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RPT Realty Group announced on the 23rd the acquisition of the mixed-use complex Mary Brickell Village, in the heart of the Brickell neighborhood. The traditional village in downtown Miami is synonymous with fun and excitement, housing several restaurants, bars and shops, as well as residential towers and a Publix supermarket. The acquisition, in the amount of US$ 216 million, suggests that the complex will be completely revitalized and with the possible construction of new residential, commercial and hotel towers.
Rumors about a new mega project on the site are fueled by the fact that zoning in the region allows for the additional construction of an additional 380,000 square meters vertically, with the possibility of developing towers of up to 80 floors. It is very likely, therefore, that this potential will soon be exploited, as Brickell is now one of the most popular and desirable areas in Florida.
Brickell is one of Florida’s most desirable regions
The Brickell neighborhood receives around 6.7 million annual visitors and is characterized by offering a unique lifestyle, with an urban “vibe” increasingly similar to large cosmopolitan centers in the USA, such as New York, for example.
Mary Brickell Village is strategically positioned off busy South Miami Avenue and just a few blocks from Biscayne Bay, in a high-traffic location. Within a 3-mile radius, it has a population of over 230,000, 1.8 million square feet of existing office space, nearly 7,000 hotel rooms and nearly 9,500 residential units planned or under construction.
Mary Brickell Village opened in 2016 and soon after faced competition from the mega Brickell City Centre complex built right next to it. Possible new projects, to be built after the acquisition, promise to bring the site to more competitive levels.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida. If you want to know more about real estate opportunities in the Brickell region, contact me right now and chat with me on WhatsApp: +1 305 318 6968 (Heloisa Arazi).