Hospitality entrepreneur James Brennan and developer John Jacobson have acquired a bayfront property in Miami’s Morningside neighborhood, where they plan to build a luxury condominium project. The Real Deal reported that the partners paid $16.5 million for the 0.8-acre site at 700 and 750 Northeast 61st Street, which currently holds two apartment buildings.
The planned development, called The Mornings, will be a five-story building with 17 units. “I fell in absolute love with Morningside as a neighbor,” Brennan said. He noted that the project will “basically double” the number of waterfront homes in the area and will be located within walking distance of both the Cushman School and Morningside Park.
Brennan estimates the development cost at about $150 million. He and Jacobson have experience in residential projects; Jacobson co-developed Six Senses Ibiza resort, while Brennan has previously developed other properties. Brandon Haw Architecture has been chosen to design the building, with interiors by Thomas Schoos’ firm.
The condo will also include four additional 500-square-foot units intended as nanny or grandmother flats that buyers can purchase alongside their main residences. The average asking price is expected to be around $2,500 per square foot, with sales set to begin next summer. Unit sizes will range from roughly 4,200 to 7,700 square feet. Brennan stated he plans to personally interview all prospective buyers.
The land was sold by UES Partners, led by Robert Vecsler, who is also CEO of New York-based Hyperion Development Group. The two parcels last traded for $2.7 million in 2012.
Brennan is known as co-founder of Suja Juice and Kopari Beauty and serves as a senior adviser to Paine Schwartz Partners, an investment firm focused on sustainable food ventures. Jacobson continues work on other developments in Miami neighborhoods such as Brickell and North Bay Village.
