CLIENT NEWS: Ricardo Dunin’s Oak Capital, Edifica propose 832-key Brickell hotel, boosting their development in Miami’s financial district
October 17, 2024Developer Ricardo Dunin and Peruvian firm Edifica propose a 43-story hotel in Brickell, marking the companies’ continued investment in Miami’s financial district.
North Development, a joint venture between Dunin’s Miami-based Oak Capital and Edifica, are under contract for an undisclosed price for the 0.6-acre development site at 132, 142 and 152 Southwest Ninth Street, according to a pre-application the developers filed to Miami-Dade County last month.
The project, called House of Wellness, would consist of 832 keys and 339 parking spaces, as well as a rooftop pool.
The lots at 132 and 152 Southwest Ninth Street are owned by an entity tied to the Farah family, and the lot at 142 Southwest Ninth Street is owned by Manuel Calas, as trustee of the Manuel Calas Revocable Trust, records show.
North Development is asking Miami-Dade for a special exception for a general development plan and to designate the sites as part of the Metromover subzone of the rapid transit zone. The designation generally allows for bigger projects due to their proximity to a Metromover station.
The developers have vowed to give $200,000 to the county for pedestrian improvements to the nearby Brickell Metromover station.
In May, they launched sales of the 35-story Domus Brickell Center short-term rental-friendly condo tower with 579 units at 1034 Southwest Second Avenue. Prices range from $500,000 to $1.5 million. Construction is expected to start early next year and be completed in 2027, Dunin said in May.
The launch came on the heels of the developers scoring a $70 million construction loan for the 12-story, 172-unit Domus Brickell Park, also a short-term rental-friendly condo. The building is under construction at 1611 Southwest Second Avenue. Completion is expected late next year.
Last year, Oak Capital and Edifica filed an application for a 29-story, 459-unit condo-hotel at 221 and 229 Southwest 11th Street, also in Brickell.
Edifica’s Jorge Ruiz, Martín Bedoya and Juan Carlos Tassara are partners in North Development, according to the company’s website. Dunin is founding partner and director. The firm’s CEO is Eduardo Vargas.
Dunin, a former principal at Miami-based real estate development and investment firm Lionheart Capital, parted ways with the company in 2020 to launch Oak Capital. Outside of Brickell, Oak Capital and Edgardo Defortuna’s Fortune International Group are developing The Ritz-Carlton Residences, Pompano Beach with the 32-story, 117-unit Beach Tower and the 14-story, 88-unit Marina Tower. In December, they scored a $259 million construction loan for the project at 1380 South Ocean Boulevard.
Residential developers have homed in on Brickell in recent years with plans for new projects. Last month, the Pérez family’s Related Group and Integra Investments landed $527 million in construction financing for the 50-story, 152-unit St. Regis Residences, Miami condo tower at 1809 Brickell Avenue. This month, Miami-based Meta Development said it plans a pair of five-story buildings atop a parking podium with 36 units, combined, at 1870 and 1880 Brickell Avenue.
