Allen Morris Co. Announces Mixed-Use Development In Coconut Grove
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 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.
The property includes 45,770 square feet of office space, 11,255 square feet of ground-floor retail, and a 40,000 square-foot parking garage, all contributing to a steady income.
Managing Director Scott Wadler and Vice President Michael Basinski of Berkadia Miami, secured a $36.08 million loan on behalf of the developer, Fortune International Group.
In their new roles, they will primarily focus on debt and equity advisory across various property types, reinforcing the team’s expertise and regional presence.
Financing for the development includes a $32.2 million tax credit equity from Bank of America; a $9.1 million conventional first mortgage loan from Berkadia/Freddie Mac; a subordinate $6 million Surtax loan from Miami-Dade County; and the balance with developer equity.
Oak Row Equities purchased the $38.5 million site off-market.
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