North Development, the partnership between Ricardo Dunin’s Oak Capital and Juan Carlos Tassara’s Edifica, scored $220 million in financing for their planned Domus Brickell Center project.
The planned 35-story, 579-unit tower at 1034 Southwest Second Avenue will be their second Domus-branded short-term rental-friendly condo project in Miami’s Brickell neighborhood.
The partners received $180 million in C-PACE financing from Coral Gables-based Bayview PACE, a C-PACE lender led by Anne Hill, according to a press release. They secured an additional $40 million mortgage from Peruvian firm Core Capital, led by CEO Luis Marcelo Indacochea, the release shows. Lotus Capital Partners arranged and structured the financing.
C-PACE stands for Commercial Property Assessed Clean Energy. It is a financing tool that encourages the use of energy efficient and sustainable materials and design. Domus Brickell Center is being built to Florida Green Building Coalition standards, according to a press release.
North Development launched sales for Domus Brickell Center last year with Cervera Real Estate leading sales and condo prices starting at $500,000. Units in the planned tower will range from studios to two-bedrooms, the release shows. Amenities will include a pool, fitness center, spa facilities, coworking spaces, a lounge and a restaurant, according to the release.
The design team includes Miami-based Studio Mc+G Architecture, and interiors firm Urban Robot Associates. Dunin’s Domus Management will handle the rental process for units.
Construction is expected to be completed in the first quarter of 2028, the release shows.
When launching sales for the project, Dunin said he anticipated most of the buyers would come from Latin America. He was also angling the project as a more affordable alternative to more expensive branded projects in Brickell.
“There’s a big appetite for this price point,” he said. “A lot of people have been priced out of the market in the Brickell area.”
Oak Capital and Edifica have a stacked pipeline of projects planned in the neighborhood, which has emerged as the epicenter of Miami’s luxury condo boom in recent years. Last year they proposed a 43-story, 832-key hotel called House of Wellness. Also last year, they landed $70 million in construction financing for their 12-story, 172-unit Domus Brickell Park. The planned project at 1611 Southwest Second Avenue will also be a short-term rental-friendly condo building.
