A groundbreaking ceremony is planned today for the 80-Story Cipriani Residences in Brickell, developer Mast Capital announced.
It becomes the tallest tower to ever break ground in Brickell.
The developer said that it has secured a $600m construction loan allowing work to begin, setting a record as the largest single-tower residential construction loan ever obtained in Florida.
Mexico-based Banco Inbursa provided $350 million towards construction, while Ascendant Capital Partners contributed $250 million.
The Cipriani Residences tower is planned to top off at a height of 940 feet above ground, or 950 feet feet above sea level, with 397 condos for sale.
It is now the only tower to ever break ground in Brickell with plans to surpass the 900-foot mark. The current tallest is Panorama Tower at 868 feet.
The new tower is a signature Bernardo Fort-Brescia design by Arquitectonica and interior design firm 1508 London.
Two additional towers are planned to rise 50 and 60 stories on the same property, with 856 units. Those buildings are planned as rental apartments.
Completion of Cipriani Residences is planned in 2028.
(images: Mast Capital)