Neology Life Development Group, led by Lissette Calderon, announced that it has secured construction financing to build its third lifestyle-driven residential community in Miami’s historic Allapattah neighborhood. Located at 1470 NW 36th Street, “Fourteen Allapattah Residences” will deliver 237 apartments, along with 5,000 square feet of ground-floor retail, to one of Miami’s most dynamic emerging neighborhoods.
Berkadia secured a $57.5 million construction loan through lender Churchill Real Estate to build Fourteen Allapattah Residences, with groundbreaking expected this September. The property is located in a Qualified Opportunity Zone.
Neology’s portfolio now consists of more than 1,500 apartment units completed or under construction in Miami’s urban core, including The Julia, an upscale apartment community that will open in 2023, and Neology’s flagship Allapattah project, No. 17 Residences Allapattah, which opened in 2021 and leased up in record time.
“Fourteen Allapattah Residences is an important milestone,” said, Lissette Calderon, President and CEO of Neology Life Development Group. “It further establishes Neology’s commitment to Allapattah as the pre-eminent multifamily developer in the neighborhood with over 1,000 apartments recently completed or under construction. It also demonstrates our partners’ confidence in our business model and track record. Everything about this project – from the Opportunity Zone location to the attainable lifestyle component – makes good financial sense in today’s market. It’s an exciting time for Allapattah as we add another one-of-a-kind residential space to one of Miami’s original neighborhoods.”
She added, “To be able to bring this project to life with my partner America Opportunity Zone Advisors, led by my mentor and former Wharton Professor and head of Wharton Real Estate, Peter Linneman, along with his team of Jared Mintz and Kelley Brasfield, is a dream come true.”
Fourteen Allapattah Residences will consist of a 14-story building with 180 apartment units connected via a pool deck to a five-story building with 57 apartments including ground floor walk ups. It will offer studio, one- and two-bedroom units ranging 450 to 900 square feet. Apartments will feature European-inspired cabinetry, quartz countertops, energy efficient kitchen appliances, in-unit washer and dryer, energy efficient AC and heating systems, and smart home technology adaptors. Lifestyle amenities will include curated original artwork, a multipurpose lobby, media lounges and living rooms, a rooftop pool and clubhouse, poolside cabanas, coworking spaces, conference rooms, outdoor movie screen, an indoor and outdoor fitness and wellness center, with a yoga and cardio studio, dog park with dog wash area, bike storage, virtual concierge and smart package lockers, and a parking garage with electric car charging stations as well as a ride share lobby.
The property, which will open in early 2024, enjoys a highly visible location on NW 36th Street just 5 minutes west of Wynwood and 10 minutes east of the Miami International Airport, close to the health district, which is the country’s largest concentration of medical and research facilities after Houston. It is just a short walk from the Allapattah Miami Metrorail Station, the Rubell Museum, and SuperBlue.
The contractor for Fourteen Allapattah Residences is JAXI Builders, Inc.; the architect is Behar Font Architects; interior design is by designBAR; and Witkin Hultz Design is the landscape architect and GT Law provided legal counsel. Bilzin Sumberg Law’s Suzanne Amaducci-Adams and Manny Gonzalez led the transaction on behalf of the borrower.
