Zara Founder Amancio Ortega in Contract to Buy Sabadell Financial Center in Brickell for $275M

Billionaire Amancio Ortega, the founder of global fashion empire Zara, is under contract to purchase the Sabadell Financial Center in Miami’s Brickell district for approximately $275 million. The 30-story office tower, located at 1111 Brickell Avenue, spans over 524,000 square feet and sits on a 1.8-acre parcel next to the JW Marriott. Built in 2000, the building is home to a branch of Banco Sabadell and is being sold by private equity giant KKR in partnership with Parkway. If finalized, this would mark the largest office sale in South Florida so far in 2025.

Ortega built his fortune through Inditex, the Spanish multinational retail conglomerate he founded in 1975. Inditex owns Zara, Massimo Dutti, Pull&Bear, Bershka, and several other prominent fashion brands. Ortega still owns about 59% of Inditex, a stake that generated approximately €3.1 billion in dividends for him this year. Rather than diversify into unrelated industries, Ortega has funneled much of his earnings into real estate through his investment arm, Pontegadea. The firm targets prime properties in major urban markets across the globe, with a focus on long-term value and stable income.

In recent years, South Florida has become a major focus for Pontegadea. Ortega’s local portfolio includes the Southeast Financial Center in Downtown Miami, acquired for $500 million in 2016; the Epic Hotel & Residences; a 16-story office building at 2701 South Le Jeune Road in Coral Gables; and a large retail block on Lincoln Road in Miami Beach. More recently, Ortega bought a 312,000-square-foot cold storage facility in Hialeah for $113 million in 2023, and last month closed on the 44-story Veneto Las Olas apartment tower in Fort Lauderdale for $165 million.

The pending acquisition of the Sabadell Financial Center comes at a time when many investors remain wary of the office sector due to rising vacancy rates and hybrid work trends. Yet Ortega’s purchase signals confidence in the long-term strength of Miami’s commercial real estate market, particularly in prime neighborhoods like Brickell. As one of the wealthiest individuals in the world, Ortega continues to expand his global property empire with a strategic eye toward trophy assets that generate consistent returns.

With this acquisition, Pontegadea further cements its position as a dominant player in South Florida real estate. Ortega’s approach—leveraging fashion industry profits to build a global real estate powerhouse—has proven remarkably successful. And Miami, with its growing financial sector and international appeal, remains a key piece of that strategy.

South Miami’s Sunset Place to Be Demolished and Reborn as 7-Tower Urban Village with 1,500+ Residences, Hotel & Theater

The long-time landmark known as Shops at Sunset Place—a sprawling, open-air mall that opened its doors in 1999—has officially entered its final act. After decades of dwindling foot traffic and frequent tenant turnovers, South Miami’s City Commission unanimously approved the mall’s demolition earlier this year. The aim? To clear the way for a sweeping redevelopment set to redefine the area’s urban identity.

From Mall to “Village”: Heatherwick Studio’s Vision

London-based Heatherwick Studio, led by acclaimed designer Thomas Heatherwick, has been tapped to reinvent the site as a vibrant, walkable community. The plan: dismantle the monolithic mall—and all but its parking structure—to make room for a mosaic of low-, mid-, and high-rise buildings artfully arranged around a new pedestrian-friendly street grid.

By reintroducing continuous streets that flow into the site—an urban concept Heatherwick describes as “bringing back streets”—developers hope to activate the core of the development and weave it into the larger South Miami fabric.

Credit: Heatherwick Studio

Credit: Heatherwick Studio

What to Expect: A Mixed‑Use Urban Destination

The approved master plan includes:

Residential units: 1,513 residences will bring a built-in population to enliven the streets

Retail and dining: A pedestrian-friendly “restaurant street” is envisioned, lined with boutique shops, cafés, bakeries, and restaurants—each storefront thoughtfully unique

Central public plaza: A sprawling, open-air plaza (approximately 15,000 square feet) will serve as the social heart of the project, ideal for pop-ups, markets, and nightlife

Hotel, offices, and theater: The redevelopment will include a boutique 287-key hotel, 50,892 square feet of office space, and a theater—possibly relocating the AMC cinema—which will amplify the site’s 18/7 vibrancy

Credit: Heatherwick Studio

Credit: Heatherwick Studio

Towering Heights: Gradual Density Integration

Heatherwick Studio’s design sensibility emerges in the height variations across the site:

This scaling plan delicately transitions the neighborhood from pedestrian-level charm (near Sunset Drive) to skyline-defining towers facing U.S. 1.

Honoring the Past, Building for the Future

Sunset Place isn’t the first retail experiment at this site. It traces its roots back to the Bakery Centre (1986–1996), a similarly sized retail‑office complex that failed. That history has made architects and developers cautious—but excited to “break the cycle of soulless places” in favor of designs meant to foster place and community.

Midtown Development acquired the site in early 2021—coincidentally in the thick of the COVID downturn—and partnered with Heatherwick to reimagine what a future‑forward South Miami centerpiece could be.

A Long-Brewing Transformation Timeline

Demolition of the Shops at Sunset Place is scheduled to begin in the first quarter of 2026, assuming approvals and site preparations stay on track. The mammoth redevelopment will unfold in multiple phases over the next 10 years. The very first phase—highlighted by newly constructed streets, a residential condo tower, and a 287‑room hotel—is expected to be delivered by 2029, according to city and developer projections.

While the full buildout will extend well beyond that, early activations such as pop-up shops, interim public plazas, and community programming may be introduced during construction to maintain momentum and vibrancy on the site. Midtown Development has emphasized its commitment to supporting local businesses and keeping the area lively throughout the transformation, ensuring that Sunset Place remains an engaging part of South Miami—even as construction progresses.

A Cultural and Urban Pivot

This isn’t just a structural overhaul—it’s a cultural shift. South Miami has committed to transforming a dormant, car-centric mall into an integrated, pedestrian-first destination. The redesign nods to European plazas with outdoor café seating while embracing modern mixed-use energy. It’s a bold move that channels global urban trends into this beloved Miami community.

Credit: Heatherwick Studio

Credit: Heatherwick Studio

Looking Ahead: A Bold New Vision for South Miami

Surpassing its legacy as a fading suburban mall, Sunset Place is poised to become a reinhabited, reactivated slice of South Miami. With Heatherwick Studio’s forward-thinking architecture, 1,513 new residences, lively streetscapes, and dynamic public spaces, what replaces it has the potential to become a transformative anchor for the region. For residents, developers, and visitors, this long-awaited change is more than construction—it’s the start of a more connected, walkable, and animated downtown South Miami.

Stay tuned as the cranes arrive, the streets return, and Sunset Place reboots—this time, as an urban village crafted for communities more than car trips.

Is Fed Chairman Jerome Powell on the Way Out? What a 300 Basis Point Cut Would Mean for Miami Real Estate

Federal Reserve Chairman Jerome Powell is once again in the political crosshairs. This time, the controversy surrounds a $2.5 billion renovation of the Fed’s Washington, D.C. headquarters. Critics, including several Republican lawmakers, have accused Powell of misleading Congress about the cost and scope of the project, claiming the renovation includes unnecessary luxury upgrades. President Trump has reportedly seized on the issue as political leverage to push Powell out of office—either through resignation or by invoking a rarely used provision to fire him “for cause.”

President Trump has made no secret of his dissatisfaction with Powell’s handling of interest rates. Since returning to the national spotlight, Trump has advocated for a dramatic 300 basis point (3%) rate cut, arguing that slashing rates from around 4.5% down to 1.5% would save the federal government hundreds of billions of dollars in debt servicing costs. According to his allies, such a cut could result in up to $360 billion in annual savings, although more conservative estimates put the figure closer to $174 billion in the first year alone. Trump’s goal appears to be replacing Powell with a Fed Chair who will aggressively pursue this monetary policy shift.

If implemented, a 300 basis point rate cut would be unprecedented in modern U.S. economic history. The last time the Fed enacted such a large move was during the 2008 financial crisis and again during the COVID-19 emergency response—both times with cuts closer to 100 basis points. A three-point reduction would significantly lower borrowing costs across the board, from mortgages to credit cards to business loans. This would likely lead to a surge in consumer spending, business investment, and home buying. Financial markets would almost certainly rally on the news, with equities, cryptocurrencies, and even gold seeing sharp gains in anticipation of looser monetary conditions.

But such a drastic move isn’t without risks. A key concern is the resurgence of inflation. Many economists warn that a rate cut of this magnitude could reignite inflation, potentially pushing it back above 5% after months of moderation. Another issue is the value of the U.S. dollar. Lower interest rates tend to weaken a country’s currency, and a sudden 300 basis point cut could lead to a rapid 10% drop in the dollar’s value—raising the cost of imports and exacerbating inflation pressures. There’s also the possibility of asset bubbles forming, especially in real estate and tech stocks, as cheap money floods the market.

In Miami, the implications of such a rate cut would be immediate and dramatic. Mortgage rates, currently hovering around 7%, could drop to the low 4% range or even lower. This would significantly boost purchasing power, particularly among first-time buyers and investors. Historically, even a 100 basis point cut can increase housing affordability by 10%; a 300-point cut could make homeownership viable for thousands more buyers practically overnight. Demand would spike, fueling a new wave of bidding wars, rapid price appreciation, and increased development activity—especially in high-growth neighborhoods like Edgewater, Little River, and Wynwood.

However, the downside in Miami would be a further deterioration in affordability. Home prices, already inflated due to limited inventory and migration from higher-cost states, could surge another 20% or more. That would likely push more locals out of the market and exacerbate the region’s housing inequality. On the investment side, commercial real estate—especially multifamily—would benefit from cheaper debt and renewed investor appetite, but office space and retail may see less of a bounce due to ongoing structural challenges.

From a macro perspective, such a cut could energize U.S. GDP growth, potentially pushing it above 3.5% annually. But the long-term consequences could be destabilizing. The move would almost certainly raise concerns about the Federal Reserve’s independence if it appears that political pressure—rather than economic data—is guiding monetary policy. Financial institutions, global markets, and U.S. allies could begin to question the stability and predictability of the Fed, which has long been a cornerstone of global financial confidence.

In conclusion, the rumors of Powell’s resignation—fueled by scandal and political pressure—could mark a turning point in U.S. economic policy. A 300 basis point rate cut would bring short-term relief to borrowers and spark a new wave of growth in places like Miami, but the risks to inflation, market stability, and Fed independence are considerable. Whether this is sound economic strategy or reckless short-termism remains to be seen—but the impacts, particularly on the real estate market, would be both swift and significant.

Van Leeuwen Ice Cream Coming to Mary Brickell Village This Winter

A Cold Treat Rooted in Goodness

Flavors That Captivate Hearts (and Palates)

• Classics like Vanilla Bean—hailed as “Best Vanilla Ice Cream” by the New York Times’ Wirecutter—Honeycomb, Sicilian Pistachio, Marionberry Cheesecake, and Earl Grey Tea capture timeless tastes
• Vegan varieties such as Vegan Churros & Fudge and Vegan Chocolate Cookie Dough Honeycomb ensure everyone can indulge
• Daring limited-editions like Hidden Valley Ranch and Kraft Mac & Cheese grabbed headlines in 2021 when their Mac & Cheese flavor sold out in just an hour
• Celebrity and collaboration creations—including specialty scoops like Sabrina Carpenter’s espresso blend, Keith Haring raspberry, and Jean‑Georges’ Sour Cherry Creamsicle—continue to keep fans buzzing

Why Van Leeuwen’s Maryland Brickell Village Location Matters

Final Scoop

Florida Appeals Court Upholds Holdout Owners’ Rights at Biscayne 21, Setting Major Precedent for Condo Terminations

In a major win for Florida condo owners, the state’s Third District Court of Appeal ruled in favor of a group of unit owners at Biscayne 21, a 13-story, 192-unit condominium complex in Miami’s Edgewater neighborhood. The court upheld a previous decision that invalidated a developer-led amendment to the condo’s governing documents, which had attempted to lower the required vote to terminate the condominium from 100% to just 80%. On July 10, 2025, the court denied a motion for rehearing, affirming that the original declaration of condominium required unanimous approval to terminate the association and could not be modified unilaterally.

The case, brought by eight unit owners represented by attorney Glen Waldman, challenged the termination plan led by Two Roads Development and its affiliate, Empira Group. The developer had acquired 86% of the units in a $150 million bulk buyout and sought to redevelop the property into a luxury condo project—Edition Residences Edgewater. After several owners refused to sell, the developer-controlled board amended the termination clause, a move the court ruled violated the contractual rights of the remaining owners.

The appellate court’s decision not only preserves the rights of the Biscayne 21 holdouts but also establishes a significant precedent with potential statewide implications. According to legal experts, the ruling confirms that developers cannot retroactively change essential voting rights in a declaration—particularly when it involves something as consequential as terminating a condominium association. The decision is expected to complicate bulk buyout efforts across Florida, especially in cases where the original governing documents require unanimous consent for termination.

For developers, this decision adds a new layer of legal risk when pursuing aging condo properties for redevelopment. Florida has seen a wave of such efforts in recent years, especially following the collapse of Champlain Towers South in Surfside, which raised concerns about aging buildings and spurred legislative changes. However, this ruling signals that even amid redevelopment pressures, courts are willing to protect owners’ contractual rights and block attempts to dilute those protections.

Two Roads Development has stated its intention to appeal the decision to the Florida Supreme Court. However, until or unless the state’s highest court overturns the appellate ruling, the current decision stands as binding precedent. The outcome strengthens the position of holdout owners and may force developers to offer more favorable terms—or abandon termination plans altogether.

Ultimately, this case underscores the importance of understanding and respecting the original terms set forth in a condominium’s declaration. Boards and developers alike must tread carefully when altering foundational governance provisions. As Miami’s real estate market continues to evolve, the Biscayne 21 ruling will likely influence how future terminations are approached—not just in Edgewater, but throughout the state.

The Alley: A Boutique Preconstruction Opportunity in Miami’s Booming Little River

Miami’s Little River neighborhood is experiencing a renaissance—and The Alley is at the forefront of it. This boutique, 5-story condo development is the first lodging building in Little River to be offered for individual ownership, giving early investors the chance to claim a stake in one of the city’s most exciting up-and-coming districts.

Developed by Saxum International—an experienced and visionary team known for reshaping Little River’s residential landscape—The Alley offers 50 fully finished junior studios starting from just $315,000. Designed for maximum flexibility and rental potential, each residence is optimized for short-term stays with thoughtful layouts, clean modern finishes, and optional division for added guest privacy. Residences range from 358 to 382 square feet, with east and west-facing views and a payment structure tailored to ease: 20% at contract, 20% at groundbreaking, 10% at the third floor, and 50% at delivery in Q3 2026.

The building is rich in features that appeal to today’s traveler and digital nomad. Highlights include a rooftop coworking lounge, high-speed WiFi throughout, 24/7 parking for residents and guests, and vending machines for added convenience. HOA dues are a modest $1.37 per square foot and include reserves, making The Alley a hassle-free income-producing asset.

What makes The Alley truly special, however, is its location. Nestled at 183 NE 78th Street, residents will enjoy seamless access to the creative pulse of the city. The buzzing Wynwood Arts District is just 7 minutes away, the high-fashion Design District in 8, and Midtown Miami in 10. Even Downtown, Brickell, and Miami International Airport are within a 20-minute drive. And with a future Tri-Rail station planned as part of Swerdlow Group’s massive 7,500-unit development, Little River’s connectivity is only going to get better.

This is more than just a smart investment—it’s a front-row seat to transformation. With over $3 billion in approved development, Little River is evolving into Miami’s next cultural and investment hub. Projects from heavyweights like AJ Capital Partners, B Developments, and CEDARst Companies are bringing thousands of new residences, retail destinations, and creative spaces to the area. Property values here are appreciating faster than in more saturated markets like Brickell or Miami Beach.

If you’re looking for a high-yield opportunity in a neighborhood poised for explosive growth, The Alley delivers. With limited inventory, rising demand for short-term rentals, and a future-proof location, this is your chance to get in early on Miami’s next big thing.

Contact us today at [email protected] to schedule a presentation or to reserve your unit at The Alley.

Ancient Indigenous Burial Site Unearthed Beneath St. Regis Residences Construction in Brickell

A remarkable archaeological discovery is unfolding beneath one of Brickell’s most high-profile construction sites. An ancient indigenous settlement and burial site, previously undocumented and estimated to be around 3,500 years old, has been uncovered at 1809 Brickell Avenue, the future site of the luxurious St. Regis Residences Miami.

Archaeologist Bob Carr of the South Florida Archaeological and Historical Conservancy submitted a preliminary report in October 2024 detailing findings from excavation work conducted on the site. These include ancient fire pits, pottery shards, stone tools, projectile points, and faunal remains. Most notably, human remains were uncovered, including what appears to be the intentional burial of an infant, suggesting the site served as a burial ground or cemetery. The artifacts span a wide timeline, from the Late Archaic period to the Glades II era, dating between 1,000 and 3,500 years ago. Items from the 19th and early 20th centuries, including a pewter cross, were also discovered.

Carr’s report advises that some key areas of the site, including well-preserved middens and green space near Brickell Avenue, should be preserved if possible. An archaeological management plan will be developed once the excavation progresses further.

Related Group and Integra Investments have affirmed their full compliance with local and state preservation laws and confirmed that excavation is ongoing. The developers are working closely with governmental agencies and have facilitated site visits by public officials. Artifacts found thus far are being securely housed by the archaeological team.

Initially, the City of Miami redacted information about human remains from the October 2024 report. However, the city later released the full report, citing no exemption under Florida’s public records laws. The redactions had been made at the request of the state’s archaeology division, according to city officials.

Notably, the City of Miami’s Historic and Environmental Preservation Board has yet to formally review the discovery. Board members have stated that they had not been briefed nor received a presentation by city staff, despite their jurisdiction under municipal ordinance to evaluate such findings and advise on preservation.

This isn’t the first major archaeological find connected to Related Group developments. A separate excavation at a Brickell site along the Miami River revealed evidence of a 2,000-year-old Tequesta village. That discovery led to preservation agreements and the designation of a neighboring site as a historically significant location.

The Brickell shoreline has long been regarded as a critical area for indigenous history, with multiple significant discoveries dating back to the 1990s. The uncovering of a potential Late Archaic cemetery at 1809 Brickell further strengthens the case that the area was home to vibrant Native American communities over several millennia.

As archaeological work continues, experts believe the site may yield even more information about Miami’s earliest inhabitants, offering a rare window into a deep and often overlooked chapter of the city’s past.

Berkadia Secures $73M Construction Loan for Nexo Residences in North Miami Beach

In a significant milestone for one of North Miami Beach’s most exciting developments, Berkadia has successfully secured a $73.27 million construction loan on behalf of Fortune International Group and Blue Road for the completion of Nexo Residences, a 16-story short-term rental-friendly condominium.

The financing, arranged by Berkadia’s South Florida team — including Managing Director Scott Wadler, Director Michael Basinski, Vice President Bobby Dockerty, Senior Managing Director Mitch Sinberg, and Managing Directors Brad Williamson and Matt Robbins — was provided by Bank Hapoalim (BHI). The loan follows Nexo’s recent construction topping off, which had previously been funded by a combination of EB-5 investor capital and presale deposits.

With 90% of units sold and completion on track for 2027, Nexo Residences is quickly emerging as a standout project in a fast-transforming corridor next to SoLé Mia and minutes from Aventura.

“Fortune International and its partner Blue Road are delivering an exceptional building in a rapidly transforming area adjacent to Aventura and next to SoLé Mia,” said Scott Wadler. “A trifecta of experienced Sponsorship, high-quality product, and great location generated significant interest from lenders.”

The tower — designed for modern global buyers — allows for short-term rentals, an increasingly in-demand feature. The fully furnished residences range from studios to three-bedroom units, with prices starting from the $599,000s, and include a limited selection of three- and four-bedroom townhomes.

Notable architecture and design collaborators include Carlos Ott, Frankel Benayoun Architects Inc., and Urban Robot. Residences offer floor-to-ceiling windows, Italian cabinetry, porcelain flooring, custom closets, lockable owner storage, and dedicated parking for each unit.

Nexo also raises the bar on lifestyle with standout amenities, including:

• A three-story lobby and café lounge

• Two-story coworking and tech hub

• Resort-style pool with Jacuzzi

• Rooftop observatory deck

• Summer kitchens and outdoor movie theater

• Yoga studio, clubroom, event space, and playground

Located at 13899 Biscayne Boulevard, Nexo Residences is just minutes from the Intracoastal Waterway, Oleta River State Park, Florida International University, Bal Harbour, Sunny Isles, and Hollywood Beach. The property’s accessibility is bolstered by its proximity to Miami and Fort Lauderdale International Airports and the Brightline Aventura station.

“The lifestyle offered at Nexo — combining elevated design, robust amenities, and rental flexibility — has driven strong sales momentum with buyers from over 25 countries,” said Edgardo Defortuna, CEO of Fortune International Group. “Securing this financing reaffirms the market’s confidence in both the product and the North Miami Beach submarket.”

With sales and marketing exclusively managed by Fortune Development Sales, Nexo Residences continues to attract a global audience eager for turnkey living and investment-ready opportunities in one of South Florida’s fastest-growing neighborhoods.

Citadel’s Brickell Supertall Tower Gains FAA Approval, Set to Soar to 1,049 Feet

The Federal Aviation Administration (FAA) has officially cleared the way for what could soon become one of Miami’s most iconic skyscrapers. Citadel’s planned supertall headquarters tower in Brickell has received FAA approval, allowing it to rise to a height of 1,046 feet above ground—or 1,049 feet above sea level—the maximum elevation permitted under current aviation regulations in the region.

The approval, issued on July 3, marks a major milestone for the high-profile project, which has been under FAA review since October 24, 2024. The approved height qualifies the tower as a “supertall,” a designation for buildings rising over 984 feet, and places it among the tallest structures ever planned for South Florida. It joins a short list of Miami supertalls, including the under-construction Waldorf Astoria Hotel & Residences, which is also approved for 1,049 feet.

Designed by renowned architecture firm Foster + Partners, the Citadel tower is poised to reshape the Miami skyline with a striking 62-story design that will include approximately 1.49 million square feet of Class A office space. In addition, the tower will feature 212 hotel rooms, accessory spaces, and 50 underground parking spots—an ambitious feat considering the city’s high water table.

The vision for the tower reflects the ambition of Citadel founder Ken Griffin, who has described the forthcoming building as “one of the greatest office buildings built in the world.” The development underscores Miami’s growing status as a global business and financial hub and is expected to play a central role in Brickell’s continued transformation into an international center of commerce, luxury, and innovation.

With FAA approval secured, the project is now poised to move forward, bringing Citadel one step closer to establishing its world-class headquarters in the heart of Miami.