Mast Capital Submits Proposal To Bring 688-Unit Apartment Complex To Miami River

Mast Capital has submitted a proposal to build a 688-unit apartment complex along the Miami River. The project is proposed to be built on a 6.31 acre site located at 1001 NW 7th Street which Mast Capital is currently under contract to buy. The project would rise 8-stories and in addition to the apartment units would also feature 780 parking spaces and 2,795 SF of retail. Mast Capital is requesting a 30% reduction in parking. The building is being designed by Corwil Architects and construction would take place in 2 phases. The proposal is scheduled to be reviewed by Miami's Urban Development Review Board (UDRB) on January 17, 2018 and was approved in December by the Miami River Commission. 

Construction Update: Metronomic's Crowdfunded Plaza Celia Breaks Ground in Little Havana

Plaza Celia, a new boutique mixed-use apartment building in Little Havana named after the late Cuban-born singer Celia Cruz, has officially broken ground. Plaza Celia will rise 4-stories and will feature 16 rental apartment rental units targeted at students and the local workforce with ground-floor retail. Units will come in 1 and 2-bedroom floor-plans and will range in size from 700 SF to 905 SF. Plaza Celia is located at 2640 SW 12th Street and is being developed by Metronomic, Inc. Metronomic, Inc. has been making waves in recent years with their business model of crowdfunding projects. Currently, Metronomic has 2 projects under development via crowdfunding, GroveHaus in Coconut Grove and Plaza Celia. Essentially, Metronomic identifies a development and goes under-contract for the land while developing the project. They then advertise the project on their crowdfunding platform to raise commitments for the crowdfunded financing from individual investors. Once they reach their dollar goal of crowdfunded investment, Metronomic simultaneously closes on the land, crowdfunded financing and additional financing previously committed by private lenders. In 2013 the Securities and Exchange Commission opened the prospects of crowdfunding to real estate investors via the JOBS Act. The JOBS Act stipulates that developers can solicit funds from the public, provided that the investors are accredited, meaning that they have a newt worth over $1 million or make in excess of $200,000 annually. Construction on Plaza Celia is expected to wrap up in Q4 2018. 

Construction on Mixed-Use River Landing Shops and Residences To Begin By End-Of-Year

Construction on River Landing Shops and Residences is set to begin by the end of the year (2017) in Miami's Health District. Foundation work began earlier this year at the 8.14-acre site on the Miami River located at 1400 NW River Drive. River Landing Shops and Residences will include 475 apartment units and 426,000 SF of retail and restaurant space. Balfour Beaty PLC won a $260 million contract to build the project which is being developed by H&R REIT, Urbanx Co. and Matthews Southwest; who reached a settlement with Andrew Hellinger's River Landing Development which originally purchased the land in 2014 for $26 million before taking a $38.2 million mortgage on the property from an affiliate of New York-based Northstar Realty Finance, Eastwatch Holdings T LLC. Eastwatch Holdings T LLC. filed a $38.19 million foreclosure lawsuit against River Landing Development to which the mortgage was sold to River Landing Acquisitions, an affiliate of Canada-based retail developer H&R REIT. Major tenants will include a Publix, TJ Maxx, West Marine, At&T, Burlington Coat Factory, and an AMC Theater, amongst others. Completion is expected in Fall of 2019.