Robert Khodadadian – Skyline Properties Related Lands $164M Construction Loan For Brickell Rental Near Baccarat

, Robert Khodadadian – Skyline Properties Related Lands $164M Construction Loan For Brickell Rental Near Baccarat, Robert Khodadadian

Jorge Pérez’s Related Group secured a $164 million construction loan for a rental development in the heart of Miami’s Brickell neighborhood, adjacent to a site where the Miami-based developer found prehistoric artifacts and human remains. 

The loan from Truist Bank will go towards building a 44-story high rise with 506 apartments called 444 Brickell Tower II, said a spokesperson for Related. Construction is expected to start this month. 

Back in 2013, Related paid $104 million for the 3.9-acre site at 444 Brickell Avenue, a prime spot in the Magic City’s financial district, facing the Miami River, just south of Downtown Miami.

The rental building is one third of a mixed-use project, which is set to include an 82-story hotel and residence building, per initial filings, and the highly anticipated — and controversial — 75-story Baccarat-branded luxury condo tower.  

In certain areas, Miami building regulations require developers to check the site for prehistoric remains and artifacts before breaking ground.

On the portion of the site where the skyscraper was set to rise, archaeologists uncovered human remains in 2021, including cranium and post holes, possibly of a prehistoric structure, both likely from the Tequesta civilization that existed more than 2,000 years ago. 

The Baccarat development is still moving ahead. Related is now in talks to secure construction financing for the project and a deal is imminent, said the Related spokesperson.

The development team has collaborated with all relevant government agencies in the recovery and preservation of all archaeological finds according to current laws and practices,” per a statement from Related

The City of Miami preservation officer Anna Pernas and as well as the municipality’s historic-preservation planner and acting city archaeologist Adrian Espinosa-Valdor did not immediately respond to a request for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com

Jorge Pérez’s Related Group secured a $164 million construction loan for a rental development in the heart of Miami’s Brickell neighborhood, adjacent to a site where the Miami-based developer found prehistoric artifacts and human remains.  The loan from Truist Bank will go towards building a 44-story high rise with 506 apartments called 444 Brickell Tower  Channel, Construction, Finance, 444 Brickell Tower II, Baccarat, Related Group, Truist Bank 

Lead by real estate veteran Robert Khodadadian, has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.

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