Menesse, Investee, Lucid Investment Plan Brickell Apt Tower

Andrew Rasken of Lucid Investment Group with 143 Southwest Ninth Street (Loopnet)

A joint venture consisting of two Mexican firms making their U.S. debut and a Miami-based partner is betting on Miami’s booming condo market with plans for a 24-story tower in Brickell.

Menesse International bought the development site at 143 Southwest Ninth Street from an affiliate of Miami-based Habitat Group for $23.5 million, according to the seller’s broker, Alfonso Jaramillo of Fortune International Realty.

Margaret Sanclemente of Douglas Elliman represented the buyer.

The existing five-story, 39-unit rental building was built in 1968 on 0.7 acres, property records show. Habitat Group paid $14.5 million for the site in 2018, according to a deed.

Menessee International consists of Playa del Carmen, Mexico-based Menessee Condos;
Investee, which specializes in residential construction in Mexico; and Lucid Investment Group, the Miami-based partner, according to Menessee International’s website.

The plan is for a Grade A building with 350 rental units, ranging from studios to two-bedroom apartments, atop an eight-story podium with approximately 180 parking spaces and ground-floor retail, Andrew Rasken, managing director of Lucid Investment, told The ‚ÄčThe Real Deal. The project, designed by Behar Font & Partners, will include a full range of amenities.

Construction is expected to begin in the second quarter of next year.

Menesse Condos, which designs, builds and consolidates projects, has developed in Argentina and Mexico’s Riviera Maya and has a portfolio of 22 developments with more than 1,200 units sold, according to its website.

Investee, which also focuses on the Riviera Maya and Mexico City, is a partnership between Habitania Real Estate Group, Haiat & Amezcua, Grupo Quatro and IDE, Menessee International’s website said.

Lucid Investment has developed projects in a variety of asset classes, including student housing across the country, and is also a broker and general contractor, Rasken said.

This is the trio’s first American project together. It’s also the latest planned for the Brickell financial district, which is seeing a housing boom along with an influx of companies that is also driving office construction.

Ken Griffin is among the moguls in the financial services arena moving to Brickell. In June, he announced that his hedge fund Citadel and financial services firm Citadel Securities would move their headquarters from Chicago to an undisclosed office location along Brickell Bay.

In April, the Hollows sold a 2.5-acre bayfront development site at 1201 Brickell Bay Drive for a record $363 million to a mystery buyer, whom Bloomberg reported as Griffin and his Citadel, citing anonymous sources. Citadel has hired Chicago-based Sterling Bay to build the new headquarters.

In another planned Brickell office project, Swire Properties and related companies of Stephen Ross are planning One Brickell City Center at 700 Brickell Avenue and 799 Brickell Plaza. At 1,000 feet, the tower at the Brickell City Center mixed-use development will be one of the tallest in the state.

Vladimir Doronin’s OKO Group and Cain International are building the 55-story, 830-story Brickell office tower, which has secured multiple leases. Canadian asset management firm CI Financial has signed a 40,000-square-foot lease for its new US headquarters.

More than a dozen apartment and co-op projects are in the pipeline that will add 6,000 units to Brickell in the coming years. Michael Stern’s JDS Development Group and Major Food Group are planning a 90-story, 259-unit Major apartment at 888 Brickell Avenue.

In March, Property Markets Group filed for a pair of 803-unit residential towers combined between Southwest Eighth and Ninth streets and west of Southwest First Avenue and the Metromover tracks. The plans do not specify whether the 31-story and 46-story buildings will have condos or apartments.

Gazit Globe Group’s Tel Aviv subsidiary, Gazit Horizons, wants to build a 504-unit apartment building at 90 Southwest Eighth Street that will rise 642.8 feet, which is more than 50 stories.

OKO and Cain are also partnering on the 47-story, 135-unit Una Residences under construction at 175 Southeast 25th Road in Brickell.

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