Charles J. Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsors, Neology Development Group and American Opportunity Zone Advisors (AOZA).
The first phase of the project includes a total of 350,000 square feet of revamped and newly built retail space, along with three 8-story multifamily buildings with 470 market-rate apartments.
The $1 billion transit-oriented community will rise across from Miami-Dade County’s SMART Plan Dolphin rapid transit station as part of a public-private partnership.
Veteran industry professionals deepen the firm’s investment and development prestige to support expansion and capital deployment plans.
The property is situated on a corner lot at the high-traffic intersection of 54th Street and N.W. Seventh Avenue, minutes from Wynwood, Downtown Miami, the Design District and Midtown, making it an ideal location for workforce housing.
The development firm will be moving their corporate headquarters to the proposed office building where they plan to occupy approximately 15,000 square feet.
The project will total 214,183 rentable square feet, with 427 apartments offering studio, one-bedroom, two-bedroom and 13 townhouse loft units.
The site spans six parcels and is one of the last remaining sites of this size allowing for large-scale development in the Edgewater area.
Alta Development is developing River District 14 on a 1.3-acre site at 1420 NW 14th Ave., near the Miami River. Construction is expected to begin before the end of the year.
The new 28-story residential tower will add 475 market-rate apartments to the MidRiver District.
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