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Mar. 15, 2013

SBE, Related Group Join Forces on $300M Condo Hotel

By Georgiana Mihaila, Associate Editor

The Wall Street Journal reports that Miami’s ‘condo king’ Jorge Perez and Los Angeles nightclub entrepreneur Sam Nazarian will be working together on a $300 million condo hotel project planned for downtown Miami.

To be located at 1300 S. Miami Ave, the SLS Brickell condo-hotel would feature 133 hotel rooms—owned by both Perez’s Related Group and Nazarian’s SBE Entertainment Group—and 450 condo units that are to be developed and owned by the Related Group. The hotel will also feature 15,000 square feet of meeting space, a spa, two pools and more than 10,000 square feet of restaurants, lounges and bars. The project will be the first SLS-branded residences and the second hotel in Miami-Dade.

Projected to be 52 stories tall, SLS Brickell will rise on the site of the former Infinity II project. The first 10 stories will consist of the luxurious Philippe Starck-designed hotel, with the rest representing the residential component. The developers will retain some SLS partners for the new project, such as Chef Jose Andres—famous for his SLS Hotel South Beach restaurant, The Bazaar—to be in charge of food and beverage venues along with Michael Schwartz.

Related Group will be opening a sales center for the condo units later this month. While hotel rates are expected to be in the high-$200 range, condo prices will average over $600,000, or approximately $500 per square foot. The SLS Brickell condo-hotel is set for completion in 2015.

Related Group bought the 1.29-acre mixed-use development site at the intersection of Coral Way and South Miami Avenue in November 2012. The developer paid $18.5 million for the land, approved for the development of a 556-unit residential tower plus 15,049 square feet of retail space and 38,357 square feet of office space.