A dual-branded, twin-tower hotel coming to Brickell received a $67 million construction loan. Expected by mid-2021, its developer said it will be targeted to extended-stay guests and positioned slightly below neighboring luxury hotels the Mandarin Oriental and JW Marriott Marquis.
City National Bank of Florida approved a mortgage to C-F Brickell Owner LLC, with a personal guarantee from Robert I Finvarb, according to the South Florida Business Journal. Summit Hotel Properties also has granted a $28.85 million mezzanine loan to Finvarb for the project, providing a total of $95.85 million in loans. Finvarb of Robert Finvarb Companies will remain the owner and manager of the mixed-brand hotel spanning 28,866 square feet bordered by 115 S.W. 8th Street, 726 S.W. 1st Court and 110 S.W. 7th Street in the Brickell area. It will be the developer’s seventh hotel in Miami.
The site was previously occupied by El Eden motel. It closed in 2017 after Finvarb bought the land for $18.4 million and was demolished in 2018.
The towers are west of Brickell City Centre and north of the Brickell Metrorail, and border the Underline, the linear park running below the Metrorail stations.
In an interview, Finvarb said, “We will help activate the Underline. We hope it will become the go-to hotel in the area.”
AC Hotel by Marriott and Element by Westin will bring 264 rooms combined for the project, which includes 23,998 square feet of retail space on the bottom two floors. The city has approved of the 24-story towers, according to the Business Journal.
Finvarb hired Tony Cho of Metro 1 Development to oversee retail leases.
The project is planned for expanded and transient stay. “No product is effectively targeting the luxury market. It will be upscale and affordable for the business and leisure travelers,” said Finvarb.
Hotel prices are expected to vary depending on the season but will be a tier below that of neighboring hotels. Rates in mid-December start at $324 at the Mandarin Oriental and $450 at the JW Marriott.
There’s no better time to build, said Finvarb. “From a construction perspective, with the slowdown in the condo development, more resources are available for construction compared to two to three years ago with the condo boom.”