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Eco Stone Plans $35M Multifamily Project In Allapattah

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

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

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

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

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

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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Budding Urban Arts Hub Allapattah Getting Discounted Homes

The next up-and-coming arts hub in Miami, the gentrifying Allapattah neighborhood, is going to get something it desperately needs: a $47 million housing development with homes carrying leases local workers and lower-income residents can afford. The urban neighborhood, directly west of Wynwood, already has drawn many real estate developers that built homes at the going rate in Miami — which is double that of three years ago and out of reach for many people.

Centennial Management Corp. plans a seven-story building with 149 apartments called Stadium Towers Apartments. Residences will range from 600-square-foot one bedroom units to three-bedroom apartments covering 1,050 square feet. The mid-rise will sit adjacent to Centennial’s last development in the area called Miami Stadium Apartments. Single renters would qualify if they earn $47,810 per year — 70% of Miami-Dade’s median income of $68,300 — or less. All tenants would pay a discounted rent. Attainable housing is needed in Allapattah, said Mileyka Burgos-Flores, founder and CEO The Allapattah Collaborative CDC, a nonprofit organization focusing on sustainable community development. As a result of the area’s rapid and ongoing transformation, longtime residents are priced out. In a span of a decade, single-family homes that sold in the area for $100,000 now go for $400,000. Commercial buildings that closed for $300,000 can now fetch millions. Simultaneously, rents soared for commercial and residential tenants.

“We have the real workforce of Miami living in Allapattah,” Burgos-Flores said, saying a large number of residents work inervice jobs at Miami International, PortMiami, hospitals, warehouses and in the tourism and hospitality industry. Stadium Towers Apartments will be “more aligned with Miami housing needs,” she said. Construction should start in December, after building and demolition permits are secured. Completion is slated for early 2025.

The project will cost $47 million, including $29.4 million for construction. The county, state and the city — as of Thursday with a $1.8 million contribution — will chip in for a portion of tab for the development .

“It is an excellent location. There is a tremendous need for the community,” said Lewis Swezy, president of Centennial Management. “In Allapattah, rents have escalated 100% in the past three years.” Allapattah has a long history, said Seth Bramson, a Florida historian and lecturer at Barry University who has written 33 books, mostly on South Florida’s history.

Swezy expects high demand for his coming apartment building, since Miami Stadium Apartments has remained nearly fully leased since it was built in 2002.

“There’s a strong demand and there’s a lot of employment in the area,” the developer said. “There’s every reason to want to do it.”

 

Source:  Miami Herald

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Activists Demand Affordable Housing On Allapattah Land

Community leaders in Allapattah will call on Miami officials Thursday to incorporate affordable housing, green space and community services into a nearly 19-acre site poised for development.

Public Land for Public Good, a coalition of community groups, is holding a news conference with residents, church leaders and nonprofit Allapattah Collaborative CDC about potential changes to the city-owned site.

In 2019, the city invited developers to examine best uses for the property at Northwest 20th Street and 14th Avenue, which is sometimes referred to as the “GSA Lot.”

  • That same year, about 30 community groups formed Public Land for Public Good to raise concerns about rising costs and increasing gentrification in the working-class neighborhood.
  • They’ve asked city officials to include coalition members in the decision-making process for the land, but some say they feel their pleas are being ignored.

In July, commissioners received an unsolicited bid from South Florida real estate developer NR Investments, which proposed leasing the property for 99 years and building 2,500 apartments, a hotel, retail stores and offices in the area.

  • The city is now opening up public bidding for the land.

Coalition leaders have launched a petition asking that the city require any development to include:

  • Park and green space
  • 20% of housing units to be affordable for those earning 60-100% of the area median income, which is $68,300.
  • A community center.

 

Source:  Axios Miami

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Neology Secures Construction Loan For Third Apartment Community In Miami’s Allapattah

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.

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Longpoint Buys Shuttered Trailer Park In Allapattah

Industrial land is so scarce, a Boston-based developer picked up a former mobile home park in Miami’s Allapattah neighborhood for potential redevelopment.

An affiliate of Longpoint Realty Partners paid $16 million for a nearly 6-acre site at 2260 Northwest 27th Avenue, according to records. Formerly the River Park Trailer Court mobile home park, the property is near the Miami River and Miami International Airport.

Deme Mekras with MSP Group represented the seller, an entity with ties to North Miami real estate investor Israel Kopel. In 2009, The Kopel entity paid $2 million for the mobile home park that was completed in 1975, records show. Four remaining mobile home residents were evicted in June, court records show.

The property sold just below its asking price of $16.5 million, Mekras said. Longpoint did not respond to a request for comment, but Mekras said zoning allows the buyer to redevelop River Park into an industrial project.

In addition to the site’s size, River Park’s proximity to the airport, PortMiami and easy highway access made the property an attractive purchase for Longpoint, which specializes in the industrial sector, Mekras said.

Miami-Dade’s industrial sector is experiencing a land crunch, as inventory of developable land for new warehouses is diminishing across the county. A 2022 Commercial Industrial Association of South Florida (CIASF) outlook from earlier this year shows Miami-Dade has 1,300 acres left for potential industrial development that could run out in eight years.

As a result, warehouse builders are targeting potential redevelopment sites in Allapattah, Medley and other submarkets near the Airport West sector.

 

Source:  The Real Deal

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