PMG Locks in $413M Financing for Dual-Tower One Twenty Brickell Residences in Miami
Miami’s development momentum shows no signs of slowing down as national developer PMG secures $413 million in construction financing for One Twenty Brickell Residences, a high-profile dual-tower project planned for the heart of Brickell. The financing package, provided by an Ares Real Estate fund and Monarch Alternative Capital, will support all aspects of the development—including luxury condominiums, rental residences, retail, and structured parking.
This latest deal marks a continued collaboration between PMG and its capital partners, who previously joined forces on a financing package for a separate PMG development in Wynwood. Jones Lang LaSalle (JLL), along with PMG’s Capital Markets team, helped structure and secure the financing. PMG is targeting an early May groundbreaking, with delivery scheduled for 2028.
“Obtaining this financing stands as an incredible feat at a time when current market conditions are making development of multifamily towers challenging,” said PMG’s Andrew Warman, who helped lead the transaction.
One Twenty Brickell Residences will consist of two architecturally distinct towers designed by Sieger Suarez Architects, with interiors by Cotofana Designs. The first tower, rising 37 stories, will include 266 fully finished condos—each with a deeded office suite, a unique offering aimed at today’s work-from-anywhere buyer. The second tower, rising 41 stories, will be operated by Sentral and feature 537 rental apartments ranging from studios to three-bedrooms, all outfitted with high-end finishes, smart home tech, and custom Italkraft cabinetry.
PMG reports that the condominium tower is already over 91% sold, a sign of strong market appetite for luxury residences in this key Miami submarket. “Its swift sales success is a testament to the tremendous team at PMG Residential,” noted Dan Kaplan, Managing Partner at PMG.
The project also boasts an impressive amenity package. Residents will enjoy over 100,000 square feet of shared and exclusive offerings, including concierge service, fitness studios, co-working lounges, a juice bar, pickleball court, spa and treatment rooms, and an infinity-edge pool—catering to both social lifestyles and wellness-focused living.
Representatives from both financing firms expressed confidence in the project’s positioning. Ares’ Bryan Donohoe noted that the firm was “pleased to further build on our relationship with PMG,” while Monarch’s Joshua Acheatel said they were “excited to continue [their] relationship with a best-in-class developer.”
PMG’s legal team, along with leading attorneys from Kramer Levin, Saul Ewing, Bilzin Sumberg, and Greenberg, Trager & Herbst, managed the legal structuring of the deal.
Backed by a portfolio that includes E11EVEN® Hotel & Residences, Waldorf Astoria Hotel & Residences Miami, and 111 West 57th Street in NYC, PMG continues to solidify its reputation as a dominant force in the luxury residential market. With One Twenty Brickell Residences, the developer further affirms its commitment to forward-thinking urban development and lifestyle design in Miami’s most desirable neighborhoods.
Millennium Developments Signs Covenant for New 70-Story Brickell Tower-Calle 8
Millennium Developments is moving forward with plans for an impressive new 70-story tower in Brickell, Calle 8. In a significant step toward realizing this ambitious project, the developer has signed a covenant with Miami-Dade County. The agreement, officially recorded on November 4th, states that the tower will connect to the county’s water and sewer systems, which is required as a condition of the building permit.
The proposed tower is set to become one of Brickell’s tallest buildings, rising to 750 feet. The design envisions 464 residential units, offering a mix of luxury residences with stunning views of Miami’s skyline. Additionally, the project includes 75,736 square feet dedicated to either performing arts spaces or retail, bringing a blend of culture, commerce, and community to the heart of Brickell. The building will also provide ample parking, with 653 planned spaces, along with various amenities to enhance the lifestyle of future residents.
In August, Millennium Developments submitted an updated version of the proposal to Miami-Dade County as part of the ongoing zoning approval process. This proposal includes preliminary plans and renderings, shared for reference in the zoning phase, with a formal submission to follow as part of the site plan review.
BMA Architects is the architectural team behind the vision for this 70-story tower, adding their expertise to shape what is anticipated to be an iconic addition to the Miami skyline.
Millennium Developments’ latest project reflects Brickell’s growth as a hub for luxury living, arts, and entertainment. As zoning approval progresses, more details on the tower’s features and design will be revealed, shaping an exciting future for this high-rise in Brickell.
701 Brickell Office Tower Sold for Record-Breaking $443M
The prestigious 701 Brickell office tower has been sold for a staggering $443 million, setting a new record as the highest price ever paid for an office building in the Brickell area. This sale also represents the second-largest office building transaction in Florida’s history, trailing only the $540 million sale of the Southeast Financial Center in 2016.
This 32-story, 685,279-square-foot building, completed in 1986, has long been a landmark in the Brickell business district. Property records show that it last sold in 2002 for $172 million, making this latest deal a remarkable return on investment. The sale comes shortly after the completion of a $30 million capital renovation plan that modernized the property, enhancing its appeal to high-profile buyers.
The buyers, Morning Calm Management and an undisclosed partner, now hold a key piece of Brickell’s real estate landscape. Interestingly, a Bloomberg report from last month had indicated that Elliott Investment Management and its partners were in contract to purchase the property, adding an intriguing layer to the final transaction.
This sale is not just a reflection of the high demand for office space in Miami’s thriving financial district but also highlights Brickell’s growing stature as one of the most desirable office markets in the U.S. With its prime location, state-of-the-art amenities, and recent renovation, 701 Brickell is poised to remain a flagship property in the area for years to come.
