JDS Shops Brickell Supertall Site to Investors, TRD Reports
Michael Stern's JDS Development is seeking investors for its Brickell supertall site, The Real Deal reported, days after Terra and Tyko took 1250 West Ave.
Michael Stern’s JDS Development is looking for investors for its Brickell supertall site, The Real Deal reported on Oct. 9. The site at 888 Brickell Avenue is the one JDS planned for a Dolce & Gabbana-branded condo tower.
The Real Deal’s account is walled to us, so we are attributing it and not restating terms it has not been verified to carry. The headline is the move: the developer is shopping the site, not announcing a start.
Why it matters
A developer seeking outside capital for a branded supertall tells the market where the capital stack stands. Earlier reporting put the tower in the 80-plus-story range, with Florida YIMBY citing a height of 1,049 feet above sea level. Projects of that scale need large equity and construction debt, and the search for investors suggests JDS wants partners before it commits to either.
The timing stands out. This week Stern was displaced at 1250 West Avenue in Miami Beach, where Terra, led by David Martin, and Tyko landed a $507M construction loan, as we reported. Two Stern-linked sites in one week are changing hands or seeking new money, and both read as a test of who can fund luxury condo land in the current rate environment. See our wider South Florida coverage.
The numbers
Bisnow reported that JDS paid $62M for the roughly half-acre site, buying from an entity tied to Grupo Mezerhane, which had acquired it in 1984 for $6.3M. Bisnow also reported a $36M loan from New York-based G4 Capital Partners to finance the purchase. We have not independently pulled the deed or mortgage, and we have not confirmed any asking price or valuation in the new marketing effort.
Reports differ on the design: one account cites a 90-story tower and another an approved 82-story, 259-unit plan. We use neither as settled.
What’s next
Watch Miami-Dade clerk records for a new mortgage, assignment or ownership change on the parcel, which would show whether investors are buying in or buying the site outright. We have logged the site for a records pull. Also watch whether the Dolce & Gabbana branding stays attached if the site changes hands, and whether JDS still carries the G4 loan.
On the record
What we checked ourselves, and where you can check it too.
- Our coverageTerra and Tyko landed a $507M construction loan at 1250 West Avenue, Miami Beach, the same week JDS was reported to be seeking investors for its Brickell siteRead our earlier story →