A developer has secured a predevelopment loan for an ultra-luxury condominium tower in Brickell.
Yamal Yidios, CEO of Ytech, secured the $19.5 million loan for an assemblage known as 41 and 75 Broadway.
The loan was issued by Israel Discount Bank.
Predevelopment activities, including the demolition of existing structures, are already underway at the site.
In 2022, the FAA issued approval for a tower on the site to rise 853 feet above ground, or 874 feet above sea level.
Ytech recently broke ground on another ultra-luxury tower called The Residences at 1428 Brickell a few blocks away.
“With the predevelopment loan secured and demolition underway, we are setting the stage for a transformative development at the Broadway assemblage, located at 41 and 75 Broadway. These milestones, along with the recent groundbreaking of The Residences at 1428 Brickell, exemplify Ytech’s commitment to delivering the most exceptional developments in Brickell,” said Yidios.
Broadway and 1428 Halos:
(image: Ytech)