A proposal for a new 78-story tower in Brickell has been approved by Miami’s Urban Development Review Board by the Karem brothers’ City Centre Properties LLC. The developer purchased the land where the fast food restaurant (and other businesses) are located in 2006 for $6.1 million.
Between entitlements, permitting and securing approvals, the developer hopes to break ground during the middle of next year, Simon Karam told The Real Deal (TRD) last month.
The plans call for 392 residential condo units, 66,618 sq. ft. of retail space on four floors, 464 parking spaces and bicycle parking. Nichols Brosch Wurst Wolfe & Associates is designing the LEED Silver building.
Simon and his brother Antoine Karam develop through their firm, the Karam Group.
“We try to buy in urban, high-intensity sites,” Karam told TRD when he purchased the gas station at 720 Southwest Second Ave. for $8 million. He also owns the CVS-anchored shopping strip directly behind the gas station, which brings his total on that block to 2.23 acres.
He also has FAA approvals for 960 feet for the site at 10 Southwest Eighth St. It’s also surrounded by the Related Group’s Brickell Heights and SLS Lux, three new high-rise towers. Brickell City Centre, which opened its 500,000-sq. ft. shops in November, has also added a hotel, two condo towers and office space to the area.