Optimum USA Brickell 2

Optimum USA Brickell 2 Receives $7M Construction Loan For Starlite Motel Site

The Starlite Motel in Brickell

Optimum USA Brickell 2 has received a $7 million construction loan from City National Bank, according to The Real Deal. 

The Starlite Motel was purchased by Optimum USA Brickell 2 in December 2014 for $24.8 million. 

The site located at 128 SW 7th St is zoned for 24 stories and is located two blocks West of Brickell City Centre.

The Transformation Of West Brickell - Part 2

West Brickell

The area West of the Metrorail tracks and East of I-95 in Brickell is typically known as West Brickell and this previous area of houses and low rise condos is continuing to change with new developments. 

Last year we looked at West Brickell and its transformation and many of those buildings under construction such as Vista Grande, City Heights, West Brickell View and City Crossings have been completed. A new wave of condos are being constructed or under development. 

On the Southern end of West Brickell Atton Hotel and Le Parc at Brickell are under construction right next to each other and what used to be low rise apartments. Both of these buildings just recently topped out.

Also currently under construction are SoMa at Brickell, Brickell View Terrance, Brickell Ten and Broadstone Brickell. Before construction began on SoMa at Brickell there was a low rise apartment complex that sat abandoned for many months before it was finally torn down. The 8 story building is almost near completion. On the Broadstone Brickell site, there was also an abandoned apartment complex that was vacant for over a year before it was eventually torn down. This land was originally purchased by Miami Sunrise Properties for $13 million  before being flipped and sold for $20 million to Alliance Residential Company. 

A project that will change the whole look and feel of the area is Miami River. Miami River will be compromised of four 60 story towers that will include residential units, hotel and office space. 

Recent purchases in the area within the past year include Millennium Developments ($16M), Brickell City Rentals ($10.5M), Marathon Lodging ($15.5M) and Optimum USA Brickell 2 ($25M). The purchased site of Marathon Lodging was supposed to be a Walgreens before being sold. For 8 years the site was home to an abandoned car wash. None of these developers have announced what they planned on building on these recently purchased sites. Whatever they plan to build, it will definitely continue to change the look and feel of the area.