Major Mixed-Use Project In North Bay Village Gets Green Light
The project is being designed by renowned architect Kobi Karp and will consist of 30 stories.
The project is being designed by renowned architect Kobi Karp and will consist of 30 stories.
The property consists of six parcels with T6-36A-L zoning, which allows for the highest density and greatest variety of uses within Miami’s urban core, including 382,020 buildable square feet and a maximum height of 36 stories.
The parcels total ±19.4 acres.
Senior Managing Director Mitch Sinberg, Managing Directors Matt Robbins, Brad Williamson and Scott Wadler, and Vice President Hugo Hernandez of Berkadia Miami arranged the financing on behalf of Rental Asset Management, a property management company based in Oakland Park, which acquired the property for $31.1 million.
The project will feature 304 apartments, more than 18,000 square feet of retail, and 63,000 square feet of office space.
The developer recently announced plans for Evolve Wynwood, a 141-unit apartment building that will offer market-rate rentals in the Wynwood neighborhood.
The project consists of 188 rental apartments and 45,000 square feet of office space and retail space.
In the less than 24 hours since Bloomberg first reported the listing, investors from the U.S., Latin America, Europe, the United Arab Emirates and Canada have already expressed interest in acquiring the site.
The properties offer premium positioning across the street from FIU’s main campus.
501 First Residences, located on NE First Avenue, will deliver 448 luxury condos to downtown Miami.
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