Mill Creek Residential scaled back the second phase of its Modera Aventura multifamily project, nearly halving the building plans.
The Boca Raton-based firm now proposes an eight-story, 251-unit project, down from its previous plan for 15 stories and 420 units, according to Mill Creek’s application to Miami-Dade County submitted last Monday. The proposal also is for a 440,500-square-foot floor area ratio and 358 parking spaces, down from the previous plan for a 688,000-square-foot FAR and 557 parking spaces.
Led by CEO William MacDonald, Mill Creek is developing Modera Aventura on a 5.5-acre site at 2681 Northeast 191st Street and 2660 Northeast 192nd Terrace in the Ojus neighborhood of unincorporated Miami-Dade. The project is near the Brightline station at 19796 West Dixie Highway.
The first phase, a 15-story, 420-unit apartment building, is under construction and its size remains unchanged. Completion of this phase is expected next year, according to a news release issued last year announcing the project’s construction financing. At the time Mill Creek had scored a $107.5 million construction loan from Bank of America for Modera Aventura.
Source: The Real Deal