Meta Development, which has offices in Miami and Brazil, is planning a luxury condo on Brickell Avenue.
The developer closed on half of the site for the project and it has the other half under contract.
In August, Menesse 1870 I LLC sold the 17,500-square-foot vacant lot at 1870 Brickell Ave. to Meta Development affiliate Meta 1870 LLC for $10.25 million. Chicago-based Brickell Lender LLC provided a $5.5 million loan for the deal.
Meta Development President Andrew Rasken said he has all five condos in the neighboring Houses of Brickell Condominium at 1888 Brickell Ave. under contract for a combined $10.75 million from the individual owners. That condo was built in 1977. The Miami-Dade Property Appraiser valued those condos between $650,000 and $750,000, so the owners will receive a premium for selling out.
He said Meta Development would redevelop both properties with a five-story, 36-unit condo. He aims to launch sales in September 2025, with prices starting around $2.5 million.
“We chose to develop in Brickell because it is the epicenter of growth, innovation, and luxury living in Miami. Brickell offers an unparalleled blend of modern infrastructure, financial powerhouses, and vibrant culture–making it the ideal location for our boutique residential concept,” Rasken stated.
OSPA Architecture and Urbanism of Brazil will design the project. It has yet to disclose the unit sizes and amenities. However, the developer said it would have energy efficiency systems, eco-friendly materials and smart home technology.
Most of the condos under development are either larger units for wealthy owners or smaller units for short-term rentals. There’s been an influx of high-earning people to Miami in recent years, creating demand for luxury condos.
Meanwhile, Meta Development is seeking buyers for its 14-unit Opus condo in Coconut Grove, which it expects to complete in 2026.
Read the article at bizjournals.com.