Integra Investments sold the St. Regis Residences, Miami development site to a joint venture it formed with the Related Group.
Downtown Miami-based Integra, led by Paulo Tavares de Melo, sold the waterfront 3.2-acre property at 1809 Brickell Avenue for $100 million to 1809 Brickell Venture, property records show. The Integra and Related entity recently secured a $527 million construction loan for the luxury condo project, the developers said last week.
Tyko Capital, a private equity and credit investment management firm led by Adi Chugh and backed by the hedge fund Elliott Investment Management, provided the construction financing.
Integra paid $14 million for the site in 2014, records show. The Integra affiliate paid off a $23 million loan from Bank OZK last week, records show.
The 50-story, 152-unit St. Regis development has a projected sellout of more than $1 billion. The building is expected to be completed in 2027, according to a spokesperson.
The developers said more than 60 percent of the condos are in contract. Units will range from two to six bedrooms. The remaining units range from $5 million to $45 million, according to a spokesperson. Related Realty is handling sales.
Robert A.M Stern Architects, interior design firm Rockwell Group and landscape design firm Enea Garden Design are designing the project.
Coconut Grove-based Related, led by Jorge Pérez and his sons Jon Paul and Nick Pérez, and Integra teamed up on the project in 2021. At the time, they planned two 46-story towers with 330 units. They later downsized the project and raised prices for the units.
The building will have more than 50,000 square feet of amenities, including a fitness center, a full-size pickleball court, a private marina, a spa and wellness center, and an indoor lap pool. The property will also have a St. Regis Tea Room and a fine dining restaurant led by Michelin-starred chef Fabio Trabocchi, according to the release.
Developers will sometimes launch presales of condo projects before they have closed on the sites, with those closings set for months or years later.
In July, Edgardo Defortuna’s Fortune International Group closed on the development site of its planned Ora by Casa Tua mixed-use condo tower at 1210 Brickell Avenue, in a deal that valued the property at about $70 million. The firm already owned the air rights, so it paid about $30 million for the land, which includes the garage, Defortuna said at the time.
In April, Michael Stern’s JDS Development Group paid $61.2 million for the half-acre site at 888 Brickell Avenue, where the firm plans a Dolce & Gabbana-branded condo-hotel tower. JDS has been in contract for years to acquire the property.
