One of the biggest real estate deals of the year was Swire Properties' purchase of 700 Brickell in Miami at auction for $64.1 million on July 9.

Swire announced plans for 400 condo units at the 1.6-acre site, along with retail, Class A offices, a hotel with restaurant and lounge, grand plazas and a large parking garage. The project would be adjacent to the Brickell CityCentre retail project still under construction.

Later in the year, Swire said it might wait to develop the site until 2015, when the CityCentre work is complete.

Related Group and Fortune International also bid on the property, but Swire was considered the favorite because of the synergy with CityCentre, and because the site didn't have direct access to Brickell Avenue.

Swire unveiled plans for an Arquitectonica-designed structure that would serve as the entrance to CityCentre, which is immediately west of the 700 Brickell site. The tower will be named One Brickell CityCentre.

Arquitectonica principal Bernardo Fort-Brescia said the tower “will act as a welcoming lantern for downtown Miami and a portal to Brickell from all approaches.”

Other projects planned at CityCentre: luxury shopping center, two additional residential towers, the EAST Miami hotel by Swire Hotels, serviced apartments, a wellness center and Class A offices.

The 700 Brickell site is currently home to Northern Trust Bank, which had an interest in the sale of the property.

Swire Properties President Stephen Owens said in a statement, “Our goal is to develop a structure that will be artful in its mix of uses and will advance Brickell Avenue’s stature as Miami’s premier destination.”

The tower would be the 40th highrise with condos proposed for Miami’s Brickell neighborhood since 2007, according to a report from Condo Vultures real estate consulting firm.

Please contact us at 305-725-0566 for the most up-to-date price list, reservation information, or any details about the project.

Source: bizjournals.com