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.
Source: The Real Deal