1034 SW Second Ave., Miami, September 24, 2025
News Summary
North Development has secured $220 million in construction financing for the 35‑story Domus Brickell Center at 1034 SW Second Ave., Miami. The package pairs roughly $180 million in C-PACE financing with $40 million from an international capital provider, clearing a major hurdle for the 579‑unit tower. The project — about 30% presold — includes studios to two‑bedroom units, furnished options, and green, hurricane‑resilient features that qualified for C-PACE. With estimated costs near $300 million and construction underway, the development aims for an early 2028 opening and signals expanded C-PACE use in large Miami projects.
North Development Secures $220 Million Construction Loan for 35‑Story Domus Brickell Center
What happened: A new 35‑story tower planned at 1034 SW Second Ave. in Brickell has moved into construction after its developer arranged a $220 million construction financing package. The funding combines a large C‑PACE loan and a separate capital infusion to cover the bulk of construction costs for the project known as Domus Brickell Center.
Key financing details and players
The package includes roughly $180 million provided through a Commercial Property Assessed Clean Energy (C‑PACE) loan and $40 million from a Peruvian‑based private capital firm, bringing the total to $220 million. The financing was both arranged and structured by a boutique arranger, adding a specialized layer to the deal. The developer described the C‑PACE portion as the largest of its kind recorded in South Florida to date.
Project basics and status
The tower will rise 35 stories and include 579 units with studio, one‑ and two‑bedroom layouts. Units are being marketed in a price range from about $500,000 to $1.5 million. Sales activity is underway, with roughly 30% of units reportedly under contract. The development team held a ceremonial groundbreaking a little more than a week before the financing announcement and began construction this month, targeting an opening in early 2028.
Why C‑PACE was used
C‑PACE allows building owners to borrow for energy efficiency, resilience and renewable energy measures and repay the loan through property tax assessments. In this deal the developer will cover payments via the property tax process, and Miami‑Dade County will remit payments to the C‑PACE lender. The structure required extensive work to fit into the project’s financial model; it took roughly 10 months to structure and required reworking underwriting assumptions.
Traditional lenders often avoid C‑PACE because the assessment sits above or alongside senior debt in the capital stack, which complicates typical underwriting and senior‑lender priority. Several banks — both regional and international — declined to participate because of that unconventional placement. The developer ultimately paired the C‑PACE loan with private capital to complete the full financing.
What the C‑PACE loan covers
The C‑PACE lender evaluated energy‑efficiency and resilience systems planned for the building. The tower was already designed to meet regional green building standards before pursuing C‑PACE, which helped qualify it for the larger loan. Eligible and qualifying features include enhanced façade and glazing systems that exceed hurricane resilience codes, high‑performance windows that limit heat gain, upgraded insulation, purified air systems in common areas, UV‑filtered water systems, and other efficiency measures. More qualifying features increased the amount available under the C‑PACE program.
Project scope, amenities and market context
The full project budget is expected to be roughly $300 million. Plans call for residential units that may be delivered fully furnished, multiple amenity spaces including a rooftop pool, bar and grill, indoor and outdoor fitness areas, coworking space, conference facilities and an on‑site restaurant. The development sits a block west of a major commuter rail line in a western section of Brickell that has historically been less developed than the eastern edge of the neighborhood.
The site occupies about a half‑acre that was purchased the prior year for nearly $15 million. The financing comes at a moment when large construction loans are still being completed across the state, with another very large C‑PACE loan closing in the same week for a separate hotel and residences project in a different city. Despite that activity, many smaller developers continue to face headwinds as interest rates and global tariff uncertainty make lenders cautious.
Developer and capital structure
The development team is led by a partnership between two firms. This is the developer’s first time executing a C‑PACE financing, and the experience has prompted plans to consider similar financing approaches in future projects. The financing arranger played a central role in aligning the C‑PACE lender with equity and private capital to reach the full construction budget.
FAQ
Q: What is the total construction financing for the project?
A: The project secured $220 million in construction financing, combining a C‑PACE loan with private capital.
Q: Who provided the C‑PACE financing and how much?
A: About $180 million was provided via a C‑PACE program lender.
Q: What is C‑PACE and how is it repaid?
A: C‑PACE is a financing mechanism for energy efficiency, resilience and renewable measures that is repaid as a property tax assessment through the county tax system.
Q: How big is the building and how many units will it have?
A: The tower will be 35 stories tall with 579 units in studio, one‑ and two‑bedroom layouts.
Q: When does construction start and when will the building open?
A: Construction began earlier this month after a ceremonial groundbreaking; the project aims to open in early 2028.
Q: What is the estimated total project cost?
A: The developer expects to spend about $300 million in total on the project.
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Key project features
| Feature | Details |
|---|---|
| Project name | Domus Brickell Center |
| Address | 1034 SW Second Ave. |
| Stories | 35 |
| Units | 579 studio, one‑ and two‑bedroom |
| Construction financing | $220 million ($180M C‑PACE + $40M private capital) |
| Estimated total cost | $300 million |
| Construction status | Groundbreaking held; construction started this month |
| Target opening | Early 2028 |
| Amenities | Rooftop pool, bar and grill, indoor/outdoor gym, coworking, conference room, restaurant |
| Price range (units) | $500,000 – $1.5 million |
| Percent sold | ~30% |
| Site purchase | About half‑acre, purchased near $15 million |
| Financing arranger | Lotus Capital Partners (arranged and structured) |
Deeper Dive: News & Info About This Topic
Additional Resources
- CoStar: Miami condominium tower nabs major construction loan
- Wikipedia: Domus Brickell Center
- YieldPro: Domus Brickell Center
- Google Search: Domus Brickell Center
- Multi-Housing News: North Development obtains record C-PACE financing
- Google Scholar: C-PACE financing
- Bisnow South Florida: North Development lands $220M C-PACE construction loan
- Encyclopaedia Britannica: Property Assessed Clean Energy (search)
- Commercial Observer: Domus Brickell Center financing details
- Google News: Domus Brickell Center
Author: Construction TX News
TEXAS STAFF WRITER The TEXAS STAFF WRITER represents the experienced team at constructiontxnews.com, your go-to source for actionable local news and information in Texas and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Texas Construction Expo, major infrastructure unveilings, and advancements in construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of Texas and the Texas Building Branch, plus leading businesses in construction and real estate that power the local economy such as Austin Commercial and CMiC Global. As part of the broader network, including constructioncanews.com, constructionnynews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
