Quick answer: 1428 Brickell is a Related Group flagship delivering 2027-2028 at $1,100-$1,400/sqft. Projected net yields of 1.4-2.8% on one-bedrooms. SB 4-D exempt for 25 years post-delivery. STR likely prohibited. This is an appreciation play with capital locked during construction, not a cash-flow investment.
1428 Brickell rises at 1428 Brickell Avenue, directly on the Brickell Avenue corridor between Icon Brickell and the Four Seasons Hotel. Developed by the Related Group, Miami’s most prolific luxury residential developer with over 90,000 units delivered across four decades, and designed by Arquitectonica with interiors by the Italian firm ACPV Architects (Antonio Citterio Patricia Viel), the 70-story tower will contain approximately 189 residences when completed.
For investors, 1428 Brickell represents a fundamentally different proposition than established buildings like Icon Brickell or Panorama Tower. You are not buying a stabilized income asset with known rents and known costs. You are making a capital allocation decision that locks 50% of your purchase price for 2-3 years during construction, with returns entirely dependent on the Miami luxury market at the time of delivery and the building’s post-delivery rental absorption.
This review projects realistic net yields, assesses delivery risk based on Related Group’s track record, explains the deposit structure and legal protections under Florida condominium law, and frames the investment as what it actually is: a leveraged bet on continued Brickell luxury market appreciation.
For broader Brickell market fundamentals, see our Brickell area guide. For the Miami context, read the Miami market overview. Also reference our due diligence guide for the complete condo purchase checklist.
Investment Review project specifications
| Specification | Detail |
|---|---|
| Address | 1428 Brickell Avenue, Miami |
| Developer | Related Group |
| Architect | Arquitectonica |
| Interior design | ACPV Architects (Antonio Citterio Patricia Viel) |
| Stories | 70 |
| Residences | ~189 |
| Unit sizes | 1,200-5,500 sq ft |
| Construction status | Topped off; interior finishing (as of mid-2026) |
| Projected delivery | Late 2027, Early 2028 |
| Price range | $1.5M-$10M+ |
| Price per sq ft | $1,100-$1,400 (non-penthouse) |
| Amenities | Private pool deck, spa, fitness by Technogym, resident lounge, wine room, children’s area, dog park, valet, concierge |
| Parking | Private garage with EV charging |
The unit count of 189 is intentionally low for a 70-story tower, reflecting a luxury positioning with larger floor plans and fewer units per floor (typically 3-5 per floor on residential levels). This low density is marketed as exclusivity but also means higher per-unit allocation of common costs.
Investment Review pricing and deposit structure
Pre-construction pricing at 1428 Brickell was established at initial launch (2022-2023) and has been adjusted upward during the sales period. Current available inventory trades at the following approximate ranges:
| Unit type | Size range (sq ft) | Price range (2026) | Price per sq ft |
|---|---|---|---|
| 1 bedroom + den | 1,200-1,400 | $1,400,000-$1,900,000 | $1,100-$1,350 |
| 2 bedroom | 1,600-2,000 | $1,800,000-$2,800,000 | $1,100-$1,400 |
| 3 bedroom | 2,200-3,000 | $2,600,000-$4,200,000 | $1,180-$1,400 |
| Penthouse | 3,500-5,500 | $5,000,000-$10,000,000+ | $1,400-$1,800+ |
Deposit structure (typical, verify with developer for current terms):
| Stage | Percentage | Timing |
|---|---|---|
| Reservation | 10% | At reservation signing |
| Contract execution | 10% | Within 30 days of reservation |
| Groundbreaking | 10% | Upon construction start confirmation |
| Top-off (structural completion) | 10% | When building reaches full height |
| Additional milestone | 10% | Developer-specified construction milestone |
| Closing balance | 50% | Upon delivery and certificate of occupancy |
Total pre-delivery capital exposure: 50% of purchase price held in escrow during construction. On a $1,500,000 one-bedroom + den, this represents $750,000 locked for approximately 2-3 years without generating rental income. The opportunity cost on this capital at a 5% risk-free rate is approximately $37,500-$56,000 per year.
Investment Review projected net rental yield: three scenarios
These projections are forward-looking estimates based on current Brickell luxury rental market trends extrapolated to the 2027-2028 delivery timeframe. Actual yields will depend on market conditions at delivery, final HOA fees established by the developer transition, and insurance costs at that time.
Assumptions: One-bedroom + den unit (1,300 sq ft), $950,000 purchase price (if purchased at earlier pricing), delivery 2028. Monthly rents for new-build luxury Brickell one-bedrooms in the $1M+ purchase segment currently achieve $4,000-$5,500/month.
| Cost line | Conservative | Base case | Optimistic |
|---|---|---|---|
| Monthly rent | $4,000 | $4,800 | $5,500 |
| Annual gross rent | $48,000 | $57,600 | $66,000 |
| Vacancy (8% / 5% / 3%) | −$3,840 | −$2,880 | −$1,980 |
| Effective gross income | $44,160 | $54,720 | $64,020 |
| Property management (8% / 6% / 5%) | −$3,533 | −$3,283 | −$3,201 |
| Property tax (non-homestead ~1.1%) | −$10,450 | −$10,450 | −$10,450 |
| Insurance (HO-6 + wind) | −$3,500 | −$3,000 | −$2,800 |
| HOA fees (est. $850/mo) | −$10,200 | −$10,200 | −$10,200 |
| Capex reserve (3%) | −$1,325 | −$1,642 | −$1,921 |
| Projected Net Operating Income | $15,152 | $26,145 | $35,448 |
| Projected net yield on $950,000 | 1.6% | 2.8% | 3.7% |
Important caveats:
These yields assume the purchase price was locked early in the sales cycle. Buyers entering at current pricing ($1,400,000+ for a comparable unit) will see yields compressed to 1.0-2.5% net. The yield case for late-stage pre-construction buyers depends almost entirely on capital appreciation rather than rental income.
Investment Review SB 4-d: the new-construction advantage
1428 Brickell’s most tangible structural advantage over established Brickell buildings is its complete exemption from SB 4-D milestone inspections for 25 years after the certificate of occupancy.
| SB 4-D item | 1428 Brickell | Older Brickell towers (pre-2010) |
|---|---|---|
| Milestone inspection required | Not until ~2052-2053 | Already completed or imminently due |
| SIRS reserve funding pressure | Minimal (new systems) | Significant (aging systems) |
| Special assessment risk (structural) | Near zero for 15+ years | Active risk in current budget cycles |
| HOA fee pressure from compliance | None | 8-15% annual increases common |
| Insurance premium basis | New-build code credits | Older code penalties |
For an investor with a 10-year hold horizon, this means 1428 Brickell will never face the $10,000-$40,000 per-unit special assessment risk that currently affects buildings like Icon Brickell, Infinity at Brickell, or 500 Brickell. The HOA fee trajectory will be driven by normal operating cost inflation rather than catch-up reserve funding mandated by SB 4-D.
Investment Review HOA rental restrictions: expected framework
The final condominium declaration for 1428 Brickell has not been publicly recorded as of mid-2026. However, based on Related Group’s precedent across their Brickell portfolio and the luxury positioning of this project, the following rental framework is expected:
Expected rental rules (based on Related Group precedent):
- Minimum lease term: likely 30 days or 6 months (to be confirmed in recorded declaration)
- Short-term rental (under 30 days): expected to be prohibited
- Airbnb / platform rentals: expected to be prohibited
- Lease approval process: likely board review with background/credit check
- First-year rental restriction: some Related Group projects impose a 1-year owner-occupancy requirement or rental waiting period after delivery
Risk for investors:
If the declaration imposes a 6-month or 12-month minimum lease, your rental strategy is limited to standard long-term leases. If a first-year rental prohibition applies, you will carry the full ownership costs (HOA, tax, insurance, loan payments if financed) for 12 months before generating any rental income. Factor this into your total cost of investment.
Recommendation: Request the draft declaration from the developer’s sales team before finalizing your purchase. The rental restriction language is typically established early in the sales process and unlikely to change significantly before delivery. Do not assume STR rights will exist.
Developer track record: related group assessment for Investment Review
Related Group’s execution history is directly relevant to delivery risk assessment. As one of Miami’s largest developers, their track record provides data points for investors evaluating pre-construction commitment.
| Metric | Related Group data |
|---|---|
| Years active | 40+ |
| Units delivered (total) | 90,000+ |
| Active current projects (FL) | 12-15 |
| Average delivery delay vs projected | 6-12 months (industry typical) |
| Deposit escrow compliance | No known escrow violations |
| Post-delivery HOA fee accuracy | Pro-forma typically 10-25% below actual first-year fees |
| Notable Brickell projects | Icon Brickell, MyBrickell, Brickell Heights, One Park Grove |
Key risk factors with Related Group:
- Pro-forma HOA estimates in sales materials historically understate actual first-year fees by 10-25% (industry-wide issue, not unique to Related)
- Large project pipeline means attention is distributed across multiple simultaneous developments
- Some Related buildings (Icon Brickell) have experienced post-delivery litigation between the association and developer over construction defects, typical for large condo projects in Florida
- The developer retains control of the HOA board until a majority of units are closed, meaning early buyers have limited governance influence
Mitigating factors:
- 40+ year track record with no developer bankruptcies or project abandonments
- Florida condominium statute requires escrow of deposits with independent fiduciary
- Construction lending for 1428 Brickell is in place (reduces abandonment risk)
- Building has topped off, structural risk is largely past; remaining work is finishing
Advantages of pre-construction
- Entry pricing locked 2-3 years before delivery, potential paper appreciation of 15-30% if market continues upward
- Brand-new asset with zero deferred maintenance and 25-year SB 4-D exemption
- Antonio Citterio interior design creates premium tenant appeal and strong resale positioning
- 189-unit exclusivity means less internal competition on resale compared to 800+ unit towers
- Related Group developer credibility reduces (but does not eliminate) delivery and quality risk
- Modern energy systems and smart-home features attract premium tenants who will pay top rents
- First-mover advantage in 2027-2028 delivery cycle if competing towers (Cipriani, Six Senses) deliver later
- Full-floor residences available at upper levels for high-net-worth portfolio diversification
Main risks
- 50% of capital locked for 2-3 years generating zero income (opportunity cost $37,500-$56,000/yr on $750K deposit)
- Market may soften before delivery: Miami-Dade condo inventory at 17 months supply suggests buyer’s market conditions
- Pro-forma HOA fees will almost certainly be higher than developer projections by 10-25% in year one
- No rental income history means yield projections are speculative, not based on demonstrated market performance
- Multiple luxury towers delivering simultaneously in 2027-2028 (1428 Brickell, Cipriani, Six Senses, Baccarat) may saturate the premium rental segment
- Assignment restrictions may prevent resale of contract before delivery if market conditions change
- Insurance costs unknown until building receives certificate of occupancy and master policy is placed
- Non-refundable deposits at risk if buyer defaults (though escrow protects against developer default)
- FIRPTA applies immediately on any profit, even assignment of contract to new buyer triggers withholding
- First-year rental restrictions may delay income generation by 12 months after closing
Investment Review investment decision framework
Buy 1428 Brickell if:
You believe Miami luxury real estate will continue appreciating at 3-5% annually through 2030. You have $750,000+ in capital that you do not need to generate income for 3 years. You want a trophy Brickell address with brand-new finishes, zero structural risk, and premium tenant appeal. You plan to hold 7-10+ years and use the building as a long-term portfolio anchor rather than a cash-flow generator.
Do not buy 1428 Brickell if:
You need immediate rental income to service debt or meet living expenses. Your investment thesis depends on STR or vacation rental income. You cannot withstand a 15-20% market correction between now and delivery without financial stress. You are comparing this to stabilized buildings where you can start generating income immediately at known costs. Your total portfolio is concentrated in Miami real estate without diversification across other markets or asset classes.
Investment Review comparison with competing pre-construction
| Project | Developer | Delivery | Price/sqft | Units | Differentiator |
|---|---|---|---|---|---|
| 1428 Brickell | Related Group | 2027-2028 | $1,100-$1,400 | 189 | Local developer track record; earlier delivery |
| Cipriani Residences | Mast Capital | 2028-2029 | $1,500-$2,000 | ~397 | Italian hospitality brand; higher price point |
| Six Senses Brickell | Related Group | 2028-2029 | $1,200-$1,600 | ~120 | Wellness brand; smallest unit count |
| Baccarat Miami | Related Group | 2028 | $1,300-$1,800 | ~324 | Crystal brand; Brickell Bay waterfront |
Related Group is developing three of the four competing projects (1428, Six Senses, Baccarat), which means the same developer is simultaneously targeting the same buyer pool. This concentration creates both brand confidence (Related knows Brickell) and supply risk (three Related buildings delivering to the same micro-market within 12-18 months).
Investment Review tax and legal structure for pre-construction
Foreign investors purchasing pre-construction face specific structuring considerations that differ from resale purchases:
| Issue | Pre-construction specific |
|---|---|
| Entity timing | LLC should be formed before contract execution (not after) for clean title |
| ITIN requirement | Needed before closing; apply early (processing takes 8-12 weeks) |
| Deposit source documentation | Florida title companies require wire source documentation for anti-money-laundering |
| Contract assignment tax | If you assign before closing, FIRPTA withholding applies on assignment profit |
| Developer default protection | FL statute requires escrow; deposits returned if developer fails to deliver |
| Construction period holding cost | No depreciation deduction available until building is placed in service |
| Property tax during construction | No property tax liability until closing (developer pays during construction) |
Florida Estate’s final assessment
1428 Brickell is not an income investment. It is a capital appreciation bet on the continued upward trajectory of Brickell’s luxury segment, structured as a 2-3 year forward purchase with 50% deposit exposure. The building will likely deliver a beautiful product, Related Group’s execution competence is well-established, but whether that product generates acceptable returns depends on rental market conditions in 2028 that no one can predict with confidence today.
The realistic base-case net yield of 2.8% on early pricing (and potentially lower on current pricing) means income alone does not justify the capital commitment. Investors must believe in 3-5% annual appreciation to generate total returns that compensate for the illiquidity and opportunity cost of the deposit period.
If you want immediate income in Brickell, buy Panorama Tower or Infinity at Brickell today. If you want to bet on Brickell luxury appreciation with a brand-new, SB 4-D-exempt asset, 1428 Brickell is one of the stronger options in the 2027-2028 delivery pipeline, but only at the right price, with the right entity structure, and with capital you truly do not need for 3+ years.
For the yield framework, see our Florida rental yield guide. For SB 4-D context, read our condo safety guide.
What market context and commercial intake should investors verify
See the Miami area overview for supply, foreign buyer share, and county-wide STR rules.
Want a shortlist that includes this building? Submit budget on invest in Miami.
Compare nearby towers:
What developer due diligence applies
Before you wire pre-con or resale earnest money, read the Related Group developer dossier for deposit escrow rules, delivery history, foreign buyer concentration, and sourced red-flag research steps tied to this tower.
Co-developer or partner profiles on overlapping projects:
Pair the developer dossier with the Florida due diligence checklist and SB 4-D condo safety guide when buying Miami-Dade condominiums.
What pre-construction review steps apply
This tower also has a dedicated pre-construction lens covering deposit escrow, delivery timeline, and foreign buyer compliance: 1428 Brickell pre-con review.
Use the project review for reservation decisions and the building review for stabilized yield, HOA fees, and rental restrictions after certificate of occupancy.
Florida Estate’s insider tip
Insider tip: Ask the developer’s sales team for the draft declaration before you sign. The expected rules are a 30-day or 6-month minimum lease with STR prohibited, and some Related Group projects add a 1-year rental waiting period after delivery, which would mean 12 months of HOA, tax and insurance with zero rental income.
Frequently Asked Questions
Projected net yields range from 1.4% (conservative) to 2.8% (base case) to 3.7% (optimistic) on a $950,000 one-bedroom purchased at early pricing. These are forward projections based on estimated 2028 delivery-year rents and operating costs that are not yet established.
Related Group, Miami's largest residential developer with 90,000+ units delivered over 40+ years. Architecture by Arquitectonica, interiors by ACPV Architects Antonio Citterio Patricia Viel.
Projected late 2027 or early 2028. The building has topped off and is in the interior finishing phase. Related Group typically delivers within 6-12 months of projected timelines based on historical track record.
Capital locked for 2-3 years without income, potential market softening before delivery, HOA fees likely 10-25% above pro-forma, simultaneous luxury tower deliveries creating tenant absorption challenges, and rental restriction uncertainty until the declaration is recorded.
Existing buildings (Icon, Panorama, Infinity) offer immediate rental income at known costs. 1428 Brickell offers a brand-new asset with 25-year SB 4-D exemption and appreciation potential, but requires 50% capital lock-up during construction with zero income. Choose based on whether you prioritize current cash flow or long-term appreciation.
Get 1428 Brickell Pre-Construction Analysis
Current availability, deposit schedule, and projected returns comparison with stabilized Brickell alternatives.