1034 SW Second Ave., Miami, September 24, 2025
News Summary
North Development has secured $220 million in construction financing for the 35‑story Domus Brickell Center at 1034 SW Second Ave., Miami. The package pairs roughly $180 million in C-PACE financing with $40 million from an international capital provider, clearing a major hurdle for the 579‑unit tower. The project — about 30% presold — includes studios to two‑bedroom units, furnished options, and green, hurricane‑resilient features that qualified for C-PACE. With estimated costs near $300 million and construction underway, the development aims for an early 2028 opening and signals expanded C-PACE use in large Miami projects.
North Development Locks in $220M to Build 35‑Story Domus Brickell Center
$220 million in construction financing has been secured for a new tower at 1034 SW Second Ave., Miami, clearing a major hurdle for the 35‑story Domus Brickell Center project. The financing package combines a Commercial Property Assessed Clean Energy (C‑PACE) loan of about $180 million with $40 million from a Peruvian‑based capital provider, bringing the total announced funding to $220 million.
What the money will build
The project is planned as a 35‑story tower with 579 units, variously described in different reports as a condominium, an apartment tower, and a condo‑hotel. Unit types will include studio, one‑ and two‑bedroom layouts, with reported prices ranging roughly from $500,000 to $1.5 million. Developers report about 30% of the units are sold, and some planning documents indicate units will be delivered fully furnished.
Financing structure and significance
The larger portion of the loan comes from a specialized C‑PACE lender, while the remaining portion is supplied by an international capital firm. The loan arrangement was both arranged and structured by a third‑party advisory firm that guided the developer through a roughly 10‑month structuring process. The developer has identified this C‑PACE deal as the largest of its kind in South Florida to date.
C‑PACE financing is an alternative tool first enabled by state law in 2010. It lets building owners fund energy efficiency, resilience and renewable energy measures through a property assessment mechanism. Instead of paying interest directly to a traditional lender, the borrower repays through an assessment on the property tax bill, which the county then pays to the C‑PACE provider. That payment position often sits above or alongside traditional senior mortgage lenders, a feature that has made many conventional banks cautious about participating.
Why banks initially passed
Several regional and national banks declined to join the financing before the deal was completed, citing the unorthodox capital stack and the complications that arise when C‑PACE occupies a position near or above senior lenders. The developer ultimately paired the C‑PACE loan with equity and the international capital provider to complete the package. The team expects the blended financing cost to be lower than many other available options for the project.
Project design and qualifying features
Domus Brickell Center was designed to meet local green building standards before the C‑PACE application. The project includes multiple items that qualify under C‑PACE rules, such as UV‑filtered water systems, purified air in common areas, high‑performance glazing and window systems that reduce solar heat gain, upgraded insulation, and a façade and glazing system designed to exceed current hurricane resilience codes. The lender assessed these features to determine the eligible C‑PACE amount.
Amenities, timeline and costs
Planned amenities include a rooftop pool with bar and grill, indoor and outdoor fitness spaces, coworking areas, conference rooms and an on‑site restaurant. The developer estimates total project costs will approach $300 million. Groundbreaking ceremonies were held shortly before the financing announcement, and work reportedly began on site earlier this month. The project is scheduled to open in early 2028.
Developer and local context
The development is being advanced by a partnership between two real estate firms. The advisory team credits the complex financing process as a learning experience that could lead the developer to pursue more C‑PACE financing on future projects. The half‑acre site was purchased in 2023 for nearly $15 million, and the development sits a block west of a local rapid transit line in a section of Brickell that has seen less recent infill than the eastern portion of the neighborhood.
Market context: the deal closed the same week that another large C‑PACE loan closed for a major hotel and residence project elsewhere in the state, highlighting a growing, though still selective, use of C‑PACE for big commercial developments. At the same time, many smaller builders continue to face challenges securing new construction financing amid fluctuating interest rates and material cost uncertainty.
Why this matters
The Domus Brickell Center financing signals a notable expansion in the scale of C‑PACE use in the region. For developers, it demonstrates that complex capital stacks combining C‑PACE with international debt can be structured to support major urban residential projects, especially when projects are designed with qualifying energy and resilience measures. For lenders and the market, the deal underscores the continuing adjustment period as traditional banks weigh new repayment hierarchies against long‑standing underwriting practices.
Next steps on the project
Construction is underway with the developer moving to the next phases of vertical work. Sales remain active and the team plans to advance construction and marketing through the next two years with a target opening in early 2028. The financing parties will continue to monitor construction milestones and permitting progress as the project advances.
FAQ
What is the total construction financing for Domus Brickell Center?
The announced construction financing totals $220 million, combining a C‑PACE loan of about $180 million and $40 million from an international capital provider.
Where is the project located?
The site is at 1034 SW Second Ave., Miami, a half‑acre parcel purchased in 2023.
How big is the building and how many units will it have?
The development is a 35‑story tower planned to contain 579 units, including studios, one‑ and two‑bedroom layouts.
What is C‑PACE and why is it used?
C‑PACE allows building owners to finance energy efficiency, resilience and renewable energy improvements through a property assessment. Payments are made via the property tax bill, which can make longer‑term, lower‑cost capital available for qualifying measures.
When will the building open?
The project is scheduled to open in early 2028, with construction already underway.
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Key Project Features
| Feature | Detail |
|---|---|
| Address | 1034 SW Second Ave., Miami |
| Building | 35 stories |
| Units | 579 (studios, 1BR, 2BR) |
| Financing | $220M total — ~$180M C‑PACE + $40M capital provider |
| Developer | Partnership of two development firms |
| Estimated total cost | About $300M |
| Qualifying green features | UV water filtration, purified air in common areas, energy‑saving windows, enhanced insulation, resilient façade/glazing |
| Amenities | Rooftop pool, bar & grill, indoor/outdoor gym, coworking spaces, conference room, restaurant |
| Sales status | Approximately 30% sold |
| Target opening | Early 2028 |
Deeper Dive: News & Info About This Topic
Additional Resources
- CoStar: Miami condominium tower nabs major construction loan
- Wikipedia: Domus Brickell Center
- YieldPro: Domus Brickell Center
- Google Search: Domus Brickell Center
- Multi-Housing News: North Development obtains record C-PACE financing
- Google Scholar: C-PACE financing
- Bisnow South Florida: North Development lands $220M C-PACE construction loan
- Encyclopaedia Britannica: Property Assessed Clean Energy (search)
- Commercial Observer: Domus Brickell Center financing details
- Google News: Domus Brickell Center
Author: Construction FL News
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