Developer Robert Thorne is rebranding his planned condo-hotel in Miami’s Brickell neighborhood and offering agents higher commissions, The Real Deal has learned.
Thorne’s Miami-based Urban Network Capital Group is partnering with the Spanish hotel chain Meliá Hotels International for the 110-unit development planned for 1120 Southwest Third Avenue, he said. Meliá Miami Brickell will mark the first Meliá-branded residential project in Miami. It was previously called Visions at Brickell Station.
Thorne said he also signed a deal with Meliá to brand a 520-key hotel in Orlando.
UNCG hired Compass earlier this year to handle sales and marketing of Visions at Brickell Station, but parted ways shortly after making the announcement and brought sales in-house. The developer had a ceremonial groundbreaking, but construction did not begin until recently.
Thorne said he will offer agents 10 percent commissions until the end of the year. Sixty percent of those commissions will be paid after the rescission period ends on each contract, with the remaining 40 percent paid at closing.
Thorne said he has presold 58 units. “We hope to be sold out in six months,” he said.
The developer secured a $30 million construction loan from Arixa Enhanced Income Fund in September, and construction is underway. It’s expected to be completed in about 20 months, Thorne said.
Property records show Thorne paid $8.5 million for the 0.3-acre site in 2023.
The design team includes Miami Lakes-based DTI Architects and interior designer Adriana Hoyos, according to a press release.
UNCG’s portfolio of residential projects includes hundreds of planned condos and townhomes in Orlando, as well as the planned Elle Residences Miami. Thorne is partnering with Fernando de Nuñez y Lugones’ Vertical Developments on the 25-story, 180-unit magazine-branded tower in Miami’s Edgewater neighborhood.
The majority of condo-hotels and short-term rental-friendly condo projects in Miami’s pipeline are concentrated in Brickell, downtown Miami and surrounding neighborhoods, which is expected to result in an oversupply of these units competing with each other, experts say. Investors are attracted to condo-hotels because of the prices and the promise of rental income.
Meliá branded a condo-hotel tower in Hollywood Beach that was completed in 2018.
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Residential
South Florida
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