Menesse Beneficiary Lucid Investment Plan Brickell Apt Tower
A joint venture made up of two Mexican companies making their U.S. debut and a Miami-based partner is betting on Miami’s booming apartment market with plans for a 24-story tower in Brickell.
Menesse International purchased the development site at 143 Southwest Ninth Street from a subsidiary of Miami-based Habitat Group for $23.5 million, according to the seller’s broker, Alfonso Jaramillo of Fortune International Realty.
Douglas Elliman’s Margarita Sanclemente represented the buyer.
The existing five-story, 39-unit rental building was built in 1968 on 0.7 acres, according to property records. Habitat Group paid $14.5 million for the site in 2018, according to a deed.
Menessee International includes Menessee Condos, based in Playa del Carmen, Mexico;
Investee, which specializes in residential development in Mexico; and Lucid Investment Group, the Miami-based partner, according to the Menessee International website.
The plan is for a Class A building with 350 rental units, ranging from studios to two-bedroom apartments, atop an eight-story podium with approximately 180 parking spaces and retail on the ground floor, Lucid Investment managing director Andrew Rasken told The Real. OK. The project designed by Behar Font & Partners will include a full suite of amenities.
Construction is expected to begin in the second quarter of next year.
Menesse Condos, which designs, builds and consolidates projects, has expanded in Argentina and Mexico’s Riviera Maya and has a portfolio of 22 developments with more than 1,200 units sold, according to its website.
Investee, which has also focused on the Riviera Maya and Mexico City, is a partnership between Habitania Real Estate Group, Haiat & Amezcua, Grupo Quatro and IDE, the Menessee International website says.
Lucid Investment has developed projects across all asset classes, including nationwide student housing, and is also a brokerage and general contractor, Rasken said.
This is the trio’s first joint American project. It is also the latest project planned for the Brickell financial district, which is experiencing a boom in residential development alongside an influx of businesses that is also prompting office construction.
Ken Griffin is among the financial services tycoons moving to Brickell. He announced in June that his hedge fund Citadel and financial services firm Citadel Securities would move their headquarters from Chicago to an undisclosed office along Brickell Bay.
In April, the Hollo family sold a 2.5-acre beachfront development site at 1201 Brickell Bay Drive for a record $363 million to a mystery buyer, which Bloomberg reported as Griffin and His Citadel, citing anonymous sources. Citadel retained Chicago-based Sterling Bay to build the new headquarters.
In another planned Brickell office project, Swire Properties and related companies of Stephen Ross are planning a downtown Brickell at 700 Brickell Avenue and 799 Brickell Plaza. At 1,000 feet, the tower of the mixed-use Brickell City Center complex is said to be one of the tallest in the state.
Vladimir Doronin’s OKO Group and Cain International are building the 55-story 830 Brickell office tower, which has secured multiple leases. Canadian asset management company CI Financial has signed a 40,000 square foot lease for its new US headquarters.
More than a dozen apartment and condominium projects are in the works, which will add 6,000 units to Brickell in the coming years. Michael Stern’s JDS Development Group and Major Food Group are planning the 90-story, 259-unit Major condo at 888 Brickell Avenue.
In March, Property Markets Group filed an application for a pair of 803-unit residential towers, combined, between Southwest Eight and Ninth streets and west of Southwest First Avenue and the Metromover lanes. The plans do not specify whether the 31- and 46-story buildings will have condos or apartments.
Gazit Globe Group’s US subsidiary, Tel Aviv-based Gazit Horizons, wants to build a 504-unit apartment tower at 90 Southwest Eighth Street that would rise 642.8 feet, or more than 50 stories.
OKO and Cain are also partnering on the 47-story, 135-unit Una Residences condo under construction at 175 Southeast 25th Road in Brickell.