Ytech has secured a $19.5 million predevelopment loan from Israel Discount Bank for two parcels at 41 and 75 Southwest 15th Road, dubbed 41 and 75 Broadway, in Miami’s Brickell neighborhood. The combined 0.3-acre site, situated two blocks west of Brickell Avenue and across the street from Mast Capital’s Cipriani-branded luxury condo complex, is set to become home to a new ultra-luxury condominium development.
Credit: Ytech.
Demolition of the existing single-story multifamily building and two-story office structure, dating back to the late 1940s and 1950s, is underway. According to property records, Ytech, led by CEO Yamal Yidios, assembled the parcels between 2018 and 2020 for $8.2 million.
“With the predevelopment loan secured and demolition underway, we are setting the stage for a transformative development at the Broadway assemblage, located at 41 and 75 Broadway. These milestones, along with the recent groundbreaking of The Residences at 1428 Brickell, exemplify Ytech’s commitment to delivering the most exceptional developments in Brickell,” said Yidios.
The announcement comes on the heels of Ytech breaking ground on The Residences at 1428 Brickell last month, a 70-story luxury condominium tower powered by solar energy. Ytech secured $78 million in March to refinance its acquisition loan for the 1.1-acre site at 1428 Brickell Avenue, marking its continued investment in the rapidly developing Brickell corridor.
Details of the new project at 41 and 75 Broadway remain under wraps. However, the secured financing and demolition progress signal momentum for Ytech as it expands its luxury residential portfolio in one of Miami’s most sought-after neighborhoods.
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