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 $220 million in construction financing, including $180 million C‑PACE; 35‑story, 579‑unit tower set to open Q1 2028
Developers of the Domus Brickell Center in Miami have secured a combined $220 million package to build a 35‑story condominium tower at 1034 Southwest Second Avenue in Brickell. The financing includes an approximately $180 million C‑PACE construction loan and an additional $40 million mortgage. The project will deliver 579 fully finished and furnished residences and aims to open in the first quarter of 2028.
Key financing and team details
The developer is a Miami‑based partnership between two firms. Financing was structured and arranged by a boutique investment bank. The bulk of the package came from a Commercial Property Assessed Clean Energy financing source affiliated with a national asset manager, with a Peruvian‑based capital firm providing the mortgage portion.
Project leaders say the deal marks the largest ground‑up C‑PACE construction financing in South Florida to date and the first C‑PACE loan the developer has executed. Putting C‑PACE at the center of construction funding required nearly 10 months of structuring to align the mortgage lender and the C‑PACE lender, after several traditional banks declined the deal because of the unusual capital stack.
Why C‑PACE matters for this tower
The C‑PACE portion of the loan is designed to support energy‑efficient and resiliency features built into the tower. Qualifying items include a façade and glazing system that exceeds hurricane resilience codes, windows that limit solar heat gain, upgraded insulation, purified air in common areas, and UV‑filtered water. Under the C‑PACE arrangement, repayment is added to the property tax bill and can run for decades, which in this case helped lower the effective rate for the developer while financing long‑life energy upgrades.
Project size, design and amenities
The tower will rise 35 stories and contain 579 units ranging from studios to two‑bedrooms, all delivered fully finished and furnished with hard flooring, private balconies, kitchens with premium appliances and modern fixtures. The architecture firm on the project handles exterior design while an interior design studio is responsible for common areas and units.
The amenity program is extensive and shaped to appeal to both residents and short‑term rental operators. It includes a rooftop pool and sky deck with cabanas and daybeds, a rooftop bar, hot tub, rooftop yoga deck, an indoor‑outdoor gym, lush garden lounge, indoor‑outdoor treatment rooms, steam room, co‑working spaces, a conference room, a 24‑hour lobby ambassador, on‑call housekeeping and a signature lounge. A lobby‑level restaurant and pet‑friendly features round out the offering. Property management under the Domus brand will handle rental operations for units that enter a short‑term program.
Sales and cost outlook
Sales launched last year with listings that started at roughly $500,000. Units have been reported at about 30 percent sold, with prices in broadly defined ranges up to about $1.5 million for larger units. The developer estimates total project spend near $300 million. The half‑acre site was purchased in 2023 for nearly $15 million.
Construction status and neighborhood context
Groundbreaking occurred recently and vertical construction started this month according to developer statements, with an expected completion date in the first quarter of 2028. The site sits a block west of the Metrorail line in the western portion of Brickell, an area that has seen more development activity in recent years compared with its historically more built‑out eastern side.
Market and industry notes
The deal emerged at a moment when large C‑PACE financings are gaining visibility across the state. Structuring a large C‑PACE loan alongside traditional mortgage capital remains complex because C‑PACE often occupies a position in the capital stack that can sit at or close to senior lenders, a nuance that made some institutions wary. Developers and lenders on this project highlighted the C‑PACE structure as enabling long‑term, energy‑focused investments while offering an efficient rate compared with other options.
Frequently Asked Questions
What is C‑PACE and how does it work for this project?
C‑PACE is a financing tool that funds energy efficiency, renewable energy and resiliency features. For this tower, the loan is repaid through assessments added to the property tax bill over a long term, allowing the developer to secure capital for upgrades at generally favorable terms.
How much financing did the project secure?
The total construction package is approximately $220 million, made up of about $180 million in C‑PACE financing and roughly $40 million in mortgage funds.
When will the building open?
Construction completion and opening are scheduled for the first quarter of 2028.
How many units and what unit types will be delivered?
The building will deliver 579 units ranging from studios to two‑bedrooms, all fully finished and furnished.
Are units short‑term rental friendly?
The project has been described as short‑term rental friendly and includes hospitality‑style services and an on‑site rental management program to support owners who want to rent units.
Why did some banks turn the deal down?
Several traditional lenders were uncomfortable with the mixed capital structure where a large C‑PACE loan sits close to senior debt in the capital stack. That structural nuance and the novelty of C‑PACE at this scale led some banks to decline participation.
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Key project features
| Feature | Details |
|---|---|
| Project name | Domus Brickell Center |
| Address | 1034 Southwest Second Avenue, Brickell, Miami |
| Developer | Miami‑based partnership of two development firms |
| Total financing | $220 million (approx.) |
| C‑PACE amount | About $180 million |
| Mortgage / other financing | About $40 million |
| Stories | 35 |
| Units | 579 (studios to two‑bedrooms), finished and furnished |
| Sales status | Launched; about 30% sold; starting prices near $500,000 |
| Estimated total cost | About $300 million |
| Completion | Q1 2028 |
| Site purchase price (2023) | Nearly $15 million for half‑acre |
| Notable amenity highlights | Rooftop pool and bar, yoga deck, indoor‑outdoor gym, treatment rooms, co‑working, lobby restaurant, 24‑hour concierge, on‑call housekeeping |
| Resiliency / efficiency features | High‑performance glazing, enhanced insulation, purified air in common areas, UV‑filtered water, hurricane‑resilient façade |
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 NY News
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