The Related Group is planning on partnering with Baccarat to bring a new development to Brickell. The development would have up to 1,400 residential units. The Miami developer would build the high-rise project at 444 Brickell Avenue, where it previously planned to build One Brickell. The plan includes a mixed-use project featuring thee-towers with hotel, office and retail components. Related paid $104 million for the property in 2013, and the development (previously called One Brickell) has been in the works since the purchase of the site.
Baccarat Hotel would manage the mixed-use luxury development. Baccarat has the Baccarat Boutique B Bar and Lounge in the Miami Design District and The Baccarat Hotel & Residences in New York. According to its website, Baccarat Hotel is looking to expand to more major cities around the world. In addition, Arquitectonica, which often designs Related’s projects, is the architect for the project.
The Related Group is Miami’s biggest developer based on the amount of units it has built. Despite the pandemic, developers are still working on plans for big projects. Single-family home sales have increased a lot, which has started to positively affect high-end condo sales as well. Therefore, it has incentivized developers to keep the plans coming. Overall, condo sales are increasing in Miami-Dade. In December, existing condo sales rose by more than 29 percent according to the Miami Association of Realtors.