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Developer Plans Nearly 900-Unit Workforce Housing Project Near Allapattah

Author: Admin
Categories: Allapattah,Commercial News,Development,Multifamily
construction_canstockphoto5885163-2-1170x435

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

Author: Admin
Categories: Allapattah,Commercial News,Development,Multifamily
14-Allapattah12-scaled_Photo Courtesy of Jaxi Builders 1170x435

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

Author: Admin
Categories: Allapattah,Commercial News,Multifamily
no17_common_areas_photo courtesy of berkadia 1170x435

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

Author: Admin
Categories: Allapattah,Commercial News,Development,Retail,Trends
No. 17 Residences in Miami's Allapattah neighborhood 1170x435

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

Author: Admin
Categories: Allapattah,Commercial News,Development,Multifamily
Eco Landing Rendering_Image Credit-Eco Stone Group 1170x435

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

Author: Admin
Categories: Allapattah,Commercial News,Development,Multifamily,Neighborhoods

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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Developers Plan Apartments On Allapattah Auto Dealership Site

Author: Admin
Categories: Allapattah,Commercial News,Development,Multifamily,Trends

A buildable property was purchased by Biscayne Companies and Etienne Equities in Miami’s Allapattah district.

The $3.5 million cash sale was completed last month. Used auto dealership Ocean Auto Sales presently occupies tge 0.7-acre location at 2951 NW 27th Avenue, just west of Melrose Park.

According to records, the dealership paid $2 million for the land in 2006.

The new owners want to start construction on a multifamily building with a retail component in two years. 114 units are permitted on the site.

The sale takes place as development in Allapattah, a working-class neighborhood west of Wynwood, is booming in response to Miami’s increasing real estate prices over the previous three years.

The proposal by NR Investments to construct a mixed-use complex at the GSA building at 1950 NW 20th Street is one of the largest projects currently under development. The designs call for 2,500 homes, a 300-room hotel, as well as shops and offices.

Longtime Allapattah developer Lissette Calderone suggested constructing a 1,250-unit rental complex in March, closer to Miami International Airport and just west of the neighborhood.

 

Source:  Commercial Observer

 

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Electrical Union Looks To Rezone Its Allapattah HQ For New Mixed-Use Development

Author: Admin
Categories: Allapattah,Commercial News,Development,Multifamily,Offices

A union representing electrical workers could rezone its headquarters in Miami’s Allapattah neighborhood to set up a mixed-use development.

The city’s Planning, Zoning and Appeals Board was scheduled to consider the application from the Brotherhood of Electrical Workers, part of International Brotherhood of Electrical Workers Local No. 349, on April 19. It concerns the 1.83-acre site at 1544, 1649 and 1650 N.W. 16th Terrace; 1657, 1601 and 1667 N.W. 17th Ave.; and 1700 N.W. 15th Street Road.

The IBEW has owned the property since 1948. The main structure there is a 27,144-square-foot building that houses its union hall and apprenticeship school.

The union wants to change the zoning from “T6-8-O” and “high-density residential” to “T6-12-O” and “restricted commercial.” The density would be 150 units per acre, which would equate to 275 units on a site of this size.

In the application, the IBEW stated it wants to redevelop the property with a newly designed union hall and apprenticeships schools, plus professional offices, convention spaces, affordable/senior living and workforce residential units.

This would follow the trend of nonprofit organizations and religious groups in Miami capitalizing on long-held property with redevelopment as property values in the city soar.

 

Source:  SFBJ

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Mixed-Use Allapattah Project Gets A City Green Light

Author: Admin
Categories: Allapattah,Commercial News,Development,Multifamily,Retail

A sprawling mixed-use residential building is proposed for the Allapattah neighborhood of Miami.

Developer-owner Allapattah Investors LLC proposes the eight-story project for the southwest corner of Northwest 20th Street and 14th Avenue.

Called Legacy 20th Street, the multi-family development will be home to 289 residential units, 3,750 square feet of retail, and 368 parking spaces, at 1400 NW 20th St.

The city’s Urban Development Review Board unanimously recommended approval with a condition and a recommendation.

Erick Valderrama, the company’s vice president of development, wrote of the project: “The property is situated in the up-and-coming Allapattah neighborhood and sits across the City of Miami’s General Services Administration building to the west. Given its zoning potential, the property is currently underutilized and is used as a single-story bank, with a drive-through and a large surface parking lot.”

He said, “The project’s maximum (floor space) as of right is 439,085 square feet and the project proposes to utilize an additional 9,829 square feet for a total of 448,914 square feet of public benefits … and trust fund contribution.”

Mr. Valderrama wrote, “… this project will revitalize the existing underutilized land into a vibrant development that will bring additional housing opportunities to the neighborhood, promote a pedestrian-friendly center, bring retail to activate the public realm, and improve the area’s vibrancy.”

The developer is requesting waivers from the Miami 21 zoning code that would:

  • Reduce required parking spaces by up to 30%.
  • Reduce access aisle width from 23 feet to 22 feet.
  • Substitute one commercial loading berth for two residential berths.

The project was designed by Corwil Architects. Alberto Cordoves, firm president, told the board about the design of the building, which will have a courtyard and a rooftop swimming pool and other amenities.

“This is a very interesting area, a great area. We are infilling almost half a city block. (The project) will take the pedestrian experience to the next level,” he said.

Mr. Cordoves added. “We hope to bring in one of the well-known coffee houses.”

Board Chair Ignacio Permuy commended the developer’s team for a beautiful presentation.

Board member Dean Lewis said, “Another well thought out project.”

Board member Robert Behar voiced a concern there won’t be enough room in the loading area for big trucks to maneuver.

Board member Willy Bermello complained of the building entrance, saying, “It just doesn’t read as an entry. You probably need signage … It doesn’t take away my support of what you want to do.”

Mr. Cordoves responded, “We can definitely study that.”

Mr. Permuy said. “You’ve done such a great job, with the building’s articulation, defining the corners … the void, that would be the entrance. You just need to – and I’m sure you will – make it work.”

Mr. Behar made the motion to recommend approval of the project, with a condition that the developer revisit the front entry and consider how to better articulate clearly the entrance, and a recommendation to study the loading area space and improve it.

 

Source:  Miami Today

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Developers, Brokers Pursue Wealthy Art Buyers During Miami Art Week

Author: Admin
Categories: Allapattah,Commercial News,Miami Beach,Wynwood

It’s that time of year: Developers and brokers throughout the Miami area are once again tapping into the art world in the hopes that wealthy buyers will open up their wallets to purchase real estate.

The goal for most real estate firms is to expose the wealthy art aficionados to projects and properties, and follow up with potential buyers later.

Major real estate players, who happen to be art enthusiasts, are also hosting events that aren’t real estate related. Downtown Miami and Wynwood landowner Moishe Mana will have his annual birthday bash at the former RC Cola Plant in Wynwood, on Wednesday from 9 p.m. until “late,” according to the invite.

And Related Group CEO Jorge Pérez, an art collector who has long incorporated art into his projects and is the namesake of Pérez Art Museum Miami, is hosting buyers and brokers at El Espacio 23, Pérez’s personal art gallery in Allapattah, this week at a series of daily events for contract holders.

“We rarely see sales happen this week, but the follow-up is extremely strong,” said Nick Pérez, senior vice president at Related. The firm is also hosting events showcasing artwork at its projects’ sales centers, including at Casa Bella by B&B Italia in Miami’s Arts & Entertainment District.

 

“Once you have a very high-end, captured audience like you do, then exposing them to the different developments or properties you’re selling is a no-brainer,” said Daniel de la Vega, president of One Sotheby’s. “For the most part, it’s about exposure.”

For the majority of developers, it’s all about getting in front of the right type of buyer.

 

Source:  The Real Deal

 

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