CLIENT NEWS: Brickell tower slated for Dolce & Gabbana condo/hotel sold to project’s developer
April 26, 2024A 52-year-old office building in Miami’s Brickell Financial District was sold to the developer who plans to replace it with a Dolce & Gabbana-branded tower.
The 888 Brickell Ave. building, on 0.52 acres, was acquired by a subsidiary of Michael Stern’s JDS Development Group on April 23 for $61.23 million, according to a report from Vizzda, a Tempe, Arizona-based real estate data provider. The seller was Alphatur Inc.. headed by Mashud A. Mezerhane, which acquired the building for $6.3 million in August 1984.
JDS, which had the property under contract, received a $35.7 million loan from G4 Capital Partners, a New York-based real estate investment firm, Vizzda added.
Stern declared his intent to replace the circa 1972 seven-story office building with a super skyscraper called 888 Brickell since December 2021. At the time, Stern and New York-based hospitality company Major Food Group sought to build a condominium with 259 residences and 50,490 square feet of restaurants, event spaces, and offices. At 1,049 feet tall, 888 Brickell, if completed, would be a contender for being the tallest building in Florida. By July 2022, Major Food Group was no longer part of the project.
In March, JDS Group announced his development would be known as 888 Brickell by Dolce & Gabbana after closing a branding agreement with the Milan-based fashion house. Designed by New York-based architecture firm Studio Sofield, 888 Brickell will consist of 250 condo hotel units, six food and beverage outlets, a signature ground floor restaurant, two bars in a grand lobby, a pool club restaurant and bar, and a demo kitchen.
Prices for 888 Brickell’s condo units will range between $3.5 million to $35 million.
The proposed 888 Brickell is another example of the luxury condo boom taking place in South Florida. A majority of the new condo units in the tri-county area are being marketed at prices above $1 million.
Besides 888 Brickell, JDS Development Group is building a 67-story, mixed-use Mercedes-Benz branded tower in the Brickell Financial District at 191 S.W. 12th St. JDS broke ground on the 791-unit condominium, called Mercedes-Benz Places, in mid-2022 and expects to finish construction in 2027. It will include condos with prices starting in the $550,000s.
