The Residences At 1428 Brickell Is Over 40% Sold, Lands $104 Million Construction Financing

The Residences At 1428 Brickell Is Over 40% Sold, Lands $104 Million Construction Financing


The Residences at 1428 Brickell has hit two major milestones on the lead-up to groundbreaking. This week it was announced that developer YTech has secured $104 million in construction financing for the project just as the sales team has announced that over 40% of the 189 planned residences have sold.

Ytech has had an incredibly busy year with the project. Sales were launched in January of 2023, marking just over 1 year to sell almost half of the project. This is an astounding rate of absorption for preconstruction residences that begin at $2.4 million up to $7 million.

The construction site at 1428 Brickell is currently in the demolition phase of the previous structure. We have not yet learned when the groundbreaking date could be, but we know that it will be soon. This groundbreaking date is date is contingent upon the clearing of the build site with new, more stringent demolition processes in the urban core.

Entering into the summer of 2023, YTech surprised the market by unveiling an opulent $20 million sales gallery that pays homage to Brickell’s rich history, yet with an interior that fully immerses prospective buyers into the future that 1428 Brickell will offer.

1428 Brickell Sales Gallery Sample Kitchen Layout
1428 Brickell Sales Gallery Sample Kitchen Layout

Inside the sales gallery, buyers are met with an illuminated and suspended scale model of the neighborhood as well as full-scale buildout of a residence as they will be upon completion. An LED display is also able to demonstrate the views from the different points in the 861-foot 70-story tower.

“We continue to successfully hit our targets in sales, finance, and construction for this project, surpassing 40% in sales within a year, securing $104 million in financing, and commencing the demolition process,” Yamal Yidios, CEO of Ytech said in a release. “As we approach groundbreaking, we are determined to deliver the highest-quality project in Brickell.”

Construction Financing

The receipt of construction financing is always a large stepping stone in the process of developing new towers. Not only does it offer the capital necessary to complete the project prior to closings beginning, but it is also a testament to the strength of the project itself from a business standpoint.

Before offering construction loans, banks review the previous track record of the developers, their plans for the project and the sales that have occurred in the pre-construction phase. No page is left unturned in this underwriting process and construction loans are among the most difficult loan types to obtain.

In the case of 1428 Brickell, the financing includes a $78 million refinance of the build site itself, given by Linkvest Capital. This replaced a $20 million mortgage that was used to secure the site when the project was in its conceptual phase.

An additional $26 million mortgage was issued by Banesco for the historic properties at neighboring 1500 and 1548 Brickell Avenue. 1548 Brickell is the newly-restored home of Major Food Group’s Chateau ZZ Restaurant and you will find the $20 million sales gallery for The Residences at 1428 Brickell in the historic home that is located at 1548 Brickell.

Rendering of The Residences at 1428 Brickell
Rendering of The Residences at 1428 Brickell

About The Residences at 1428 Brickell

Even in a seemingly-saturated market of lovely new condo residences, 1428 Brickell is a standout on many levels. This is the first project in Miami to put the sunshine to work with over 20,000 square feet of photovoltaic glass along the western backbone of the tower. These panels will absorb the sunlight for use as energy in the tower.

Inside the project, developers have laid out over 80,000 square feet of amenity space that includes a 10,000 square foot gym, a rooftop pool and spa, and a two-story wine and fine art lounge. The residences themselves are laid out in a way that embraces the location in Miami’s Financial District to maximize the views and usability of the layouts.

This combination of maximizing the space and location to allow estate-style living in the heart of the city and still maintaining favorable pricing without sacrificing quality or luxury is a delicate dance that Ytech has mastered beautifully. Prices range from $2.4 million for a two-bedroom plus den, to four-bedrooms plus den ranging from $5.5 million to $7 million. Lower penthouses start at $8 million with the spectacular $60 million penthouse that has 30-foot ceilings and unparalleled views and a private rooftop pool. The Residences at 1428 Brickell is slated for completion in 2027.

For more information, please download the fact sheet and floor plans here:
1428 Brickell Fact Sheet
1428 Brickell Floor Plans

If you are interested in a private presentation of The Residences at 1428 Brickell with current availability and specific pricing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com

Image Credit: YTech Development

 

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