Standard International plans to brand a second condo tower in Miami, this time with developers Harvey Hernandez and Two Roads Development, The Real Deal has learned.
Hernandez’s Newgard Development Group recently brought on Two Roads as a partner for the three-tower One Brickell Riverfront project along the Miami River. Standard, a hotel group that was recently acquired by Hyatt Hotels Corp., will brand the second tower, the developers said.
Construction recently began on the first phase, called Lofty Brickell, a planned 44-story, 363-unit condo building at 99 Southwest Seventh Street in Miami.
The second building, the 45-story, 422-unit Standard Residences, Brickell, is planned for 690 Southwest First Avenue.
Standard International teamed up with developers Carlos Rosso and Alex Vadia on the first Miami condo building, the Standard Residences Midtown Miami, which is expected to be completed soon. The 12-story, 228-unit project was 95 percent presold as of earlier this year. Buyers there will be able to rent their units out for a minimum period of 30 days.
“The Midtown project really was so successful in terms of the speed of sales,” said Amar Lalvani, president and creative director of Hyatt’s lifestyle group and former executive chairman of Standard International. “When the opportunity came up in a very different part of town with a very different design, we jumped at the opportunity.”
The Miami River tower will have units ranging from 500-square-foot studios to 1,100-square-foot, two-bedroom condos. Prices will start at $600,000 and go up to $2 million, Hernandez said. One Sotheby’s International Realty will lead sales. It’s being designed by Miami-based Arquitectonica with Good.Rich, the Standard’s in-house design studio.
Hernandez said the partnership with Standard has been in the works for about six months. The sales center is set to open later this year.
The building will not have a hotel component, and it will not allow short-term rentals, Hernandez said. Amenities will include a rooftop pool deck, a spa, infinity plunge pools on the ninth floor, a riverfront restaurant on the ground floor, a fitness center, bowling alley and lounge and a screening room, according to a press release.
Hernandez said the first two buildings, including the Standard Residences, will be completed by the end of 2026. They’ll share a podium. He said he is looking to secure another loan in the first quarter of next year. He declined to share the loan amount.
Newgard scored a $170 million construction loan for Lofty Brickell in 2022. The developer said last week that the building is 94 percent presold. Cervera Real Estate has been handling sales of Lofty.
Standard, now under Hyatt’s umbrella, operates the Standard Spa, Miami Beach hotel that will eventually be renovated and expanded to include a condo component.
A plethora of hospitality, lifestyle, clothing and automotive brands are inking deals with developers to brand condo projects across South Florida. The majority of the area’s pipeline of planned developments are branded.
Taylor Collins, managing partner of Two Roads, said buyers are more comfortable with hotel brands, because they specialize in creating a specific lifestyle. He said the Standard brand will “fill the gap” of what’s missing in the Brickell market.
“We’ve only started the whisper campaign,” Collins said, “and we’ve already had a lot of people showing a lot of interest in the product.”
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