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Habitat Group plans another mixed-use project in West Brickell

Habitat Group, which is developing the mixed-use complex Smart Brickell, just bought another development site in West Brickell where it plans to build a hotel and condo project, The Real Deal has learned.

The firm, led by president and CEO Santiago Vanegas, paid $14.5 million for an apartment building at 143 Southwest Ninth Street in Miami. Vanegas said plans are to replace the existing building with a 36-story development that will include 108 luxury condos, 60 hotel rooms and 12,000 square feet of ground-floor retail space. Construction would begin in two years.

Constantino Heredia, broker and owner of CE Realty, represented the seller in the off-market deal. Records show the seller is W.G.R. Investment Inc., led by Evelio Garcia. The entity paid $1.2 million for the property in 1997.

The sale price for the 30,000-square-foot development site translates to $483 per square foot. The property now houses a five-story, 39-unit apartment building from 1968, records show. It is zoned for commercial, hotel and multifamily development, which allows 24 stories by right and 48 stories with a bonus, Heredia said.

Vanegas said the total cost of the development will be $59.6 million with a $48.7 million sell-out of the condos. There will be a $26.4 million valuation of the hotel and $6.6 million for the commercial space, for a total sellout of $81.7 million, and expected profit of $22.1 million.

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TRD