On Thursday, the Miami City commission gave the green light to the Brickell City Centre for the expansion of its special area of more than 100,000 square foot annex for $1.05 billion to its name on the first reading. Needless to say, two new mixed-use towers are on their way.
Colombian Businessman, Carlos Mattos, will add 15 properties to it, using this opportunity to partner with Brickell City Centre Developer Swire Properties for the 104,287 square foot expansion.
Carlos Mattos is the president of Hyundai Colombia, and was solely responsible for selling 200 vehicles in Colombia at a time when brands from Korea, especially automotive ones were not doing well. The readers will be more amazed to know that all of this was the result of a conversation between Carlos and the president of the Korean-American Chamber of Commerce.
The document that has been submitted to the city suggests that Mattos and Swire will build a 54-story building that would have 588 residential units, 84,009 square feet of commercial space and 832 parking spaces, as well as, a 62-story tower with 384 residential units, 3,275 square feet of commercial space and 399 parking spaces.
Among these sites will be the famous home of Tobacco Road, the former watering hole that claims to have lasted for 102 years before a wrecking ball saw fit to destroy it in 2014.
Swire’s representative attorney, Neise Kasdin, confessed to the city commissioners that this dream project will probably not find its first step until the next cycle. According to Kasdin, it is entirely market-dependent as there will be units for sale in the area. He guesses the project will be a work of at least two to three years.
The Annex would have 11, 718 square feet of civic space as proposed by the joint venture partners, and an agreement has been made on building a connection with the Miami Riverwalk. The South Miami Avenue Bridge will also find new lighting thanks to this project.
This joint venture comes with addedd benefit for individuals with low income, who will recieved about $1 million for renovating their single family houses. It’s quite obvious that Swire Properties and Carlos Mattos want to begin their business on a good note in the community.
The 15 properties run over 2 acres, just between Southwest 5th and 7th streent along the South Miami Avenue. Way back in 2012, Mattos’ Tobbaco Road Property Holding LLC paid a combined amount of $15.4 million for the majority of the assemling that wasdone. It consists of nine adjacent properties at 11, 21, 31, 37, 45 and 55 Southwest Seventh Street and 622, 626 and 640 South Miami Avenue. On the other hand, Swire affilitae, BCC Road Improvement LLC, paid $4.7 million for a 15000 square foot piece at 602 South Miami Avenue two years later, in 2014.
While the expansion requires final approval on paper, it is expected to pass through by a strong percentage as approval on first reading usually means it’s a go.
Only time will tell what is to come out of this project, and how both Carlos Mattos and Swire Properties will fare, but in the meantime, things are looking bright for both parties.