Ytech Secures $565M for 70-Story Miami Condo Tower
The building will be powered in part through solar energy.
Ytech has obtained $565 million in construction financing for The Residences at 1428 Brickell, a 70-story, 195-unit luxury condo building in Miami. J.P. Morgan and Sculptor Real Estate provided the loan for the project, which is currently under construction. JLL Capital Markets arranged the financing.
The project, which broke ground earlier this year, is expected to finish 2028. Upon completion, it will be the first high-rise residential building to run partially under solar power, according to the developer. The structure contains photovoltaic glazing along its west-facing facade, which allows the windows on that side to generate solar energy.
Residences at 1428 Brickell will range from 1,800 to 4,000 square feet, with prices spanning from $4.4 million to $10 million. The tower will also include two $60 million upper penthouses that contain 30-foot ceiling heights, seven bedrooms and nine bathrooms.
The tower will offer a suite of community amenities totaling 80,000 square feet. These will include a fitness center, yoga room, wine lounge, dining room, spa and three swimming pools — one of which is rooftop — along with dedicated guest residences.
Located in Miami’s Brickell neighborhood, the property is within walking distance of many upscale dining and retail outlets. Downtown Miami is about 1.5 miles away, while Miami International Airport is within 8 miles.
Residents will also have access to support staff including an estate manager, wellness concierge and valet at the site’s porte cochère.
Condo towers continue to rise
1428 Brickell is one of several luxury condo high-rises currently taking shape in Miami. In September, Grupo T&C received city approval to build Edge House Miami, a 56-story luxury project in the Edgewater neighborhood. Construction on that project is expected to finish by the end of 2028.
Earlier the same month, a joint venture between Terra, JDS Development, and investors Rafi Gibly and Gianluca Vacchi purchased an existing Miami condo building in order to redevelop it into a 100-unit luxury tower that will rise 330 feet. The team obtained a $98 million senior secured loan from Northwind Group for the purchase.
European investors are increasingly being drawn to the Miami condo market. Condo sales in the metro rose 2.4 percent year-over-year through September, according to the MIAMI Association of Realtors, and half of the trades in the 18 months ending in June involved international investors.
