The unique, hospitality-focused short-term-rental-friendly project, which is already more than halfway sold, is on-track for completion in Q4 2025
On the heels of the official groundbreaking ceremony of Domus Brickell Park – a transformative, short-term-rental-friendly project in Miami’s vibrant Brickell Financial District – the developer, North Development, announced the securement of a $70 million construction loan from South Florida-based Forman Capital and Core Capital. Robert Kaplan and Mark Rutherford from Cushman and Wakefield helped structure the capital stack. North Development is a joint-venture between a pair of industry leaders, Ricardo Dunin’s Oak Capital and Peru-based Edifica, led by Juan Carlos Tassara.
Already more than 50% sold, the 12-story, 172-unit tower – located at 1611 SW 2nd Avenue – is slated for delivery next winter.
On March 21, North Development and its partners, which include Zyscovich Architects, Urban Robot Associates, Thornton Construction and the project’s exclusive broker, Cervera Real Estate, commemorated the groundbreaking milestone with a special event at the project’s site, attended by industry executives, top-producing brokers, and buyers.
The construction loan and groundbreaking signify major momentum for Domus Brickell Park, which is the first project for North Development’s much-buzzed-about Domus FLATS (Flexible Apartments for Temporary Stays) brand – a short-term rental concept with its foundation rooted in hospitality.
“This is a very exciting day for our team,” said Dunin, Founding Partner of North Development. “From my years of experience in this space, I have long noted that the hotel-condo concept was antiquated and in need of a major overhaul. Starting with this project, our entire Domus FLATS brand is going to be a marketplace disruptor, upending the current approach to short-term-rental offerings while maximizing value for investors and creating comfortable, tried-and-true experiences for guests.”
“Today’s housing market is being driven by highly discerning consumers, so you cannot overstate the importance of excellent service and consistency,” said Tassara, who cofounded Edifica. “In a city like Miami, with its influx of new residents and migration of major businesses, this type of product is something that’s been in great demand, but buyers and renters simply aren’t finding it. We look forward to bringing Domus Brickell Park and future Domus FLATS projects to fruition.”
“In a market like Brickell that is pricing out so many buyers, Domus is presenting the opportunity to be priced in,” continued Alicia Cervera Lamadrid, Managing Partner and Principal of Cervera Real Estate. “Brickell has catapulted onto the world stage as one of the most elite urban neighborhoods in the U.S. Major brands have set their sights on Brickell, and are not only redefining its skyline, but its community fabric, elevating the area to new heights. Domus is going to be a new frontier for those buyers who have been looking to claim a piece of this amazing neighborhood, but haven’t been able to so until now.”
“Developments that offer flexible ownership and the ability for short-term rentals are very desirable among buyers in South Florida right now,” said Scott Mehlman, Forman Capital Chief Investment Officer. “Domus FLATS already has strong pre-sales which have proven out the project’s viability.”
“Domus FLATS at Brickell Park is introducing a new and exciting brand to the Miami market, and we are confident they will be very successful,” said Benjamin Jacobson, Forman Capital partner. “Their development team was very professional and helpful in getting us what we needed so that we could execute on the financing in a timely manner. We look forward to working with them on other projects in the future.”
Comprising fully-furnished studio, one- and two-bedroom condominium residences – with available units ranging from the $600,000’s to $1.2 million – Domus Brickell Park will be marked by trusted, high-touch operating efficiencies and a bevy of amenities, including a key feature, The Peacock Room, a buzzy, highly amenitized central gathering space, complete with food and beverage services.
The Domus Brickell Park sales gallery is located at 1200 Brickell Avenue, 18th Floor, Mami, Fla. For more information, visit www.domusbrickellpark.com.
About North Development
North Development was founded by two partners, both with ample knowledge and experience gained from successfully developing innovative projects. Oak Capital is a real estate investment and development company whose founder, Ricardo Dunin, has over 35 years of experience in the U.S., the Caribbean and Brazil. He was responsible for the development of three Ritz-Carlton Residences (Miami Beach, Singer Island and Pompano Beach), the development and brand creation of Le Sereno Hotel in St. Barth, and the development of 12 hotels with Accor in Rio de Janeiro. Edifica, a real estate developer builder and fund manager from Peru with 20 years of experience and 64 delivered projects, is the foremost developer for investor-driven, short-term-rental-friendly condo projects in the country. Given their very complementary experiences and skill sets, together they bring a wealth of expertise for the creation of a sophisticated brand. North Development’s mission is to develop new value-added concepts from the ground up that maximize value for investors and create comfortable experiences for guests. With a focus on quality and innovation, North Development aims to set itself apart in the marketplace and become a trusted name in the residential condo industry. Visit www.northdevelopment.com for more information.
