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Brickell twin-tower hotel set to break ground with multi-million budget
Aug 26, 2019
A dual-branded, twin-tower hotel coming to Brickell received a $67 million construction loan. Expected by mid-2021, its developer said it will be targeted to extended-stay guests and positioned slightly below neighboring luxury hotels the Mandarin Oriental and JW Marriott Marquis.
Summit Hotel Properties has granted a $28.85 million mezzanine loan to Finvarb for the project, providing a total of $95.85 million in loans. Finvarb of Robert Finvarb Companies will remain the owner and manager of the mixed-brand hotel spanning 28,866 square feet bordered by 115 S.W. 8th Street, 726 S.W. 1st Court and 110 S.W. 7th Street in the Brickell area. It will be the developer’s seventh hotel in Miami.
The site was previously occupied by El Eden motel. It closed in 2017 after Finvarb bought the land for $18.4 million and was demolished in 2018.
The towers are west of Brickell City Centre and north of the Brickell Metrorail, and border the Underline, the linear park running below the Metrorail stations.
In an interview, Finvarb said, “We will help activate the Underline. We hope it will become the go-to hotel in the area.”
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The Miami Herald