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ntegra Investments has recently sold its waterfront property at 1809 Brickell Avenue to a joint venture formed with the Related Group for $100 million. The property spans over 3.2 acres of land and is located in downtown Miami, led by Paulo Tavares de Melo. The developers have secured a $527 million construction loan for their luxury condo project, which was provided by Tyko Capital, a private equity and credit investment management firm backed by Elliott Investment Management.

    Integra paid $14 million for the site in 2014, and recently paid off a $23 million loan from Bank OZK last week. The 50-story building is expected to be completed in 2027 and will have more than 152 units, with a projected sellout of over $1 billion. More than 60 percent of the condos are already in contract, with units ranging from two to six bedrooms. The remaining units are priced between $5 million and $45 million.

    The project is being designed by Robert A.M Stern Architects, interior design firm Rockwell Group, and landscape design firm Enea Garden Design. The building will feature over 50,000 square feet of amenities, including a fitness center, a full-size pickleball court, a private marina, a spa and wellness center, and an indoor lap pool. It will also have a St. Regis Tea Room and a fine dining restaurant led by Michelin-starred chef Fabio Trabocchi.

    Developers often launch presales of condo projects before they have closed on the sites, with closings set for months or years later. This strategy allows them to secure funding for construction before the project is completed. Other recent sales in the area include Edgardo Defortuna’s Fortune International Group closing on the development site of its planned Ora by Casa Tua mixed-use condo tower at 1210 Brickell Avenue for about $70 million in July. Michael Stern’s JDS Development Group also paid $61.2 million for the half-acre site at 888 Brickell Avenue, where they plan to build a Dolce & Gabbana-branded condo-hotel tower.