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
North Development obtained a $220 million construction loan to build Domus Brickell Center, a 35‑story tower planned for 1034 SW Second Ave., Miami. The project will contain 579 units and is expected to cost roughly $300 million to complete.
Financing breakdown and significance
About $180 million of the loan comes from a lender using a Commercial Property Assessed Clean Energy (C‑PACE) structure. An additional $40 million was provided by a Peruvian‑based capital firm, bringing the total to $220 million. The transaction was both arranged and structured by an advisory firm specializing in complex deals.
This financing stands out as the largest C‑PACE loan on record in South Florida and represents the developer’s first use of that tool. The C‑PACE piece took roughly 10 months to put together.
Why the structure mattered
The C‑PACE model differs from traditional loans because payments are made through the property tax bill rather than directly to a bank. That placement in the capital stack causes many traditional banks to decline such deals because it alters their usual underwriting and priority of repayment. Several local and national banks passed on this transaction before the final lender filled the remaining gap.
Project type and scope
Reporting varies in how it describes the building: some call it a condominium, others an apartment tower, and some label it a condo‑hotel. What is clear is the scale: 35 stories and 579 units made up of studios and one‑ and two‑bedroom layouts. Units are priced roughly between $500,000 and $1.5 million, and sales were reported to be around 30% sold at the time of the financing announcement. At least one source noted that units will be delivered fully furnished.
Site, timeline and status
North Development bought the roughly half‑acre site for nearly $15 million in 2023. A ceremonial groundbreaking took place just over a week before the financing was announced; construction reportedly began earlier that month. The developer plans to open doors at the start of 2028.
Energy features and C‑PACE eligibility
The building was designed to meet Florida Green Building Coalition standards before the C‑PACE application. Features that helped qualify it for the program include UV‑filtered water, purified air in common areas, high‑performance windows to reduce heat gain, upgraded insulation, and a façade and glazing system that exceed hurricane resilience codes. The C‑PACE lender evaluates such energy and resilience features and can provide more funds when more qualifying measures are included.
Amenities and market context
Planned amenities include a rooftop pool, bar and grill area, indoor and outdoor gyms, coworking spaces, a conference room, and an on‑site restaurant. The site sits a block west of the local rapid transit line in a section of Brickell that has been less developed than the eastern side of the neighborhood. Nearby large projects in recent months included a major loan for another multiuse development two blocks south.
Broader trends and developer plans
The deal came in the same week another very large C‑PACE loan closed elsewhere in the state, underscoring a growing — though still limited — use of C‑PACE for large commercial projects. While overall construction lending activity has seen large sums deployed in recent months, smaller builders continue to face challenges because of interest‑rate swings and tariff uncertainty. The developer described the financing structure as complex and educational and indicated interest in using C‑PACE again on future projects.
FAQ
What is C‑PACE financing?
C‑PACE is a way to fund energy efficiency, renewable energy and resilience upgrades. Repayment is typically made through the property tax bill, which changes the usual order of lenders in the capital stack.
How much money was provided for Domus Brickell Center?
The construction financing totals $220 million, made up of about $180 million via C‑PACE and $40 million from a Peruvian‑based capital firm.
Where is the project located and what will it include?
The tower is at 1034 SW Second Ave., Miami. It will rise 35 stories with 579 units offering studio, one‑ and two‑bedroom layouts plus amenities such as a rooftop pool, gyms, coworking and dining spaces.
When will the tower open?
The developer expects to welcome residents at the beginning of 2028.
Why did some banks turn the deal down?
Many banks avoid C‑PACE because it sits above or next to a traditional senior loan in the capital stack, which complicates underwriting and repayment priority.
Is this a common financing approach?
C‑PACE has been available in the state since 2010 but has been used infrequently by commercial developers at this scale until recently.
{
“@context”: “https://schema.org”,
“@type”: “FAQPage”,
“mainEntity”: [
{
“@type”: “Question”,
“name”: “What is C‑PACE financing?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “C‑PACE is a way to fund energy efficiency, renewable energy and resilience upgrades. Repayment is typically made through the property tax bill, which changes the usual order of lenders in the capital stack.”
}
},
{
“@type”: “Question”,
“name”: “How much money was provided for Domus Brickell Center?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The construction financing totals $220 million, made up of about $180 million via C‑PACE and $40 million from a Peruvian‑based capital firm.”
}
},
{
“@type”: “Question”,
“name”: “Where is the project located and what will it include?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The tower is at 1034 SW Second Ave., Miami. It will rise 35 stories with 579 units offering studio, one- and two-bedroom layouts plus amenities such as a rooftop pool, gyms, coworking and dining spaces.”
}
},
{
“@type”: “Question”,
“name”: “When will the tower open?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “The developer expects to welcome residents at the beginning of 2028.”
}
},
{
“@type”: “Question”,
“name”: “Why did some banks turn the deal down?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “Many banks avoid C‑PACE because it sits above or next to a traditional senior loan in the capital stack, which complicates underwriting and repayment priority.”
}
},
{
“@type”: “Question”,
“name”: “Is this a common financing approach?”,
“acceptedAnswer”: {
“@type”: “Answer”,
“text”: “C‑PACE has been available in the state since 2010 but has been used infrequently by commercial developers at this scale until recently.”
}
}
]
}
Key Project Features
| Feature | Detail |
|---|---|
| Project name | Domus Brickell Center |
| Address | 1034 SW Second Ave., Miami |
| Height | 35 stories |
| Units | 579 (studios, 1-bed, 2-bed) |
| Construction financing | $220 million total ($180M C‑PACE + $40M other capital) |
| Total project cost (estimate) | About $300 million |
| Financing arranger/structurer | Lotus Capital Partners (arranged and structured) |
| Site purchase price | Nearly $15 million (2023) |
| Expected opening | Early 2028 |
| Sales status | About 30% sold; prices roughly $500K–$1.5M |
| Qualifying energy/resilience features | UV water filtering, purified common‑area air, heat‑blocking windows, upgraded insulation, resilient façade and glazing |
| Amenities | Rooftop pool, bar & grill, indoor/outdoor gyms, coworking, conference room, restaurant |
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 NY News
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at constructionnynews.com, your go-to source for actionable local news and information in New York 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 New York Build Expo, infrastructure breakthroughs, and cutting-edge construction technology showcases. Our coverage extends to key organizations like the Associated General Contractors of New York State and the Building Trades Employers' Association, plus leading businesses in construction and real estate that power the local economy such as Turner Construction Company and CMiC Global. As part of the broader network, including constructioncanews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic construction landscape across multiple states.
