Pacific National Bank Moves To Create ‘Center Brickell’ By Combining With Neighboring Property

Owners of two adjacent properties on Brickell Avenue have submitted a request to replat and create a new subdivision, potentially paving the way for a new project.

If approved, the new plat is to be called Center Brickell, records show.

Pacific National Bank and Tigervest NV own the two properties separately, which equal about 3 acres when combined. Both are zoned T6-48-0, which permits 150 units per acre.

Pacific National Bank was sold in 2013 for an undisclosed price. At the time, an analyst had said that the single acre at 1390 Brickell Avenue where the bank’s headquarters building is located was ‘way more valuable’ than the bank itself.

The 2-acre Tigervest property is occupied by Edgardo Defortuna’s Fortune International Realty.

Fortune had submitted a plan to build a 950-foot tower on the Tigervest property at 1300 Brickell Avenue in 2004, but the project was later scrapped.

 

Previously: Pacific National Bank’s Brickell Property (& Neighboring Fortune Office) Could Be In Play

 

 

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mondocondo
5 years ago

This looks like a simple abandonment of the alley that serves both parcels, which is a pretty common thing to do. Nothing else is being done with this replatting. It’s a big leap that this has anything to do with a new project. Cheers

BinBrickell
5 years ago

Oh you better believe a big project is going to go up here, whether it’s in one year or in five. And it’s going to be a big middle finger to the new SLS, which is currently giving a big middle finger to the building I live in. That’s called Karma 🙂

Marc305
5 years ago

I am with your there Bin. Thankfully I live facing west, so I am not being affected by SLS, but I always knew something massive would be built across the street. I am also sure that one day Segafreddo and Novecento will pack their bags and 2 huge buildings will be built in their place. It is just progress as the Manhattan of the South keeps growing and growing.

BinBrickell
5 years ago

Thankfully I bought the SouthEast corner penthouse for $850k (385/sq ft) from a panicked seller so no matter what happens with the view I should be in good shape considering the SLS penthouses went for around $2M (1000/sq ft) and will be having their views obstructed by Villa Magna and ‘Center Brickell’ just the same. Even when the SLS is up I will still have sweeping water views to the SouthEast and the entire city skyline lit up at night to the NorthEast. I wouldn’t trade it for anything else in Brickell under $1M

Marc305
5 years ago

Good for you man! Glad to hear happy stories of people living in Brickell. I personally love it! I would not move for anything in the world.

Anonymous
5 years ago

I highly doubt your view will stay the same with your views completely blocked by the vacant lot and Chinese developer building 2 huge towers good luck

BinBrickell
5 years ago

The way the unit angles, the Chinese lot will not affect the view tremendously. I was aware of it when I bought, yes.

Brickell Investor
5 years ago

Good luck with your unit. Whoever advised you forget to tell you that vacant lot next to you will be developed by the Chinese and your sweeping views will be gone. Your Penthouse is a terrible unit it’s a large unit that needed 100,000 of upgrades to make it up for such terrible finishes by the developer inside. You have terrible division of space in the unit and there is a sucker born every day sir. You overpaid for an inferior building. Please don’t use this forum to make it out that you are smarter then the next buyer.

Brickell Investor
5 years ago

Also I am sure your very happy with all the noise from deck and great to hear the fans from the sls right in front of your unit.

BinBrickell
5 years ago

Whoa someone sounds resentful! Why so angry? Did you get outbid?

Anonymous
5 years ago

Why so resentful? If he/she is happy in their condo, who cares? Lighten up, Investor.

As long as Bin is happy living in their condo, I say good on them.

Obviously
5 years ago

BinBrickell’s unit needed “100,000 of upgrades?”

That building he lives in must’ve been abandoned when brought that unit.

BinBrickell
5 years ago

Thanks for the support guys. Some “investors” who are apparently unhappy with themselves need to try to cut other people down to spread the misery they feel. The spite in Mr Investor’s comments speaks louder about how he actually felt towards my beautiful home than his empty critiques, which have no basis in reality.

miami1
5 years ago

There was a big middle finger planned at the SLS site called Infinity II…I hope you were aware of that when you purchased or rented your place…

Anonymous
5 years ago

Bin, what building? Infinity?

mondocondo
5 years ago

Maybe someday, just like every other low rise lot around Brickell, but not because some underused alley is being abandoned. Probably not this cycle though. And the two lots are not being combined, contrary to the headline. Just look at the attachment. Cheers.

BinBrickell
5 years ago

I looked at the attachment, but it’s common sense to expect something greater than what is currently there to be developed.

1. The current owner of ‘Lot A’ once proposed a 950′ tower.
2. The recently built 1450 office building considered this lot for their location but couldn’t assemble the land.
3. PNB has been acquired by new investors as of November and are taking the bank in a different direction. This changes the game for ‘Lot B’.
4. The draw of this property is the size, as the number of lots in Brickell with this amount of space can be counted on one hand. Closing off the alleyway is the first step towards closing off an entire city block. A simultaneous sell of both properties would be the next step.
5. There is no other logical reason for them to close off the alleyway. So they can restrict the public from using it when, like you said, hardly anyone does now?

Something is going to go there in the next 2-10 years, and it’s likely to be big.

mondocondo
5 years ago

The logical reason to close the lot is precisely because of the new owner. Alley vacations require the consent of all the owners that abut the alley. The alley is an albatross around the neck of both owners, so it is good when both owners can agree to abandon it. No one wants the public to have unfettered access to their property, and this is what the alley does. The change of ownership at the bank may have facilitated this process. I think people are reading too much into it.

The new owner of the bank just purchased it through a shotgun sale engineered by the FDIC. I’m not sure that the FDIC is going to be jumping for joy if the first thing the new owners do is enter into a speculative real estate development venture.

There are a ton of deals that were proposed at the end of the last cycle that have laid dormant. There is no denying it is a nice site, but this quasi adminstrative undertaking is being blown way out of perspective.

Brickell Key Mom
5 years ago

It’s quite amazing how Brickell has grown in just 15 years. It has taken some cities nearly a century to put up this many buildings. The one sad thing is, that amongst all these skyscrapers lies this little 3 story school that is not big enough to meet the demands of a growing city.. This school was built 100 years ago, it’s time to put a state of the art school within this district to match these flashy designer buildings.. It’s the least the developers and buyers tax dollars should do for the community that profits from these deals..

metromoverlover
5 years ago

I’m sure you’re not talking about brook T

Anonymous
5 years ago

No not Booker T (that’s high school)
Southside Elementary it’s the only public school in our district, it only goes to 5 th grade.. after that there are no other logical feeder schools, Brickell needs a sufficient school to meet needs of families who live here. After the kids age out of elementary school most people leave brickell, but after investing 500+K on your condo why should we have to leave? We all pay enough in taxes to invest in education for our own backyard!

marc
5 years ago

The school board is looking to place a school in the area to meet the need.

Anonymous
5 years ago

Sounds like you have in depth knowledge.. I hope the school board considers the school site itself. They did build a new building a few years back. All they have to do is mirror the same building on the other side of the campus where there are two buildings that are condemned. No need to go else where, the existing site has space.. I know the school board mentioned “satellite schools” on ground floors of condos, but that is just wrong for any child..