Developer Looking to Acquire 80% of Brickell Harbour

In the past couple of years, Brickell Harbour condominium owners have received multiple offer letters to purchase their units. More recently, one of our long-time clients has received a purchase letter for double the value of their unit. This has come at a time where all units seem to be receiving a similar letter with their purchase price unknown but it is evident of the developer wanting to buy out the tower.

The developer of interest is Brickell Bayfront Acquisition Associates, LLC, an affiliate of Fortune International Group. The limited liability company as well as Fortune International Group is located at 1300 Brickell Avenue in Miami. Their portfolio consists of the development, designing, and financing of Miami condominiums. They also offer brokerage services.

According to the letter (below), Brickell Bayfront Acquisition, plan on obtaining at least 80% of the units at Brickell Harbour. The letter also states that the company has spoken to the condominium owners association about purchasing units but it was concluded that it is up to each individual owner to make the decision to sell. Some of the highlights of the purchase agreement include:

• The purchase price being offered is a significant premium above the market value of the unit and considers each unit's particular size, view, floor, line, and improvements;
• Cash earnest money is promptly deposited with a third party escrow agent to secure the contract;
• There is no finance contingency;
• Closing in 90 days after the expiration of the due diligence period;
• The owner pays NO brokerage commissions (typically 6%);
• The buyer pays off the recent special assessment for structural repairs; and
• The ability to continue to occupy the unit for a period of up to 6 months after the date of closing.

Brickell Harbour is an 18-story condo tower located at 200 SE 15th Road in Brickell's Financial District. The tower was built in 1974 and received major renovations in 2019. Residences comprise of 1 to 3 bedroom floorplans ranging from 602 to 1,641 square feet of living space. Tall ceilings, floor-to-ceiling glass windows, wide balconies, and gorgeous views are just a few of the residential amenities these units have to offer.

It is unclear what Brickell Bayfront Acquisitions plans on doing with the tower once they receive purchase contracts but we will update this article as more information is available.