Two prominent Wall Street firms are betting on Brickell’s booming apartment market.
Yesterday, JP Morgan Chase issued a $108.35 million construction loan to build the 438-unit Solitair Brickell at 86 SW 8 Street, where demolition of a parking ramp began today. AIG, another big Wall Street firm, is also involved with the project as a co-developer through their Global Real Estate arm, along with apartment developer ZOM.
The tower will rise 555 feet above ground, and include 440 parking spaces along with ground floor retail on a property that is located across the street from Brickell City Centre. ADD Inc is the architect, while Balfour Beatty is the construction contractor.
Elsewhere in downtown, ZOM is finishing construction of the 462-unit Monarc at Met 3. Investment bank UBS granted a $90 million construction loan for that project, and is also said to be a co-developer. ZOM is also working on plans for new rental towers at Met Square and Miami Worldcenter.