Developer Ytech said it has hit sales and financing milestones at its planned 70-story Brickell tower.

More than 40% of The Residences at 1428 Brickell has been sold within a year, according to the announcement.

Ytech has now secured $104 million in financing. That includes a $78 million refinancing of a first mortgage at 1428 Brickell Avenue facilitated by Linkvest Capital, replacing a $20m mortgage. An additional $26 million in first mortgages for the developer’s 1500 and 1548 Brickell Avenue properties was issued by Banesco.

Demolition at the site has commenced.
Approval has been issued for vertical phase permit, and the master permit is now on its fourth cycle.

“We continue to successfully hit our targets in sales, finance, and construction for this project, surpassing 40% in sales within a year, securing $104 million in financing, and commencing the demolition process,” said Yamal Yidios, CEO of Ytech. “As we approach groundbreaking, we are determined to deliver the highest-quality project in Brickell.”

Completion is planned in 2027.