A partnership that includes Red Megacentro, a Chile-based real estate developer and self-storage operator, has received approval from the Miami Urban Development Review Board to build a 148-foot-tall, mixed-use project that will include six stories of self-storage. Called Megacenter Brickell, the development at 420 S.W. 7th St. will comprise about 200,000 square feet in two towers. Other features include four stories of boutique office space, 111 parking spaces on the basement level, 10,000 square feet of retail on the ground floor, a rooftop terrace, and 57 “workforce housing units,” according to the source.
The project will also include a wraparound mural that will change periodically. “We will work with the city’s planning-department staff on various art installations on the property,” Reinaldo Borges, a principal architect with Borges + Associates Architects, told board members during a meeting on Wednesday.
Developer Megacenter Brickell LLC needed the board to grant 11 waivers, including a 30 percent reduction in the number of required parking spaces.
The land on which the project will be built is near Little Havana. It was acquired in July 2015 by real estate developers Patricio Ureta and Pablo Wichmann for $7.9 million. Ureta and Wichmann partnered with Red Megacentro in 2012 to adopt the company’s development model in the United States, the source reported.
The self-storage operator’s U.S. projects include a 185,000-square-foot mixed-use development in Medley, Fla. Called Megacenter Palmetto, the project includes self-storage, full-service executive offices, a kitchen-fixture showroom and a K1 Speed indoor go-kart track.
Red Megacentro has more than 7.5 million square feet of real estate in operation in Chile, Peru and the United States. It has built 40 self-storage facilities between the three countries, according to the source. The company focuses on redevelopment projects rather than new construction.
- The Real Deal: Megacenter Brickell Mixed-Use Project Wins UDRB Approval