North Development Secures $70 Million Construction Loan, Breaks Ground On Domus Brickell Park

Domus Brickell Park. Credit: North Development.

North Development has begun construction on Domus Brickell Park, a new addition to Miami’s Brickell Financial District known for facilitating short-term rentals. The project, a collaborative venture between Oak Capital’s Ricardo Dunin and Peru’s Edifica led by Juan Carlos Tassara, secured a $70 million construction loan from Forman Capital and Core Capital. Designed by Zyscovich Architects with interiors by Urban Robot Associates and construction by Thornton Construction Company, Inc., the 12-story, 172-unit development at 1611 Southwest 2nd Avenue has achieved over 50% sales and is anticipated for completion next winter.

The recent groundbreaking ceremony, held on March 21, was celebrated by North Development, its partners, and stakeholders, including the project’s exclusive broker, Cervera Real Estate. This significant step forward for Domus Brickell Park marks a critical leap in the launch of North Development’s Domus FLATS brand, which merges the flexibility of short-term housing with the comforts of hospitality, promising a dynamic living experience in the heart of Miami.

Domus Brickell Park Breaks Ground. Credit: North Development.

Arturo Vidal, Jorge Ruiz, Juan Carlos Tassara, Ricardo Dunin & Eduardo Vargas. Credit: North Development.

“This is a very exciting day for our team,” said Dunin, Founding Partner of North Development.  “From my years of experience in this space, I have long noted that the hotel-condo concept was antiquated and in need of a major overhaul.  Starting with this project, our entire Domus FLATS brand is going to be a marketplace disruptor, upending the current approach to short-term-rental offerings while maximizing value for investors and creating comfortable, tried-and-true experiences for guests.”

The groundbreaking of Domus Brickell Park drew a distinguished crowd, featuring prominent figures such as Ricardo Dunin, the founding partner of North Development; Juan Carlos Tassara, managing partner at Edifica; Eduardo Vargas, president of North Development; George Cozonis of Domus Management; and Alicia Cervera Lamadrid, managing partner and principal at Cervera Real Estate. Their presence underscores this innovative residential concept’s significant industry and market interest.

Arturo Vidal, Eduardo Vargas, Ricardo Dunin, Juan Carlos Tassara & Alicia Cervera Lamadrid. Credit: North Development.

“Today’s housing market is being driven by highly discerning consumers, so you cannot overstate the importance of excellent service and consistency,” said Tassara, who cofounded Edifica.  “In a city like Miami, with its influx of new residents and migration of major businesses, this type of product is something that’s been in great demand, but buyers and renters simply aren’t finding it.  We look forward to bringing Domus Brickell Park and future Domus FLATS projects to fruition.”

Ricardo Dunin & Juan Carlos Tassara. Credit: North Development.

“In a market like Brickell that is pricing out so many buyers, Domus is presenting the opportunity to be priced in,” continued Alicia Cervera Lamadrid, Managing Partner and Principal of Cervera Real Estate.  “Brickell has catapulted onto the world stage as one of the most elite urban neighborhoods in the U.S.  Major brands have set their sights on Brickell, and are not only redefining its skyline, but its community fabric, elevating the area to new heights.  Domus is going to be a new frontier for those buyers who have been looking to claim a piece of this amazing neighborhood, but haven’t been able to so until now.”

Domus Brickell Park. Credit: North Development.

Domus Brickell Park is set to offer a range of fully furnished residential units, including studios, one- and two-bedroom condominiums, with prices starting from the mid-$600,000s to $1.2 million. The development is poised to feature comprehensive operational services and amenities designed to foster community and convenience. Notably, The Peacock Room, envisioned as a vibrant social hub, will offer residents communal space complemented by food and beverage services.

Domus Brickell Park. Credit: North Development.

Domus Brickell Park. Credit: North Development.

Domus Brickell Park. Credit: North Development.

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