DOWNTOWN DEVELOPMENT

Related Group paid $104 million for 444 Brickell Ave. site

 

mbrannigan@MiamiHerald.com

Miami-based Related Group, with its joint-venture partner GTIS Partners, closed on the $104-million purchase of a four-acre site that includes 444 Brickell Ave. and an office building behind it. .

Related last week unveiled plans for three tall towers, including residential, hotel, office, and retail space, at the prime location where Brickell Avenue meets the Miami River. Related’s chief operating officer Matt Allen said it will take years to develop the project, dubbed One Brickell, which will entail “well over $1 billion’’ in investment.

GTIS, a New York-based real estate investment firm, has teamed with Related on other projects. In a statement, Allen said Related has “enjoyed a long-standing relationship with the partners of the firm.’’

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