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Calta Completes Allapattah Assemblage Slated For Mixed-Use Project

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Calta Group purchased a 0.3-acre office property in Allapattah that completes an assemblage for Revv at the River District, a planned mixed-use project featuring workforce housing.

The Coral Gables-based developer is in the midst of a $47.2 million buying binge in Allapattah with plans to build four new projects. The firm’s latest acquisition, a $7.2 million purchase of a seven-story building at 1469 Northwest 13th Terrace, will be coupled with another 0.7-acre adjacent site for Calta’s first planned project.

Miami-based Benworth Capital provided Calta with a $9.4 million cross-collateralized loan for the acquisition, records and Vizzda show.

The property’s seller, an entity controlled by Miami-based Alisa Capital managing partner Arturo Siso, paid $5.9 million in 2012.

 

Source:  The Real Deal

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‘The Julia Residences’ Open For Pre-Leasing In Miami’s Newest Art District

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Neology Development, led by Lissette Calderon, has begun pre-leasing for its residential mixed-use apartment complex, “The Julia Residences.”

The stunning $100 million, new 14-story residential tower, characterized by artistic design, is set to grace Miami’s Allapattah neighborhood, with completion expected in the 1st quarter of 2024.

The Julia offers a unique opportunity for individuals looking to live, work, and play in Miami, with a unique market value proposition. One-bedrooms rent as low as $1,765, and two-bedrooms start at $2,411 per month.  Residents who apply now can take advantage of promotional pricing that offers two months free. With the exclusive pre-leasing offerings, prospective tenants can secure a new apartment in Miami’s trendiest community at an excellent price point.

“We are thrilled to announce that we are now pre-leasing for The Julia, inviting art enthusiasts and professionals alike to embrace unique living experiences, modern amenities, and breathtaking views of Miami’s city skyline,” said Lissette Calderon, President and CEO of Neology. “With the soaring demand for high-quality housing in the area, we are eager to introduce this exceptional community priced within reach to renters seeking proximity to work, renowned art galleries, and the cultural heartbeat of Miami. The value proposition we’re offering for living in Miami is unmatched, and that truly sets The Julia apart from any other option available.”

Comprising 323 carefully curated one- and two-bedroom apartments, The Julia is located at 1625 NW 20th Street, in the heart of Allapattah —a historic neighborhood bordering Wynwood and Miami’s Health District. Recognized nationally for its museums, galleries (including the Rubell Museum and Superblue), cultural institutions, new businesses, and vibrant nightlife, Allapattah has emerged as one of Miami’s most desired areas.

Inspired by the visionary Julia Tuttle, The Julia embraces a “tropics-meets-metropolis” aesthetic, blending Art Deco with 1950s-style glam. Offering one-of-a-kind living experiences at an attainable price point, the pet-friendly property features a mix of one- and two-bedroom apartments ranging from 600 to 1,000 square feet.

 

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New York Developer Secures $18M Construction Loan For Allapattah Project

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An $18.3 million construction loan was obtained by New York-based Knickpoint Ventures for a self-storage facility located in Miami’s Allapattah district.

KV 36th Street Storage LLC received the mortgage from Bank Hapoalim B.M., an Israeli bank with a branch in New York, through Knickpoint Ventures. It encompasses the 1.08-acre property located a few streets south of State Road 112/Airport Expressway, at 2915 and 2925 N.W. 36th St.

The land for a 140,623-square-foot self-storage facility was approved by the city.

In 2022, the developer paid $4.6 million for the site. There used to be a car dealership there.

On its website, Knickpoint Ventures claims to have 15 self-storage locations in Miami and New York. It also makes investments in offices, shops, and housing.

 

Source:  SFBJ

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Calta Plans $47M In Allapattah Dev Site Purchases For Workforce Housing

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The Calta Group is targeting workforce-priced housing in Miami’s Allapattah neighborhood.

The Coral Gables-based firm plans roughly $47.2 million in purchases for development sites in Allapattah, where it wants to build multifamily projects with workforce units in two parts of the neighborhood, company co-founder Gaetano Caltagirone told The Real Deal.

For the first two phases, Calta is homing in on an Allapattah area that’s north of the completed River Landing Shops & Residences mixed-use complex.

Last week, Calta advanced its plan, paying $10 million for the first chunk of its phase one assemblage. The firm bought five adjacent lots at 1415, 1433, 1435 and 1453 Northwest 13th Terrace, as well as at 1410 Northwest 14th Street. Calta will complete this assemblage with a $7.2 million purchase of the adjacent lot at 1469 Northwest 13th Terrace, according to Caltagirone. That deal, expected to close in late January, would give Calta an acre of developable land for phase one of the project on the southwest corner of Northwest 14th Street and Northwest 13th Terrace.

Records show an entity led by a trust tied to members of the Enis family sold the five lots, which consist of two vacant sites, a one-story office building and a pair of low-rise apartment buildings with eight units combined.

The lot at 1469 Northwest 13th Terrace is owned by an entity led by Arturo Siso, managing partner at Miami-based real estate private equity firm Ailsa Capital, according to records. The site now has a seven-story office building.

For phase two, Calta plans to pay another $10 million for a pair of lots that are near the phase one assemblage. The deal is expected to close in March.

Phases one and two would consist of a pair of mid-rise buildings with mixed-income apartments, including workforce-priced units, as well as offices and retail, Caltagirone said. He declined to provide specifics on the unit count, building heights and amount of commercial space.

Farther north in Allapattah, Calta is planning phases three and four of its project near Juan Pablo Duarte Park. The firm expects to close on $20 million in development site purchases near Northwest 28th Street in January. Caltagirone also declined to identify the specific parcels and project details, though he allowed that this project would be a mid-rise multifamily development.

South Florida’s multifamily market has left many longtime locals priced out, after an influx of out-of-state residents pushed up rents to unprecedented levels.

Calta’s project would address the need for more below-market apartments, especially for students and employees at the Civic Center and Health District areas that are near Allapattah, said Caltagirone, who leads the firm with his brother, Ignazio Caltagirone.

 

Source:  The Real Deal

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Developer Plans Nearly 900-Unit Workforce Housing Project Near Allapattah

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Developer and investor Vivian Dimond took over a land lease near Allapattah where she plans a nearly 900-unit workforce housing project.

Dimond, a principal at the Coconut Grove-based private equity firm Bayshore Grove Capital, said the project will cost an estimated $175 million to develop. It’s expected to include two 15-story buildings constructed next to the Earlington Metrorail Station at 2100 Northwest 41st Street in Miami’s Model City, on the northern border of Allapattah.

Dimond’s Earlington Metro LLC paid $9 million to acquire the 99-year land lease from EH Development, led by Alain Lantigua, in August, records show. EH Development signed the lease with Saint James Community Development Corp. in 2020. Miami-Dade County owns the 7-acre property.

Arquitectonica is designing the project, which will include 856 apartments ranging from studios to three-bedroom units, as well as about 35,000 square feet of retail space, according to a press release.

 

Source:  The Real Deal

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Neology Development Group’s ‘Fourteen Allapattah Residences’ Apartments Tops Off

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Neology Development Group, led by CEO and Founder Lissette Calderon, has officially topped off the construction of “Fourteen Allapattah Residences,” Neology’s  third lifestyle-driven residential community in one of Miami’s most dynamic emerging neighborhoods, Allapattah.

The mixed-use residential tower will deliver 237 upscale studios, one- and two-bedroom apartments to Miami’s Allapattah neighborhood in 2024. Members of the development, design, and construction teams, including JAXI Builders, Inc., Behar Font Architects, and interior designer designBAR gathered on Friday, November 10, to commemorate the milestone in construction.

Fourteen Allapattah Residences is located at 1470 NW 36th Street, in the heart of Allapattah, a historic neighborhood that includes Miami’s Health District and borders Wynwood. Allapattah has quickly become one of Miami’s most sought-after neighborhoods. It boasts a cluster of elite cultural institutions (including the Rubell Museum and Superblue) as well as many new businesses, restaurants, and nightlife establishments. It’s also situated just a few blocks from Neology’s first Allapattah apartment community, No. 17 Residences, which opened in April of 2021 and leased up in record time. Neology’s second Allapattah community, “The Julia,” inspired by Miami’s original real estate visionary, American businesswoman Julia Tuttle, will deliver 323 upscale apartments, also in 2024.

“We are incredibly excited to celebrate this significant milestone in the construction of Fourteen Allapattah Residences. This project is a testament to our commitment to enhancing the vibrancy of the Allapattah neighborhood and offering a truly exceptional living experience,” said Calderon. “With its upscale apartments, innovative amenities, and prime location, Fourteen Allapattah Residences is set to become a cornerstone of this dynamic community. We look forward to delivering a place that residents will be proud to call home in 2024.”

Fourteen Allapattah Residences is a two-building project with a 14-story building comprising 180 apartments and an adjacent five-story building with 57 apartments, including sought-after ground-floor walk-ups. It will offer studio, one- and two-bedroom units ranging from 450 to 1,000 square feet. Apartments will feature European-inspired cabinetry, quartz countertops, energy-efficient kitchen appliances, in-unit washers and dryers, energy-efficient AC and heating systems, and smart home technology adaptors. Lifestyle amenities will include a 10,000 square foot resort-style pool deck and clubhouse with poolside cabanas, curated original artwork, a multipurpose lobby, media lounges, , coworking spaces, conference rooms, an indoor and outdoor fitness and wellness center, with a yoga and cardio studio, a dog park with dog wash area, bike storage, virtual concierge smart package lockers, and a parking garage with electric car charging stations.

Fourteen Allapattah Residences is centrally located just two blocks from the Allapattah Metrorail Station, as well as in close proximity to the University of Miami Health System, Jackson Memorial Hospital, and Miami-Dade College Medical Center.  The property is just a short car or public transit ride away from both Brickell and Downtown, home to several large employers and dining and shopping destinations, along with popular attractions such as Marlins Park, American Airlines Arena, the Adrienne Arsht Center for the Performing Arts, Perez Art Museum Miami, Frost Museum of Science and the new Brightline commuter rail station connecting Miami to Fort Lauderdale, West Palm Beach and Orlando.

Neology’s current ownership portfolio consists of 1,200+ apartments recently built or under construction in Miami’s urban core, with another 1,600 apartment units in the predevelopment phase and a pipeline of 2,000 additional units in South Florida and beyond.  Combined with 2,000 condo units previously built and sold, this represents a multifamily portfolio of nearly $2 billion.  Neology’s partner on this project is AOZA Fund, which has a history of creating long-term, sustainable real estate value in opportunity zones across the fifty states, and is directed by Dr. Peter Linneman, who has created a platform of successful real estate companies.

 

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Neology Life’s No.17 Residences Allapattah Scores $31.5M Refi

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Berkadia secured a $31.456 million loan to refinance No.17 Residences Allapattah, a 192-unit attainable luxury apartment rental building in the Fruit Packing District of Allapattah.

Senior Managing Director Charles Foschini, Managing Director Christopher Apone, and Associate Director Shannon Wilson of Berkadia South Florida secured the financing on behalf of Neology Life Development Group, a lifestyle-driven residential and commercial real estate firm, led by Lissette Calderon, that specializes in the transformation of overlooked and undervalued communities into vibrant urban neighborhoods.

Fannie Mae originated the 10-year loan with five years of interest-only.

Located at 1569 NW 17th Avenue, No.17 Residences Allapattah was completed in April 2021 and leased up in record time. It offers one-, two-, and three-bedroom apartments ranging from 600 square feet to 1,125 square feet. Individual units feature smart home technology, open floor plan kitchens, stainless steel appliances, quartz countertops, washer and dryer, full-length windows, balconies, and walk-in closets. Building amenities include an expansive urban park, lobby lounge with co-working and social spaces, a TV lounge area, art-inspired pool deck, pool side cabanas, indoor/outdoor clubroom, fitness center, on-demand virtual fitness classes, a rooftop garden with a summer kitchen, an outdoor movie theater, bark park, bike storage, electric car charging stations, a zoom room, on-site parking, and 24-hour secure package rooms.

The property is situated in Miami’s centrally located Allapattah neighborhood, which is just a short walk, bike ride, drive or public transit trip from some of Miami’s largest employment centers, including the Health District, Civic/Government Center, Downtown Miami, Wynwood< and the Brickell Financial district, and offers easy access to the Dolphin Expressway and I-95. As home to the flagship location of Superblue, the Rubell Museum and El Espacio, Allapattah has quickly become an important arts and culture destination.

 

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‘Bullish on Allapattah’: Miami’s Next Frontier Of Development

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At 4.6 square miles, Allapattah is an eclectic landscape of warehouses, single-family homes, apartment buildings, hospitals, justice facilities, restaurants, shops, and art museums.

In recent years, the predominantly working-class Miami neighborhood has become something else: the next frontier of real estate development.

Real estate insiders said Allapattah won’t have the same fate as Wynwood, with office and retail rents are among the highest in South Florida. For one thing, it is more than three times the size of Wynwood. For another, real estate investment there has been at a moderate tempo, at least so far, said Francisco “Paco” De La Torre, an artist who transformed two Allapattah industrial buildings into arts studios and offices.

“It’s been a slow and steady growth,” he said. However, since the onset of the Covid-19 pandemic, that growth has manifested at a “stronger, steadier pace.”

Among Allapattah’s agents of change are Don and Mera Rubell and their son Jason. The family of prominent art collectors moved their collection’s exhibition site from Wynwood to a 100,000-square-foot warehouse building at 110 N.W. 23rd St. in Allapattah in 2019. Since then, the Rubells have converted two other neighboring warehouses to display their art. Their most recent acquisition is the 45,711-square-foot former Rex Discount Wholesale warehouse at 1090 N.W. 23rd St., purchased for $10.7 million in 2022.

In 2019, Jorge Pérez, founder of Miami-based Related Group, turned a 28,000-square-foot warehouse at 2270 N.W. 23rd St. into an art exhibition space called El Espacio Twenty Three.

On the multifamily apartment front, Neology Life Development Group, led by Lissette Calderon, completed No. 17 Residences, a 13-story, 192-unit market-rate apartment building at 1569 N.W. 17th Ave., in 2021. Two more 14-story apartment complexes – the 237-unit Fourteen Allapattah Residences and the 323-unit The Julia – will be finished in six months, she said.

Alfredo Riascos, principal of Miami-based Gridline Properties, said most of Allapattah’s warehouses will either remain industrial uses or be converted into office or art-related uses. But along its major vehicular corridors, developers will have an incentive through the Live Local Act to replace warehouses with workforce housing projects.

“Allapattah is a [desirable] market, given its location in the Miami urban core and the vicinity to downtown Miami, Wynwood and the Medical District,” he said.

 

Source:  SFBJ

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Eco Stone Plans $35M Multifamily Project In Allapattah

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Eco Stone Group plans to begin construction this month on its first ground-up development, a $35 million apartment building in Miami’s Allapattah.

An affiliate of Miami-based Eco Stone secured a $23 million construction loan from Popular Bank for Eco Landing at 1515 Northwest 18th Street and 1601 Northwest 18th Street, said company CEO Javier Gomez.

Eco Stone, also led by Gomez’s brother Juan Gomez, is finalizing Eco Landing’s master permit, and expects to break ground soon on the proposed eight-story building with 125 apartments, Gomez said.

Last month, Eco Stone demolished a two-story building on the site with 16 apartments built in 1987, and also tore down a one-story building with 20 apartments completed in 1972. Between 2019 and 2020, the affiliate paid a combined $4.2 million for the two properties.

Founded in 2003, Eco Stone is also targeting Allapattah for its second planned development, Eco Station Tower at 1880 Northwest 36th Street. That project will entail 150 units primarily for low-income tenants, Gomez said.

 

Source:  The Real Deal

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New Mixed-Use Project Coming To Allapattah

Coral Gables-based Coral Rock Development Group unveiled plans for Dulce Vida, a transformative mixed-use, mixed-income development in Miami’s Allapattah neighborhood. The project will add to the area’s revitalization and enhance the community’s access to affordable housing options.

Situated on a 1.3-acre site at 1785 NW 35th Street, Dulce Vida is a prime example of Florida’s new SB 102 law aimed at promoting mixed-income developments and increasing access to affordable housing. The project will consist of 200 rental units, thoughtfully designed to cater to a diverse range of residents. Of these, 85 units will be designated as affordable housing at 60% of Area Median Income (AMI), another 85 units will be allocated for workforce housing at 100% AMI, and 30 units for workforce housing at 120% AMI, ensuring a variety of housing options for different income levels.

At the heart of the Dulce Vida project is a new state-of-the-art Miami-Dade Public Library System Allapattah Branch Library, located on the ground floor. This facility will replace the existing Allapattah Branch Library currently at the site and will provide access to a modernized library with the latest library resources, technology, and specialized areas for library users of all ages.

Coral Rock Development Group is proudly partnering with Miami Bethany Community Services, a local nonprofit church deeply rooted in the Allapattah neighborhood, which will play a pivotal role in providing community outreach and involvement initiatives. They will collaborate with residents, local organizations, and businesses to ensure that Dulce Vida positively impacts the community.

“We are thrilled to introduce Dulce Vida, a transformative development that combines the crucial elements of affordable housing, community amenities, and improved access to educational resources,” said Michael Wohl, principal of Coral Rock Development Group. “This project is a testament to our commitment to creating inclusive and sustainable communities that cater to the diverse needs of Miami residents. We look forward to collaborating with the Allapattah neighborhood and Miami-Dade County to make this vision a reality.”

Designed by Behar Font & Partners, Dulce Vida will offer an extensive array of amenities including a state-of-the-art fitness center, a community lounge with a kitchenette and club room for social gatherings, a private conference room, a BBQ area for outdoor cooking and entertainment, an outdoor lounge and games area, a children’s playground, a dedicated dog park, and a parcel package room with lockers for added convenience. The project will also feature electric car charging stations, encouraging sustainable transportation options, as well as bicycle storage and repair facilities to promote eco-friendly commuting alternatives.

“Coral Rock Development Group is not investing in buildings, they are investing in people,” said Commissioner Alex Díaz de la Portilla, City of Miami Commissioner for District 1. “Dulce Vida is a significant contribution to the City of Miami’s attainable housing efforts and will provide much needed housing for low-income residents, as well as law enforcement officers, firefighters, teachers, nurses, and city employees.”

Coral Rock Development Group has particular expertise in developing multifamily workforce housing projects along with mixed-use and affordable developments. Recent projects include Pura Vida Hialeah, Kayla at Library Place, and Card Sound Key Apartments, among numerous others.

Pricing for the rental apartments will begin at $1,084 for studios, $1,161 for one-bedroom units, and $1,393 for two-bedroom units with all prices inclusive of utilities.

Groundbreaking on the project will begin in the third quarter of 2024, with a scheduled completion date at the end of 2025.

During the construction phase, the existing Miami-Dade Public Library System Allapattah Branch Library will be temporarily relocated and continue to operate in a nearby location, ensuring uninterrupted access to its services and resources for the community.

 

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