Developers are planning a residential project on the 72k sf assemblage
Swire Properties is making moves again in Brickell.
Swire is partnering with Colombian businessman Carlos Mattos to jointly develop the property at 650 South Miami Avenue, a spokesperson told The Real Deal. The developers are planning a residential project on the former Tobacco Road site. Mattos made his money with Hyundai Colombia Automotriz, a car import and distribution company he founded in his home country. His company Isanic Trading will co-develop the 72,000-square-foot plot of land, planned to be an extension of Brickell City Centre. Property records reveal Tobacco Road Property Holdings LLC paid a combined $15.44 million for the majority of the assemblage, nine adjacent properties at 11, 21, 31, 37, 45 and 55 Southwest Seventh Street and 622, 626 and 640 South Miami Avenue in 2012. Swire affiliate BCC Road Improvement LLC paid $4.7 million for the roughly 15,000-square-foot corner piece at 602 South Miami Avenue in 2014.The Tobacco Road entity is controlled by attorney Richard G. Toledo with an address tied to Mattos, who owns more land a block away. The popular Tobacco Road, which was home to Miami’s oldest liquor license, closed in 2014. The River Seafood Oyster Bar is still open. The Mattos-Swire development, on the northeast side of Brickell City Centre, would likely be built during Miami’s next condo cycle. Swire declined to comment further on its plans, but in June, head of U.S. operations Kieran Bowers said the next phase of Brickell City Centre would likely be One Brickell City Centre, a supertall “vertically stacked equivalent” of phase one, which was completed in November 2016. The first phase, a more than $1 billion investment, included two 390-unit condo towers, a 500,000-square-foot outdoor mall, an office building and a 40-story hotel, East, Miami.