Developers land $67 million loan for mixed-use hotel near Brickell City Centre
Robert Finvarb and Tony Cho, co-developers for a mixed-use hotel next to Brickell City Centre, closed on a $67 million loan, according to records. The company C-F Brickell Owner LLC obtained the funding from City National Bank to build on the collection of nearly 29,000 square feet of land at 115 Southwest Eighth Street in Miami.
Plans for a 21-story, 264-key dual-branded hotel on the property were approved by the Miami Urban Development Review Board in 2018. Designed by Arquitectonica, the project would also include 25,000 square feet of retail space, structured parking, and a rooftop terrace.
The project is located close to Underline, a linear park that will run underneath the Metrorail tracks, starting in Brickell and south to Dadeland. In 2017, Finvarb and Cho paid $18.4 million for the site.
Both partners are working in non-related projects throughout Miami.
Finvarb is planning a 250-unit apartment building in North Beach. The project would be similar to Sunset Harbour, with ground-floor retail, restaurants, and a fitness component. While Cho, president and CEO of Metro 1, is part of the development group backing the Magic City Innovation District, a $1 billion proposed mixed-use project in Little Haiti.