609 Brickell Ave Real Estate SoldPreconstruction

Developers 13th Floor Investments and Key International are moving forward with their ambitious project at 609 Brickell Avenue in Miami, designed by Sieger Suarez Architects. The First Miami Presbyterian Church, located at this address, had previously agreed to a deal with the developers that could lead to the construction of one of Miami’s tallest and most iconic buildings—an 80-story luxury condo tower on the church’s property.

The Miami-based developers and the congregation have entered into a “transaction and development agreement,” as indicated in a memorandum recorded with Miami-Dade’s Clerk of Court on March 2. The terms of the agreement include the developer’s right to acquire the property, their obligation to construct the project on the property per the agreement, and their obligation to convey the new church improvements to the church after substantial completion. The full terms of the agreement were not made public, with only a memo confirming the existence of the agreement being recorded.

The developing entity is listed as 13K-BP Brickell Owner LLC, with Arnaud Karsenti as the authorized signator for the developer on the memo. The project aims to preserve the main church building while utilizing the land currently occupied by a parking lot and a religious school building at the rear of the property.

The deal, which could have a value of $240 million to the church, includes several benefits for the congregation. The church will be entitled to 90,000 square feet of space in the new building, 148 parking spaces, and a small park as part of the agreement. In return, the church will receive $48 million in cash, 15 percent of condo sales (estimated at $125 million), and a percentage of sales from the ground-floor restaurant.

The 3.4-acre site at 609 Brickell Avenue is one of the last vacant pieces of land in the popular Miami district, where condo units sell for millions. The historic First Miami Presbyterian Church, built in 1949 and designated as a historical landmark in 2003, will remain intact. The church had previously faced financial difficulties, including a $7 million tax bill in 2018 due to using some of its lands for profit.