13th Floor Investments and Rockpoint Lock Down $100 Million in Construction Financing For Link at Boca Transit-Oriented Multifamily in Boca Raton

A joint venture between South Florida-based developer 13th Floor Investments and Boston-based Rockpoint has secured $100 million in construction financing from Santander Bank to develop Link at Boca, an eight-story transit-oriented multifamily community adjacent to the Boca Raton Tri Rail Station. As part of a public-private partnership with the South Florida Regional Transportation Authority (SFRTA), the mixed-use development will deliver 340 market-rate and workforce apartments and 24,000 square feet of lifestyle-focused retail space.

Located at 680 West Yamato Road, adjacent to the Boca Raton Tri-Rail Station, the eight-story transit-oriented development will feature a mix of 340 apartments along with approximately 24,000 square feet of lifestyle-focused retail space on the ground floor serving residents, transit-riders, and the surrounding Boca Raton community.

With groundbreaking scheduled to take place in February, the development is designed to create a walkable station district that strengthens connectivity and daily access to transit.

“Partnering with Rockpoint and securing this financing marks an important milestone for Link at Boca and reflects confidence in both the project and the long-term fundamentals of transit-oriented development in Boca Raton,” said Daryl Shevin, Chief Financial Officer, Principal of 13th Floor Investments. “Through this well-capitalized joint venture, we’re looking forward to breaking ground and delivering a thoughtfully designed, mixed-use community that enhances connectivity and everyday life around the Tri-Rail station.”

Link at Boca marks 13th Floor Investments’ third Link branded transit-oriented development, following the continued expansion of Link at Douglas in Miami and the planned Link at SoMi near the South Miami Metrorail Station. The project builds on the firm’s growing pipeline of mixed-use and transit-connected communities across South Florida.

“Link at Boca is an opportunity for Rockpoint to expand on its strong existing presence in South Florida, and we’re excited to partner with 13th Floor Investments to develop the property,” said Dan Domb, a Managing Member and COO at Rockpoint. “Boca Raton stands out as a highly attractive, economically resilient submarket within the greater Palm Beach market and the team at 13th Floor Investments shares our conviction in the market’s solid multifamily fundamentals given durable demand and supply constraints.”

The community will include a mix of studio, one-, two-, and three-bedroom apartments ranging from approximately 600 to 1,300 square feet, featuring custom cabinetry, quartz countertops and backsplashes, luxury vinyl tile flooring, floor-to-ceiling windows, in-unit washers and dryers, and expansive balconies. Amenities will include a resort-style pool deck, a social lounge and bar, coworking spaces and private offices, a yoga studio, kids’ room, golf and virtual reality simulation room, sauna, and outdoor game area. The project will also include a 650-space parking garage for residents, retail visitors, and Tri-Rail users, enhancing overall connectivity.

Comras Company is leading retail leasing for the development, which is designed to serve residents, transit riders and the wider community with a curated mix including innovative food and beverage concepts, from fast-casual to sit-down dining, as well as wellness and lifestyle-oriented offerings. Available spaces range from approximately 1,300 to 6,000 square feet, with opportunities for outdoor seating that seamlessly integrates with the surrounding plaza and promenade. The pedestrian-friendly design features wide sidewalks, bike paths, tree-lined canopies, landscaped courtyards, and water fountains reminiscent of Mizner Park all woven into a lush, walkable environment that encourages community gathering and vibrant street-level activation.

Located off Yamato Road and adjacent to I-95 and the El Rio Trail, a major recreational amenity and exercise corridor, Link at Boca is situated in the heart of Boca Raton. The project is just minutes from the Boca Raton Innovation Center (BRIC), Boca Raton Public Library, nearby preserves, fitness options, retail centers, and is conveniently north of Florida Atlantic University and Boca Raton Airport. This prime location underscores Link at Boca as one of the most connected and amenity-rich residential and retail hubs in the region.

Rockpoint, along with its predecessor firm, has a longstanding history of investing in the residential sector and has closed on or committed to 140 residential investments since 1995, comprising more than 97,000 multifamily units. The Link at Boca is representative of Rockpoint’s commitment to providing best-in-class products.

Since its founding in 2008, 13th Floor Investments has completed more than 4,700 residential units across South Florida, with a robust pipeline of over 7,100 units in development and under construction slated to be delivered over the next few years. Today, the firm is focused on the development of luxury condominium and mixed-use multifamily developments, growing the firm’s industrial portfolio, and expanding its single-family homebuilding business, 13th Floor Homes.

With extensive experience in the development of transit-oriented developments across South Florida, Link at Boca marks 13th Floor’s third Link branded transit-oriented development. The firm recently broke ground on Phase Two of Link at Douglas, advancing the next stage of the 7-acre mixed-use community connected to Miami-Dade’s Douglas Road Metrorail Station, which will introduce additional residential units, neighborhood retail, and enhanced public spaces that build on the success of the project’s completed first phase. The firm also has plans to develop Link at SoMi, a multifamily community adjacent to the South Miami Metrorail Station that emphasizes walkable design and urban living near major employment and education hubs.

Renderings via 13th Floor Investments

Past PROFILEmiami articles about Link at Boca:

Terra and Grass River Property Complete Grove Central Transit Oriented Mixed-Use At Gateway to Coconut Grove

Terra and Grass River Property, two of the deepest-rooted development firms in Miami’s Coconut Grove neighborhood, have completed construction of a new mixed-use multimodal complex that exemplifies smart development in South Florida. Grove Central, located at the intersection of US-1 and SW 27th Avenue, includes a 23-story residential tower with 402 multifamily, workforce and co-living units, a new 1,250-space public parking garage, and approximately 170,000 square feet of neighborhood retail. Retail anchors include Target, Sprouts Farmers Market, Total Wine & More, Five Below and Club Studio. The transit-oriented development connects to the adjacent Coconut Grove Metrorail Station and integrates directly with The Underline linear park, Miami-Dade’s bus system, and the City of Miami’s popular trolley network.

Grove Central has been designed to create a transit-oriented hub offering a seamless pedestrian experience that encourages Metrorail ridership and urban living. The project was developed as part of a Miami-Dade County initiative aimed at improving connectivity between residential living, commercial development, and mass transit through private development on County-owned land.

The development, which marks the second successful public-private partnership project to deliver under Miami-Dade County Mayor Daniella Levine Cava’s tenure, represents a significant economic impact for the community generating more than 1,600 construction jobs, nearly 500 permanent full-time and part-time positions, tens of millions of dollars in lease revenue to the County, and the collection of property tax revenues for the first time in the site’s history.

“Grove Central is an exciting milestone and a shining example of a what mixed use transit-oriented development can do for a growing community like Miami-Dade,” said Miami-Dade County Mayor Daniella Levine Cava. “Projects like this are the future of Miami-Dade, and a key part of making our community more livable and walkable.”

The development’s retail component is opening in phases, with an exciting roster of tenants including anchors Target, Sprouts Farmers Market, Club Studio, Total Wine & More, and Five Below. Additional retailers expected to open over the next year include Black Sheep Coffee, Mattress Firm, Chipotle, T-Mobile, Panda Express, Woof Gang Bakery and Pacific Dental.

Meanwhile, Grove Central’s residential tower is now open for occupancy as leasing gets underway and renters officially begin to move into the building. The development’s 402 multifamily apartments range from 400-square-foot studios to expansive five-bedroom apartments measuring up to 2,170 square feet in size. Rental rates range from approximately $2,000 to $3,350 per month.

“Grove Central is a premier location for a transit-oriented community, and a model for the future of smart development and mobility across South Florida,” said David Martin, CEO of Terra. “The development’s carefully curated list of retailers complements the needs of residents and the surrounding community, as well as the neighborhoods along the Metrorail from Downtown Miami to Coral Gables and beyond.”

“Grove Central is a preeminent example of a multimodal transit-oriented development that combines daily-service retail space and Class A attainable housing product that amenitizes the Metrorail and Underline while promoting ridership and alternative modes of transportation for residents and locals,” said Peter LaPointe, President of Grass River Property. “We are grateful to have partnered with Miami-Dade County on this transformative development, which serves as a model for what is possible when the public and private sectors come together.”

Grove Central was designed by Touzet Studio, a Miami-based design firm led by Carlos and Jackie Touzet, in collaboration with architecture firm RSP Architects and Walter Meyer of New York’s Local Office Landscape Architecture (LOLA). The focal point of the development is a tree-lined public plaza connecting the project and improving pedestrian flow to and from the revamped Metrorail station and the adjacent Underline, a 13-mile linear park running from South Miami-Dade to Downtown Miami. Water resilient plantings designed as rain gardens are used to absorb storm water, and a large cistern captures roof runoff for reuse. With Florida Green Building Certification, Grove Central also embraces and exceeds the City of Miami’s sustainability, efficiency, and green building requirements.

Apartments at Grove Central boast plank flooring, contemporary finishes and fixtures, modern Italian kitchen cabinetry, smart energy efficient stainless-steel appliances, full-size washers and dryers, in-unit high-speed WiFi technology, spacious living and dining rooms, walk-in closets, en-suite bathrooms, and floor-to-ceiling windows and balconies with views of Coconut Grove, Biscayne Bay, and the Downtown Miami skyline.

Extensive building amenities include a resort-style rooftop pool deck, a grilling terrace overlooking Biscayne Bay, a party room with a karaoke lounge, a double level fitness center with a dedicated yoga studio, a resident herb garden, and a co-working center with private conference facilities. Additionally, residents can enjoy a pub room with billiards table and ice box pantries, a coffee bar, an arcade and game room, a golf simulator, and a theater room with plush tiered seating. A dedicated residents-only entrance leads to a private double-height lobby and staffed reception desk, with 24-hour security. Technology features include smart-lock entry points with mobile app functionality, electric vehicle charging stations, and high-speed mesh networked WiFi.

Located at the entrance to one of Miami’s most popular neighborhoods, Coconut Grove has long been known for its enviable waterfront along Biscayne Bay and the lush tree canopy. In addition to the building’s many on-site amenities, Grove Central residents are an easy bike-ride or walk from dozens of parks, art galleries, trendy shops, restaurants, bars and nightlife options in and around Coconut Grove.

Images via Terra

13th Floor and Adler Group Complete Phase 1 of Miami's Link at Douglas Transit-Oriented Development Where Coral Gables Meets Coconut Grove

A joint venture between Miami-based real estate developers 13th Floor Investments and Adler Group has completed the first phase of Link at Douglas, a 7-acre master planned development that has transformed Miami-Dade County’s Douglas Road Metrorail Station into a mixed-use transit hub at the confluence of Miami’s Coral Gables and Coconut Grove neighborhoods. Now complete and open to the public, the project’s first phase encompasses two residential towers with a total of 733 apartment units – the 312-unit CORE and the 421-unit CASCADE buildings – and more than 30,000 square feet of Milam’s Market-anchored retail space. The developers are also completing more than $17 million in public infrastructure improvements, including a fully renovated Metrorail station, and the development of a public plaza that connects with a section of The Underline linear park.

13th Floor Investments is now moving forward with plans for Link at Douglas’ second and final phase, which will encompass an additional two residential towers with approximately 850 multifamily units. Construction of Phase Two is estimated to get underway in late 2023.

Link at Douglas is the latest example of a successful public-private collaboration with Miami-Dade County in which the developers have entered into a ground lease for publicly-owned land in exchange for privately-funded transit and infrastructure upgrades at a critical connection point within the County’s transit system. Link at Douglas’ mobility plan includes connectivity to Metrorail, County buses and municipal trolleys. All told, Link at Douglas is expected to generate $800 million in new revenue for Miami-Dade County over the life of the lease.

“As Miami-Dade County’s population continues to experience rapid growth, we need to come up with forward thinking ways to reduce road congestion and that begins with connecting people with alternative forms of transit,” said Arnaud Karsenti, Managing Principal of 13th Floor Investments. “We’re extremely proud of our partnership with the County with Link at Douglas, which is setting a new standard for urban living in Miami, improving access to jobs, attainable housing opportunities, everyday amenities, and lifestyle-oriented retail for our residents and neighbors.”

The completion of Link at Douglas’ first phase was commemorated at a celebratory event on Monday, February 27, 2023. The ceremony was led by Miami-Dade County Mayor Daniella Cava, Director of Public Works Eulois Cleckley, Commissioner Raquel Regalado, and principals from the project’s development team.

“Link at Douglas is a model for the future of development and mobility in Miami-Dade County. The project will enable more residents to live, work and play without having to worry about traffic or parking, while helping to offset expenses, reduce emissions and promote increased ridership on our Metrorail system,” said Eulois Cleckley, Director and CEO of the Department of Transportation and Public Works for Miami-Dade County.

Florida East Coast Industries Lists ParkLine Miami Residential Above Brightline’s MiamiCentral Station For $500 Million

Florida East Coast Industries (FECI) announced the listing of ParkLine, its signature residential tower above Brightline’s MiamiCentral Station, for $500 million. The property, which consists of two iconic towers totaling 816 luxury residential units, will be listed on the market by the commercial real estate services firm Cushman & Wakefield. The firm’s Florida team of Robert Given, Troy Ballard and Zachary Sackley will lead the marketing efforts along with the support of the New York and Los Angeles offices which will include Doug Harmon, Adam Spies and Rob Rubano. The two ParkLine towers are part of a master-plan adjacent to 2 and 3 MiamiCentral, 285,000 SF of Class A office towers, and over 160,000 SF of retail. ParkLine Miami is the largest, single multifamily asset in the Southeastern US to be listed for sale to date. 

Residents at ParkLine Miami have direct elevator access to the MiamiCentral Brightline station along with the station’s new 26,000 SF culinary center by C3, Citizens, which will house elevated restaurants by globally-renowned chefs such as “Iron Chef” Masaharu Morimoto and Michelin Starred chef Dani García. Residents will also have direct access to retailers such as Publix, Starbucks, Chic-fil-A, Joe & The Juice and Einstein Bagels located adjacent to the property.

FECI developed ParkLine Miami as a transit-oriented development to complement the $4.5 billion invested in Brightline trains, the only provider of modern, eco-friendly high-speed rail in the nation. It is the most significant transit-oriented development (TOD) offering in the Southeastern US. Brightline currently serves Miami, Fort Lauderdale and Palm Beach with expansion stations in Aventura and Boca Raton opening in 2022. Construction to Orlando is on track to be complete by the end of 2022. Discussions remain underway with local stakeholders regarding expansion to Disney and Tampa. Brightline projects over nine million annual passengers once all Florida stations are completed. 

“This is a rare opportunity indeed, as the towers sit directly atop and are connected to the Brightline train platforms, in addition to three other modes of rail transportation and over 160,000 SF of retail in MiamiCentral,” noted Robert Given, executive vice chairman at Cushman & Wakefield. “MiamiCentral will undeniably be the center of gravity of the Miami MSA for generations to come.” 

The future expansion of MiamiCentral includes a Miami-Dade commuter rail system with stations in Wynwood, the Design District, El Portal, North Miami and FIU’s Biscayne Bay Campus. With the stations in Orlando and Tampa, the connectivity provided by ParkLine Miami is unprecedented in the multifamily environment. 

“ParkLine is the definition of metropolitan living and FECI strategically built these two towers above Brightline to offer a car-optional lifestyle and promote alternative, eco-friendly transportation options,” said Sarah Watterson, chief development officer at FECI. “More and more, people who live at the core of major cities today seek a lifestyle of interconnectivity without sacrificing time and money. ParkLine is meeting those needs and more with its integration to Brightline.” 

In addition to the Tri-County connectivity provided by Brightline and MiamiCentral, ParkLine Miami’s residents will benefit from Brightline’s new and first-of-its-kind, door-to-door service. This will include a fleet of both private and third-party vendor vehicles supporting point-to-point service beyond the train and making a car-optional lifestyle possible. All services will be available through the Brightline app and will further create transportation access to everything from scooters, bikes and electric micro-rides to shuttles and chauffeured Teslas.  

Perched above Downtown Miami, at 100 NW 6th Street, ParkLine Miami puts residents just minutes from the city’s hottest neighborhoods, including Wynwood and the Design District, with access to a plethora of dining, retail, arts and culture, and events. Opt for a stroll to the Adrienne Arsht Center for the Performing Arts, Frost Science Museum, Perez Art Museum or FTX Arena. The property is also adjacent to Miami World Center, a $4 billion development underway with over 300,000 SF of retail slated to begin openings this year. Convenient accessibility to the Miami Metrorail and Metromover allows for a car-free lifestyle, with major thoroughfare I-95 located nearby for those who so desire.

By Katya Demina