What's The Deal | René Bello on Atelier Residences Miami

René Bello is the Founder and CEO of BLDG Ventures, a real estate investment and development firm redefining urban landscapes through visionary projects. With a background as an architect turned developer, René has over a decade of experience in real estate acquisition, development, and investment. Before founding BLDG Ventures in 2020, René held a pivotal role at Royal Palm Companies, contributing to high-profile projects such as Paramount Miami Worldcenter and Legacy Miami Worldcenter. René’s expertise spans global real estate development, private equity, and asset management, making him a trailblazing leader in the industry.

What attracted you to the Atelier Residences Miami deal?
The opportunity to create a new community center in Miami was incredibly appealing. Having lived most of my life in Miami, I was drawn to the site’s unique location. It's at the confluence of five key areas—Coral Way, Coral Gables, Brickell, Coconut Grove, and Little Havana—commonly referred to as "Five Points." The walkability, natural foliage, and charm make it reminiscent of Coconut Grove before its boom. This site has the potential to foster a vibrant new neighborhood that stands out from Brickell or Edgewater.

What's your vision for this project?
We aim to create a new community-centric town center in Miami that ties into the area’s historical significance. For example, we're close to the Vizcaya Museum, an important historical landmark. Our goal is to blend the past with the future and usher in a paradigm shift for Miami, targeting the next generation. The project is infused with excitement, vision, and innovation, reflecting a more youthful, dynamic approach to development.

How did you secure financing for this deal?
It was a complex process that required creative solutions. The deal was initially structured as a hotel, but the seller declined our joint venture offer. When COVID hit, hotel financing dried up, forcing us to pivot. We ultimately secured seller financing and acquired the company holding the site’s entitlements, saving significantly on property taxes. This creative structuring was key in navigating Miami’s challenging development environment, particularly with rising interest rates and inflation.

What are some key partnerships or collaborators on the project?
We leveraged relationships with top-tier talent we've worked with in the past, including Gensler and Pfeiffer Haus. While the project is smaller-scale compared to my previous work, like Paramount Miami Worldcenter, it incorporates lessons learned. Our focus is on community, not just amenities. This led to the creation of CAYA, a health and wellness-focused private members club integrated with residential and retail spaces. We’re shifting the narrative from Miami being just glitz and glamour to a more holistic, community-centered locale.

Reflecting on your experience with this property, what are your key takeaways?
Community-first development is paramount. The Roads neighborhood has a rich history, and we’ve prioritized engaging the community throughout this process. From canvassing the neighborhood to understanding residents’ concerns, we’ve made it a point to be transparent and collaborative. Additionally, we’ve incorporated innovative features like educational workshops for residents and visitors, drawing inspiration from brands like Apple. This community-first mindset also extends to technology, with AI integration offering personalized experiences for residents and guests.

Could you share the story behind BLDG Ventures?
BLDG Ventures started as a collaborative archive cataloging significant buildings across the U.S. during my time at the University of Florida. Over the years, it evolved into a real estate development and investment firm. Our first major brand, Atelier, embodies our community-first ethos and aims to set the standard for future projects nationwide.

How is technology shaping your projects?
Technology plays a significant role. Atelier will be the first AI-integrated residence in Miami, offering personalized guest and resident experiences. From dining reservations tailored to allergies to health and wellness scheduling, we’re leveraging AI to enhance convenience and customization. This aligns with Miami’s emergence as a tech hub and reflects the future of real estate development.

What advice do you have for young professionals starting in commercial real estate?
Persistence is key. Whether as an architect, contractor, or developer, I’ve faced challenges that required resilience. It’s also important to retool and refine your skills continually. Stay optimistic, even during tough times. For example, during COVID, when things were falling apart, I maintained a positive attitude because I believed in the work we were doing. That kind of persistence can make all the difference