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 Secures $220 Million Construction Loan for 35‑Story Domus Brickell Center in Miami
Quick take
A Miami development team has closed a $220 million construction loan to build a 35‑story residential tower at 1034 SW Second Ave. The project, named Domus Brickell Center, will deliver 579 units and is being financed through a mix of C‑PACE financing and conventional capital. Most of the funds, roughly $180 million, come from a C‑PACE lender, with a Peruvian‑based firm supplying the remaining $40 million.
What was announced
The development partnership behind the project obtained the combined financing from a Commercial Property Assessed Clean Energy (C‑PACE) lender and a traditional capital partner. The package was arranged and structured by a specialized capital advisory firm. The developers say this is the largest C‑PACE loan on record in South Florida and marks their first time using this tool.
Why the structure matters
C‑PACE places a lien on the property and is repaid through the property tax bill rather than through a conventional construction loan payment. That placement in the capital stack can make traditional banks reluctant to participate, especially when C‑PACE sits above or alongside the senior lender. In this deal, several regional and international banks declined to join because they did not want to accept the unorthodox structure. The C‑PACE portion required nearly ten months to structure for the developer.
Project details and market context
The tower will rise 35 stories and include 579 units made up of studios, one‑bedroom, and two‑bedroom layouts. Unit prices are reported in a broad range between $500,000 and $1.5 million. Sales stood at about 30% sold at the time of the financing announcement. Some reports say the units will be delivered fully furnished.
Amenities planned for the development include a rooftop pool, a bar and grill area, indoor and outdoor gyms, coworking spaces, a conference room, and an on‑site restaurant. The building design was developed to meet local green building standards before the team pursued C‑PACE, and the lender evaluated energy‑saving and resilience features to determine loan eligibility and sizing.
Energy and resilience features qualifying for C‑PACE
Items that helped the project qualify for C‑PACE financing include UV‑filtered water systems, purified air in common areas, high‑performance glazing that limits heat gain, enhanced insulation, and a façade and glazing system designed to exceed hurricane resilience codes. The more energy‑efficient and resilient features a building includes, the more value C‑PACE lenders can typically offer.
Costs, timeline and construction
The developers estimate total project costs near $300 million. Groundbreaking occurred about a week before the financing announcement, and some reporting indicates vertical work started earlier in the month. The building is slated to open to residents at the beginning of 2028.
Why this may matter to other developers
C‑PACE has been available in Florida since legislation cleared the way in 2010, but it has been used sparingly by large commercial developers and had not previously been used at this scale in South Florida. This deal follows another large statewide C‑PACE closing in the same week and may signal growing appetite for that product among projects with strong energy and resilience credentials. The developer indicated the structure was complex and required reworking financial models, but the lower effective rate made it an attractive option compared with other funding paths.
Local market notes
The site, roughly a half‑acre, was purchased in 2023 for nearly $15 million. The development sits a block west of a regional rapid transit line, in the western section of Brickell that has been less developed than the east side. Nearby projects have been moving forward with large loans this year, underscoring continued construction lending activity despite a tougher environment for smaller builders.
Who provided the financing and who structured it
The bulk of the loan was provided by a Bayview PACE affiliate via C‑PACE financing, while a Peruvian‑based capital provider filled out the remaining portion. A capital advisory and structuring firm handled arranging and packaging the deal.
Bottom line
The Domus Brickell Center loan is a notable example of how alternative public‑sector‑linked financing tools can be combined with private capital to move large residential projects forward. It highlights both the potential and the complexity of C‑PACE for big builds in coastal, resilience‑focused markets.
Frequently Asked Questions
What is C‑PACE?
C‑PACE stands for Commercial Property Assessed Clean Energy. It is a financing mechanism that helps building owners pay for energy efficiency, renewable energy, and resilience improvements. Loans are repaid through the property tax bill.
How much of the Domus Brickell Center loan came from C‑PACE?
About $180 million of the $220 million package was provided via C‑PACE financing.
Who provided the remaining financing?
A Peruvian‑based capital firm supplied the remaining $40 million of the construction financing.
How many units and what types will the building have?
The tower will contain 579 units, including studios, one‑bedroom, and two‑bedroom layouts. Units were reported to be roughly 30% sold at announcement.
When will the building open?
The project is scheduled to open at the beginning of 2028.
Why do some banks avoid C‑PACE loans?
Traditional lenders can be wary because C‑PACE liens may sit above or alongside their loans in the capital stack, complicating underwriting and recovery scenarios.
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Key features at a glance
| Feature | Detail |
|---|---|
| Project name | Domus Brickell Center |
| Address | 1034 SW Second Ave., Miami |
| Height | 35 stories |
| Units | 579 (studios, 1BR, 2BR) |
| Construction financing | $220 million total • ~$180M C‑PACE + $40M conventional capital |
| Estimated total cost | Approximately $300 million |
| Projected opening | Beginning of 2028 |
| Notable features | Energy and resilience upgrades (UV water filtration, purified air, high‑performance glazing, enhanced façade) |
| Sales status | About 30% sold |
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 CA News
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