24 Story Apartment Tower Proposed in Brickell

With plans for a 24-story tower in Brickell, a joint venture made up of two Mexican companies making their U.S. debut and a Miami-based partner is banking on Miami's expanding apartment market.

Menesse International paid $23.5 million for the development site at 143 Southwest Ninth Street from a subsidiary of Miami-based Habitat Group.

According to property records, the current 5-story, 39-unit rental structure on the land was built in 1968 on 0.7 acres. According to a deed, Habitat Group paid $14.5 million for the location in 2018.

According to Andrew Rasken, managing director of Lucid Investment, the design calls for a Class A structure with 350 rental units, ranging from studios to two-bedroom apartments, perched above an eight-story podium with around 180 parking spaces and ground-floor stores. The project, which was designed by Behar Font & Partners, will have all the facilities.

Menesse International, which plans, constructs, and consolidates projects, has built communities in Argentina and the Riviera Maya region of Mexico. It now has a portfolio of 22 projects with more than 1,200 sold units.

It is the group's first cooperative endeavor in the country. It is also the newest project planned for the Brickell Financial District, where office building is being stimulated by a surge in residential construction and an infusion of new businesses.

Construction is expected to begin next year with an anticipated completion date in 2025.