Mast Capital, one of South Florida’s most active real estate development and investment firms, has partneredwith global real estate investment firm AEW Capital Management to launch the second phase of Waterline Miami River, which will bring the full development to a combined 688 apartment units.
The second phase will consist of 342 rental units on a 2.7-acre development site with over 400 feet of unobstructed water frontage along the Miami River. The joint venture has secured financing from Wells Fargo for the project’s construction set to begin in January 2022.
One of the early developers to recognize the Miami River’s potential as an active waterfront community, Mast Capital acquired its first piece of land along the riverfront in 2018, developing the initial phase of Waterline Miami River with AEW, and since then, the Miami River District has continued to thrive with restaurants, outdoor entertainment and residential living. Under the leadership of Camilo Miguel, Jr., Mast Capital built the first phase of Waterline Miami River, a 346-unit luxury multifamily community. The project was delivered in late 2020 and reached stabilization just eight months after its completion.
The second phase will be comprised of studios, one-, two-, and three-bedroom units spanning approximately 280,000 rentable square feet and masterfully crafted community amenities. The project’s general contractor is Kaufman Lynn and the architect is Corwil Architects, who have considerable for-rent residential experience and a strong track record in Miami. Located in the heart of the City of Miami, the Miami River is a burgeoning dining and entertainment destination that continues to attract significant developer and investor interest.
“The Miami River has long been seen as a working waterway, but it’s also becoming a thriving residential neighborhood. The population growth and strong demographics Miami is experiencing will continue to fuel growth along the riverfront,” said Camilo Miguel, Jr., CEO and Founder of Mast Capital. “Since pre-leasing commenced at Waterline Miami River, we saw high demand for the apartment community given the lifestyle offerings in the surrounding neighborhood and strategic location near Miami’s thriving urban core. We are confident that phase two will experience similar demand given the need for additional rental housing and the increased desirability of the Miami River District.”
Phase two of Waterline Miami River will feature apartment units with European kitchens, modular European closets, washer and dryer, private large balconies, premium quartz countertops, and stainless-steel appliances. Residents at Waterline Miami River will enjoy breathtaking views of the Miami River and the Downtown and Brickell skyline. Amenities will include state-of-the-art fitness center, a one-acre park, a dog park and open recreational area, 24/7 package and dry-cleaning lockers, tech hub and flex office spaces for residents working remote, conference rooms, WiFi in social hubs, private access parking, pet spa with washing station, and secure bike room with repair station.
Mast Capital has built a substantial part of the Miami River walk, elevating and enhancing the community experience of the thriving neighborhood that continues to see significant real estate investment. According to the Miami River Commission, Miami River’s shorelines feature public river walks, nine major parks, five major hotels, over 11,910 new residential units, 25 restaurants and over a dozen boatyards, marinas and historic sites. There’s also an additional 6,667 approved units, five planned hotels with 1,200 new rooms and 22 planned restaurants in the works.
Waterline Miami River is located just half a mile south of the Miami Health District, which employs 45,000 and draws 160,000 annual visitors and is recognized as the second largest health district in the U.S., and within 1.5 miles of Downtown Miami and the Brickell Financial District.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.