The Estate Companies Locks Down $76 Million Construction Loan For Soleste NoMi Beach In North Miami Beach

The Estate Companies, a subsidiary of Estate Investments Group (EIG), has locked down a $76 million construction loan for Soleste NoMi Beach apartments in North Miami Beach. The financing was provided by Bank OZK was arranged by Brian Gaswirth and Michael DiCosimo of JLL. The developer plans to break ground by the end of June after closing on the site in December 2020 for $13.1 million.

When complete, Soleste NoMi Beach will rise 23-stories and will feature 367 apartment units, 2,708 square feet of commercial space and 655 parking spaces. Amenities will feature a pool deck, spa, fitness center, co-working space and a landscaped rooftop garden.

Soleste NoMi Beach was approved in September 2020 and was designed by Form Group. The 1.78-acre site is located at 16395 Biscayne Blvd.

New Urban Development Proposes View 29 With Affordable And Workforce Housing In Wynwood

New Urban Development, an affiliate of non-profit organization The Urban League of Greater Miami, has proposed View 29 in Wynwood. The residential project is located at 2901 NW 2nd Ave. and will offer a mix of affordable and workforce housing to help address the shortage of affordable housing in Miami. The 27,717 SF site was deeded by the county to New Urban Development in 2020 in exchange for the development of affordable and workforce housing.

View 29 is designed by MC+G Architecture and will rise 12-stories, offering 116 apartment units, 105 parking spaces and 6,910 SF of ground floor retail. The unit mix is expected to offer 30 studios, 18 one-bedroom units, 58 two-bedroom units and 10 three-bedroom units. Residences would range from 650 SF to 1,200 SF. Amenities will feature a pool, community room, childrens’ room, fitness center, yoga room, business center and a rooftop terrace with a solar panel canopy. The Wynwood Design Review Committee is scheduled to review the proposal on May 12.

Terra And New Valley Break Ground On Natura Gardens Multifamily Development In Northwest Miami-Dade

Terra and New Valley have broken ground on Natura Gardens, a 27-acre multifamily development encompassing 460 garden-style rental apartments. The news comes approximately one year after the partnership finalized the purchase of a 72-acre development site in northwest Miami-Dade and as the joint venture also completes the sale of the parcel’s remaining 45 acres to Butters and Greystar for $53.5 million. Site work at Natura Gardens is currently underway, with vertical construction expected to take place in Spring 2021. Delivery is anticipated in early 2022.

“Northwest Miami-Dade is experiencing a surge of demand for new residential and commercial development, which is why we initially zeroed in on this parcel as a prime development site,” said Terra CEO David Martin. “Shortly after our JV announced plans for Natura Gardens, we were approached by several developers that shared our vision for bringing new housing options and infrastructure to this part of the County, and that opened the door to selling our originally planned second and third phases of the development site to Butters and Greystar. This is a good example of how forward-looking development that meets market demand can serve as a magnet for new investment in underserved areas.”

Situated along NW 170th Street between I-75 and Florida’s Turnpike, Natura Gardens is located a short drive from several of South Florida’s largest employers, including Boeing, Royal Caribbean International, Preferred Freezer Services, and The Home Depot.

“We were excited to have worked with Terra to complete the vision for this magnificent site and create a balanced sustainable development that will benefit the residents as well as Miami Dade County,” commented Butters Construction & Development, President, Malcolm Butters.

Designed by Pascual, Perez, Kiliddjian Architecture (PPK), Natura Gardens will range from one- to three-bedrooms, measuring between 727 and 1,476 square feet in size. Amenities will include a two-story clubhouse with a resort-style pool and spa; a media room, game room and kids playroom; a children’s tot-lot play area with recreational equipment and electronics charging stations; a state-of-the-art fitness center with yoga, aerobics and spinning studios; co-working spaces and a coffee bar; and a residents-only dog park with site furnishings. Inspired by the area’s natural surroundings, the community will feature lush landscaping, open lawns, lakes and preserves. Residents will also have access to a dedicated walking/running trail throughout the community.

Bar Invest Group Acquires 358-Unit Pembroke Pines Multifamily For $79.5 Million

Bar Invest Group, led by Herve Barbera, has acquired the 358-unit The Landings at Pembroke Lakes for $79.5 million, roughly $222,000 per unit. The property traded at a reported 4.5% cap rate and was 95% occupied at the time of sale. The seller was Starwood Capital Group who acquired the garden style multifamily property in 2016. The transaction was completed via an Entity Purchase, which involves transferring the LLC which owns the asset and not the deed, which is used in order to avoid paying documentary stamp taxes. The sale was financed with a $52.88 million loan provided by BankUnited NA. The transaction was overseen by Kaya Suarez and Still Hunter with Walker and Dunlop.

The Landings at Pembroke was developed in 1989 and is located on a 26.6 acre site at 10650 Washing St. in Pembroke Pines. The property features seventeen garden-style buildings with units ranging from one to two-bedroom layouts and from 486 square feet to 1,046 square feet. Bar Invest plans to execute a value add strategy and renovate the property by updating the common areas and apartment interiors. Amenities include a fitness center, pool, grill area, tennis and volleyball courts, racquetball, laundry facilities, business center and on-site management.

The Estate Companies Gearing Up To Break Ground On Soleste NoMi Beach In North Miami Beach

The Estate Companies, a subsidiary of Estate Investments Group (EIG), is gearing up to break ground on Soleste NoMi Beach in North Miami Beach. The project, which is located at 16395 Biscayne Blvd., will feature 367 apartment units, 2,708 square feet of commercial space and 655 parking spaces. The Estate Companies acquired the site in December 2020 for $13.1 million after the project, designed by Form Group, was approved in September 2020.

Related Group Reveals Plans For Transit-Oriented 41-Story Miami Station In Downtown Miami

Related Group has revealed plans for Miami Station, a proposed transit-oriented 41-story mixed-use tower adjacent to MiamiCentral Station. Miami Station is located at 525-533 NW 2nd Ave. in Downtown Miami on a 30,527 SF lot that is the former site of the never completed Krystal Tower. The project is designed by ODP Architects and plans have been submitted to Miami’s Urban Development Review Board for review. If approved Miami Station would rise 458’ and would feature 200,234 square feet of office space, 309 apartment units, 8,508 square feet of commercial space and 510 parking spaces. Amenities would include a 22nd floor amenity deck and a rooftop pool.

Kushner Companies Gearing Up To Break Ground On First Miami Projects

Kushner Companies is gearing up to break ground on their first two Miami projects located in Wynwood and Edgewater. The Wynwood project, known as Wynwood 27, will break ground first in Q1 2021 at 127 NW 27th St. and 129 NW 26th St. Wynwood 27 will feature 152-units, 50,000 SF of office space and 34,000 SF of retail space. The project will be followed by Wynwood 28 which will feature 40 residential units, 44,637 SF of office space and 15,800 SF of retail space. Kushner Companies acquired the sites for $32 million in July 2019 in partnership with Block Capital. In March 2020 Kushner Companies obtained $17.55 million in financing for the properties provided by CIT Bank.

The Wynwood project will be followed by the first tower at 1900 Biscayne, a 36-story multifamily building which will feature 393 apartment units. Kushner Companies plans to build 1,100 units over three towers in three phases on the site which includes the adjacent 2000 Biscayne with an estimated total development cost of $550 million. Kushner Companies acquired the site, which is located in an opportunity zone, in March 2019 from Enrique Manhard. It was previously owned by Verzasca Group who had planned a 36-story condo for the site, later changing to a rental concept before selling to Manhard for $13.1 million in 2018.

The Estate Companies Acquires Site For Soleste NoMi Beach In North Miami Beach

The Estate Companies, a subsidiary of Estate Investments Group (EIG), has closed on the future site of Soleste NoMi Beach in North Miami Beach for $13.1 million. The project was approved in September 2020 and was designed by Form Group. The 1.78-acre site is located at 16395 Biscayne Blvd. and currently features an 8,249 square foot retail building which will be demolished. The seller was Biscayne Cove LLC, an entity managed by Enrique R. Puig, and the deal included $1 million in seller financing. When complete, Soleste NoMi Beach will rise 23-stories and will feature 367 apartment units, 2,708 square feet of commercial space and 655 parking spaces. Amenities will feature a pool deck, spa, fitness center, co-working space and a landscaped rooftop garden.

Tricera Capital, LNDMRK and Related Group Break Ground On The Dorsey In Wynwood

The Related Group, Alex Karakhanian’s LNDMRK Development, and Scott Sherman’s Tricera Capital have broken ground on The Dorsey in Wynwood. The Dorsey is a mixed-use project which will rise 12-stories and will feature 306 apartment units; 35,000 SF of retail; 70,000 SF of office and 476 parking spaces. Units will range in size between 500 and 700 square feet with some micro-units in the 400 square foot range. The project was designed by Arquitectonica and will be located along one of the planned Woonerfs as part of Wynwood’s new ArquitectonicaGEO-designed streetscape, which open up space for pedestrians while also allowing car access.

“We are proud to partner with Related and Alex karakanian on this mixed use project in the most dynamic and growing neighborhood in Miami,” said Scott Sherman of Tricera Capital.

The Dorsey will be built at the site of the former Coca Cola plant and was previously owned by Thor Equities and Rockwood Capital who had proposed a Touzet Studio-designed project. The JV, which purchased the 2-acre site in late 2019 for $32 million, demolished existing buildings on the site, some of which were originally built in the late 1920’s including the former Coca Cola plant. The Dorsey will be located at 280 NW 28th Street.

Northwestern Mutual Acquires Modera Port Royale In Fort Lauderdale For $180 Million

Northwestern Mutual has acquired the Modera Port Royale apartment community in Fort Lauderdale for $180 million. Modera Port Royale is located long the Intracoastal Waterway at 3303 Port Royale Drive South as well as 2890-2900 Port Royale Blvd. The seller was Port Royale JV Phase I LLC, a joint venture between Mill Creek Residential and Invesco Real Estate and the buyer was NM-Port Royale LLC, an entity managed by Northwestern Mutual Life Insurance. The pricing breaks down to roughly $324,000 per unit.

Modera Port Royale features 555 rental apartment units spanning 1.03 million square feet spread across five buildings on an 8.2-acre site. Amenities include a waterfront pool, game room, coffee bar, fitness center, roof deck, theater and marina with 55 boat slips. The property was developed in 2017 by Mill Creek Residential who sold Phase 1 for $94 million in 2015.