Chicago-based Group Fox and Focus secure construction loan for Brickell Starlite project
Two Chicago-based real estate developers have lined up major financing to move forward with a high-rise luxury apartment project near Miami’s bustling financial district. The development will replace the long-shuttered Starlite Motel site in West Brickell.
San Antonio–based Affinius Capital has provided a $250 million construction loan for Brickell Starlite, a planned 517-unit multifamily tower to be built at 128 SW Seventh St. In addition to residential units, the project will feature approximately 8,000 square feet of ground-floor retail space. The development is being led by Focus and Group Fox.
“With leading employers continuing to relocate to Brickell, this transit-oriented site, combined with direct access to Brickell City Centre and a best-in-class amenity offering, positions the property to capture strong demand upon completion,” said Eric Cohen, co-head of originations at Affinius Capital, in a lender statement.
The 39-story tower will rise on the former Starlite Motel property, a two-story structure built in the 1990s that remained largely vacant for years as the surrounding area transformed into a dense hub of luxury condos and hotels. Focus and Group Fox purchased the site in 2022 for $28 million, with demolition completed in 2023.
Construction is expected to begin shortly, according to brokerage firm Cushman & Wakefield, which represented the developers in securing the financing.
Although Brickell has seen a wave of new office towers and high-end condominium developments, relatively few apartment projects have delivered in recent years. Since 2020, only a limited number of multifamily towers — including Related Group’s 465-unit Magnus Brickell and Flow’s 632-unit Flow Brickell — have come online.
“Despite strong demand, new multifamily supply in Brickell remains extremely constrained, creating a compelling opportunity for well-located residential development,” said Tim Anderson, CEO of Focus, in a statement.
Recent multifamily construction activity in Miami has been more concentrated north of the Miami River, including downtown’s central business district, Edgewater, and the Wynwood arts district. Over the past five years, those areas have absorbed roughly 11,000 apartment units, with an additional 5,300 units currently under construction, according to a CoStar report.
Plans for Brickell Starlite include a mix of studio, one-, two- and three-bedroom apartments, with 5% of the units designated as workforce housing. Amenities are set to include outdoor swimming pools, two amenity decks, a cold plunge pool, fitness center, sauna, co-working areas, as well as a dog run and dog spa.
For the Record: Chris Lentz, Jeff Altenau, Chris Moyer, Susan Tjarksen and Marc Royer of Cushman & Wakefield represented the developers in the transaction.
Source: Original reporting by Joshua S. Andino, CoStar News.
