Brickell, Miami, September 22, 2025
News Summary
A Miami developer secured $220 million in construction financing to build Domus Brickell Center, a 35-story, 579-unit condominium at 1034 SW 2nd Avenue in Brickell. The package pairs roughly $180 million in C-PACE financing with a $40 million mortgage, enabling energy-efficient and resilient features such as high-performance windows, superior insulation and water and air purification systems. The project, arranged by a boutique capital markets adviser and funded by a PACE affiliate and an international lender, has begun groundwork. Sales launched with units from about $500,000, about 30% sold, and delivery targeted for Q1 2028.
Domus Brickell Center secures $220M package including $180M C‑PACE for 35‑story, 579‑unit tower; delivery slated Q1 2028
A Miami developer has closed a $220 million construction financing package for a new condominium tower in Brickell, led by a $180 million Commercial Property Assessed Clean Energy (C‑PACE) loan and a $40 million mortgage. The project, called Domus Brickell Center, will rise 35 stories at 1034 Southwest Second Avenue in the Brickell neighborhood and is expected to deliver 579 finished and furnished residences in the first quarter of 2028.
Top-line financing and players
The developer, a Miami‑based partnership operating under the name North Development, secured the combined loan package made up of the large C‑PACE facility and a mortgage provided by a Peruvian‑based lender. A boutique investment bank arranged and structured the financing. The C‑PACE portion was structured by a group affiliated with Bayview Asset Management and is being reported as one of the largest ground‑up C‑PACE construction loans in South Florida to date.
Why C‑PACE matters for this project
The developers designed the building to meet green standards and used the C‑PACE tool to fund energy‑efficient and resilient systems. Qualifying features listed for the project include UV‑filtered water, purified air systems in common areas, glazing and insulation that limit solar heat gain, and a façade system that exceeds local hurricane resilience codes. In this deal, C‑PACE funds are repaid through an assessment on the property tax bill over a long term—an approach that can sit alongside or above traditional construction lending in the capital stack and that made the deal more complex to arrange.
Project scope, units and sales
Domus Brickell Center will deliver 579 units that range from studios to two‑bedroom homes. Units will be sold fully finished and furnished, with hard flooring throughout, private balconies, kitchens with premium appliances, and modern fixtures. Sales launched last year with prices starting at about $500,000 and a reported price range up to roughly $1.5 million. About 30% of the units have been sold so far, according to the developer.
Amenities and services
The development is being positioned with a heavy hospitality focus, featuring a resort‑quality amenity suite that includes a rooftop pool and sky deck with cabanas and daybeds, a rooftop bar, hot tub, rooftop yoga deck, an indoor‑outdoor gym with modern equipment, a lush garden lounge, indoor‑outdoor treatment rooms, a steam room, co‑working spaces and a conference room. Service offerings will include a 24‑hour lobby ambassador, on‑call housekeeping, pet‑friendly features, a signature lounge and an on‑site restaurant at the lobby level.
Design, construction and timeline
The architecture firm leading the exterior design is Studio MC + G Architecture, with interiors by Urban Robot Associates. The developer broke ground recently and construction work began earlier this month. The project team expects to complete the building and open it to residents in the first quarter of 2028. The overall project cost is estimated at around $300 million, including land and construction.
How the deal came together
Developers noted that the C‑PACE structure required lengthy negotiation and technical work to align the C‑PACE lender and the mortgage lender. The C‑PACE loan was reported as the first of its kind for the developer, and the team spent roughly 10 months structuring the package. Several banks reportedly declined the deal before the current lenders came forward, reflecting how nonstandard capital stacks can be a barrier in today’s lending market.
Context and pipeline
The Domus Brickell Center sits on a roughly half‑acre site purchased for nearly $15 million in 2023, located a block west of the Metrorail line in a part of western Brickell that has seen increased activity after years of less development. The developer has other projects planned or underway, including a 12‑story, 172‑unit condo project nearby and a proposed 43‑story hotel. The developer’s management arm will operate short‑term rental bookings, and the Domus brand has been positioned with short‑term rental‑friendly features in mind.
Market note
Observers say this financing marks a milestone in how large, energy‑efficient buildings can be funded in South Florida. The large C‑PACE loan for Domus comes at a time when construction financing activity has been lively at the top end of the market, even as smaller builders face tighter conditions due to variable interest rates and supply cost uncertainty.
Frequently Asked Questions (FAQ)
What is the total amount of financing secured for Domus Brickell Center?
The project secured a combined $220 million in construction financing, consisting of an estimated $180 million C‑PACE loan and a $40 million mortgage.
Who is developing the project?
The developer is a Miami‑based partnership known as North Development, a joint effort between two development partners.
How many units and what type of units will the building have?
The tower will contain 579 residences ranging from studios to two‑bedroom homes, all delivered fully finished and furnished.
When will the building open?
Construction is underway and the building is expected to open in the first quarter of 2028.
What is C‑PACE and how does it work for this deal?
C‑PACE is a financing tool for energy‑efficient and resilience upgrades. In this case, repayment will be made via an assessment added to the property’s tax bill over an extended term, providing long‑term funding for qualifying green features.
What amenities will the building offer?
The project will offer a rooftop pool and sky deck, rooftop bar, hot tub, yoga deck, indoor‑outdoor gym, garden lounge, treatment rooms, steam room, co‑working spaces, conference room, a 24‑hour lobby ambassador, on‑call housekeeping, pet‑friendly features and an on‑site restaurant.
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Key project features
| Feature | Details |
|---|---|
| Project name | Domus Brickell Center |
| Developer | North Development (Miami partnership) |
| Location | 1034 Southwest Second Avenue, Brickell, Miami |
| Height / Floors | 35 stories |
| Units | 579 studios to two‑bedrooms, fully finished and furnished |
| Financing | $220M total: $180M C‑PACE + $40M mortgage |
| Estimated project cost | $300M (approx.) |
| Completion target | Q1 2028 |
| Architect / Interior design | Studio MC + G Architecture / Urban Robot Associates |
| Key amenity highlights | Rooftop pool & sky deck, rooftop bar, gym, spa treatment rooms, co‑working, on‑site restaurant, 24‑hour lobby service |
Deeper Dive: News & Info About This Topic
Additional Resources
- YieldPro: Domus Brickell Center
- Wikipedia: Property Assessed Clean Energy (PACE)
- Bisnow: North Development lands $220M C‑PACE construction loan for Brickell project
- Google Search: Domus Brickell Center
- Multi-Housing News: North Development obtains record C‑PACE financing for Miami condos
- Google Scholar: C‑PACE financing Miami
- Commercial Observer: Domus Brickell Center financing details
- Encyclopaedia Britannica: Brickell (search)
- The Real Deal: Dunin, Edifica land $220M financing for Domus Brickell Center
- Google News: Domus Brickell Center
Author: Construction TX News
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