Forth Development and MICL have secured a $17 million construction loan for their planned Botanic Residences, a short-term rental-friendly condominium in Miami, according to a March 23 news release. The financing was provided by Arixa Capital Advisors, with JLL’s Max La Cava and Pier Barinci representing the developers in the transaction.
The Botanic Residences will be an eight-story building with 51 units located at 758 Northwest 2nd Street. The project is designed by Carl Levin Architect + Design and will feature amenities such as a rooftop pool, fitness center, and co-working spaces. All units will come fully furnished and allow for short-term rentals.
La Cava said the project’s location in West Brickell made it appealing to lenders. “West Brickell offers a value proposition,” he said, noting the rapid price growth in Brickell proper. He described prospective buyers as value-driven investors and international buyers but declined to comment on unit prices.
Forth Development is based in Miami and led by Venezuelan civil engineers Ivanna Jimenez, Jesus Luongo, and Fernando Murzi. MICL is based in Mumbai under chairman emeritus Parag Shah. The development partners purchased the site for $2.2 million in 2021.
Construction of Botanic Residences is underway. In recent years, Brickell has seen increased development of condominiums that permit short-term rentals, including projects like Domus Brickell Center by North Development—which recently secured a $220 million construction loan—Ora by Casa Tua from Fortune International Group and Casa Tua, as well as GFO Investments’ planned 14 Roc.
