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