Grupo T&C Expands Footprint in Miami’s Brickell District
Grupo T&C, a prominent Peruvian developer, has made headlines with its recent acquisition of a condo building in Miami’s Brickell area, securing majority control for a price of $27.5 million. This strategic move is expected to lay the groundwork for future development projects in the ever-evolving real estate landscape of the area.
Details of the Acquisition
The property involved in this transaction is known as El Vedado, situated at 237 Southwest 13th Street. The four-story building, completed in 1972, features 36 condo units and occupies approximately half an acre between Interstate 95 and the Metrorail line. The previous owners, Habitat Group, sold 32 of the units to Grupo T&C, while a few units remain under the control of private individuals.
Background on Parties Involved
Habitat Group, a Miami-based development firm with Colombian roots, initially began acquiring units in El Vedado last year, amassing a total investment of $19.5 million, as per property records. To facilitate its purchase, Grupo T&C received an $11 million loan from Vertix Group.
Future Development Plans
With the acquisition of majority control, Grupo T&C is positioned to potentially dissolve the condo association, a necessary step for establishing total control over the property. While representatives from both Grupo T&C and Habitat Group did not respond to requests for further comments, the implications of this acquisition are significant for the Brickell district.
Recent Trends in Brickell
This acquisition comes amid a surge in construction activity in the western part of Brickell, an area previously deemed less glamorous but now gaining attention. Recently, PMG secured a construction loan for $413 million to develop a luxury condo and rental complex. Furthermore, Michael Stern is in the process of constructing a Mercedes-Benz-branded development in the vicinity.
Recent Developments by Grupo T&C
Before this purchase, Grupo T&C had already initiated development on Edge House, a 55-story condominium tower in the Edgewater area. The company also owns a 36,000-square-foot plot nearby, further emphasizing its active role in the Miami real estate market.
For additional inquiries, you can reach Julia Echikson at je*******@****************er.com.