The Real Andrew Rasken, managing director of Lucid Investment. Agreement. The project designed by Behar Font & Partners will include a complete set of amenities.
Construction is expected to start in the second quarter of next year.
Menesse Condos, which designs, builds and consolidates projects, has developed in Argentina and Mexico’s Riviera Maya and has a portfolio of 22 developments with more than 1,200 units sold, according to its website.
Investee, which is also focused on the Riviera Maya and Mexico City, is a partnership between Habitania Real Estate Group, Haiat & Amezcua, Grupo Quatro and IDE, Menessee International’s website said.
Lucid Investment has developed projects in all asset classes, including student housing nationwide, and is also a broker and general contractor, Rasken said.
This is the trio’s first joint project in the US. It’s also the latest planned for the Brickell Financial District, which is seeing a boom in residential development along with an influx of companies that is also spurring office construction.
Ken Griffin is among the moguls in the financial services arena moving to Brickell. He announced in June that his hedge fund Citadel and financial services firm Citadel Securities will move their headquarters from Chicago to an undisclosed office location along Brickell Bay.
In April, the Hollo family sold a 2.5-acre development at 1201 Brickell Bay Drive for a record $363 million to a mystery buyer, which Bloomberg reported as Griffin and his Citadel, citing anonymous sources. Citadel has retained Chicago-based Sterling Bay to build the new headquarters.
In another planned Brickell office project, Swire Properties and Associated Companies of Stephen Ross plan One Brickell City Center at 700 Brickell Avenue and 799 Brickell Plaza. At 1,000 feet, the tower at the Brickell City Center mixed-use complex would be one of the state’s tallest.
Vladimir Doronin’s OKO Group and Cain International are building the 55-story 830 Brickell office tower, which has secured multiple leases. Canadian asset management firm CI Financial signed a 40,000-square-foot lease for its new US headquarters.
More than a dozen apartment and condominium projects are in the pipeline that will add 6,000 units to Brickell in the coming years. Michael Stern’s JDS Development Group and Major Food Group plan the 90-story, 259-unit Major condominium at 888 Brickell Avenue.
In March, Property Markets Group submitted an application for a pair of combined 803-unit residential towers between Southwest Eighth and Ninth streets and west of Southwest First Avenue and the Metromover tracks. The plans did not specify whether the 31-story and 46-story buildings will have apartments or condos.
Gazit Globe Group’s U.S. subsidiary based in Tel Aviv, Gazit Horizons, wants to build a 504-unit apartment tower at 90 Southwest Eighth Street that will rise 642.8 feet, which is over 50 stories.
OKO and Cain also are partners in the 47-story, 135-unit Una Residences condominium under construction at 175 Southeast 25th Road in Brickell.