CLIENT NEWS: JDS Development assembles land for Brickell project with $23M in deals

December 17, 2020

JDS Development Group moved a step closer to building a 2.48 million-square-foot project in Miami’s Brickell after purchasing properties for $23 million.

Led by Michael Stern, New York-based JDS Development Group executed two transactions through affiliate 191 SW 12 Owner LLC. They cover part of the land needed for its 1 Southside Park project.

In the bigger deal, CS Brickell LLC, an affiliate of Choice Hotels, sold the 22,500-square-foot property at 145, 155 and 165 S.W. 12th St. for $14 million. The vacant site, which last traded for $9.5 million in 2014, was previously planned as a Cambria Hotel.

Meanwhile, 191 S.W. 12th St LLC, managed by Adrian Sanchez, sold the 10,500-square-foot lot at 191 S.W. 12th St. for $9 million. It last sold for $4.2 million in 2014. It currently has a 12-unit apartment building, which would be demolished to make way for 1 Southside Park.

Atalaya Fund VII Mortgage REIT provided a $43 million mortgage covering both properties.

The additional land that would be part of 1 Southside park is the city of Miami fire station at 1105-1133 S.W. Second Ave. In February, the City Commission approved a deal to sell that 32,250-square-foot property to 191 SW 12 Owner in exchange for funding the $8 million cost of the new fire station, $2.2 million for new fire trucks, and other public benefits.

The project would consist of 1,175 multifamily units in about 1 million square feet, a 110,000-square-foot hotel with 200 rooms and 6,000 square feet of meeting space, 200,000 square feet of offices, 100,000 square feet of health and wellness space, 11,000 square feet of restaurants, and about 1,000 parking spaces. The fire station would total 32,000 square feet.

The architects of 1 Southside Park are SHoP Architects, ODP Architecture and Design, and James Corner Field Operations.

The plans show the buildings would have restaurants on the ground floor, micro-sized residential units on floors three through 14, offices on floors 17 through 23, a hotel on floors 24 to 36, and multifamily units on floors 28 to 63. There would also be an amenity center in the middle of the building with open-air spaces.

The developer would also renovate Southside Park. – Brian Bandell

Published December 17, 2020 in SouthFloridaBusinessJournal.com

 

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