Ricardo Dunin, Peruvian partner score $70M loan for Domus Brickell

From left: North Development’s Ricardo Dunin and Edifica’s Juan Carlos Tassara along with a rendering of Domus Brickell Park (North Development)

Developers Ricardo Dunin and Juan Carlos Tassara secured a $70 million construction loan for Domus Brickell Park, a short-term rental friendly condo development in the works. 

Forman Capital and Core Capital provided the financing to North Development, a joint venture between Dunin’s Oak Capital and Tassara’s Edifica, for the planned 12-story, 172-unit Brickell-area building at 1611 Southwest Second Avenue, according to a press release. North Development is led by President Eduardo Vargas.

A rendering of Domus Brickell Park (North Development)

More than 50 percent of the units at Domus Brickell Park are presold. Cervera Real Estate is leading sales of the project. Unit prices range from the $600,000s to $1.2 million, according to the release. The condos will be a mix of studios, one-bedroom and two-bedroom units.

Dunin said the building will not be structured like a traditional condo-hotel. Domus Brickell Park marks the first Domus FLATS building, a concept the developers created, which stands for flexible apartments for temporary stays.

Arturo Vidal, Jorge Ruiz, Juan Carlos Tassara, Ricardo Dunin, and Eduardo Vargas (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.”

The building is expected to be completed late next year, according to the release. A groundbreaking ceremony was held on Thursday. Zyscovich Architects is the architect, and Urban Robot Associates is the interior design firm. Amenities will include the Peacock Room, which Dunin previously described as an activated lobby with food and beverage concepts, a market, and co-working spaces for guests and the public that were inspired by the ACE hotel in New York. 

The Brickell site is a block away from Simpson Park, just west of Brickell Avenue. North at Brickell II LLC, led by Dunin, paid about $8.9 million for the 0.6-acre assemblage in 2022.

A number of short-term rental friendly projects are planned in downtown Miami. But Dunin said the typical metrics the hotel industry follows — revenue per available room, occupancy and average daily rate — are much stronger in the Brickell market.

“It moves the needle if you are an investor,” he said.

The developers also plan a second FLATS project in Brickell. Sales of that development, planned for 221 and 229 Southwest 11th Street, could launch in a month and a half, Dunin said.

Domus Brickell Park. Credit: North Development.

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