Developer Offers Brickell Harbour Owners $500 Per Square Foot

Condo owners at the 17-story Brickell Harbour have received an offer to buy out their units, according to the SFBJ.

Star Acquisitions LLC of Coral Gables is trying to buy out all of the owners in the 182 unit building.

One broker said his Brickell Harbour client was offered over $500 per square foot for his unit. That compares to an average selling price in the mid $300s last year.

The offer only stands if at least 90 percent of owners accept, which would allow the buyer to terminate the condo association under Florida law. Any remaining owners who haven’t accepted an offer could be forced to sell at a lower price following termination.

In Florida, the threshold to terminate condo associations is 80 percent under a 2015 law. Some older associations are still able to maintain a 90 percent threshold, depending on the language of their condo documents.