Central Asia’s largest developer, Kazakhstani firm BI Group, is partnering with Habitat Group on three mixed-use condo projects in Brickell and is looking for more development opportunities in Miami.
BI Group is a roughly 50 percent partner in the planned short-term rental friendly condo developments and three single-family homes in Key Biscayne, Olzhas Ayazbayev, CEO of BI Group USA, told The Real Deal. The company has invested about $30 million into the projects so far.
Ayazbayev said he is in talks with other developers, and the firm plans to build its own projects in the next two to three years. BI also has two projects in Houston, Texas.
Before expanding to the U.S., BI looked at countries in Asia-Pacific, Eastern Europe and the Middle East. Over its 30-year history, BI Group has developed more than 100,000 units, according to a press release. It was founded by Aidyn Rakhimbaev, Askhat Omarov and Bauyrzhan Issabayev in 1995. Rakhimbaev is board chairman of BI Group.
The Brickell condo projects in partnership with Habitat are:
- Season One, a 21-story, 80-unit building at 1200 Southwest Second Avenue. Remaining units start at $731,000. The building is expected to be completed in the second quarter of 2028.
- Millux Place, a nine-story, 99-unit building at 239 Southwest 12th Street. Remaining units start at $468,000. The project could be completed in the second quarter of 2027.
- Parkside, an eight-story, 187-unit building at 1741 Southwest Second Avenue, where remaining units start at $490,000. The building is expected to be completed in the second quarter of 2027.
The single-family homes are at 571 and 599 Glenridge Road and 785 Fernwood Road in Key Biscayne, according to Habitat’s website.
A number of developers in recent years have been forming joint-venture partnerships on projects they would have previously developed alone, in part due to rising construction costs. Having additional equity lowers or eliminates the amount a developer may need to borrow to fund construction.
Miami-based Habitat, led by founder and CEO Santiago Vanegas, and BI launched sales of the Brickell projects at the end of last year. They’ve sold 50 percent of the combined 366 units, according to the release. The developers’ are offering 7 percent commissions.
The three Brickell buildings, designed by architect Kobi Karp, will include traditional condos and condo-hotel units that can be rented on a nightly basis or for up to six months at a time. The buildings will have pool decks, fitness centers and restaurants.
Dozens of short-term rental-friendly condo projects are planned, under construction or newly built in Miami’s urban core, including downtown and nearby neighborhoods.
Habitat and BI’s differentiators are price point and location, Ayazbayev said. “There is still demand from international investors, but there’s not much supply under $1 million,” he said. “Our strategy is to find the right product fit. Boutique condo-hotels is it in Miami. We are looking for larger deals in downtown Miami.”
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