A $310 million construction loan has been secured by Chetrit Group to commence the development of the $1 billion multiphase Miami River Project in Brickell Financial District Miami. Henry Bodek of Galaxy Capital helped to broker the loan which was provided by Madison Realty Capital based in New York for the initial phases of the project.
Mixed-use Miami River Project to be developed in five phases
The five phase Miami River Project which was approved by the city in October 2015 will be developed on 6.2 acres of land located at 401 S. W. Third Avenue, just along the Miami River. The property was acquired for nearly $91 million in 2014 through affiliate CG Miami River LLC. According to the approved development plan, the project will feature 1,843 residential units, a 330-key hotel, and 130,600 square feet of commercial space. Phase I and II of the Miami River Project will focus on building a 54 story residential tower, with 632-units; and a 24,000-square-foot, three-story two-building commercial component respectively. In addition, a river walk connecting Jose Martin Park to the heart of Brickell will also be built in the second phase.
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The third phase of the Miami River Project will consist of another 1 million square feet of development. Other additional amenities and developments approved for construction include 54,200 Square feet of restaurant space; 40,000 Square feet of office space, with over 2,000 parking spaces; a business center; an outdoor theatre; a fitness center; a pool; and 17 boat slips. According to County records, the clearing of trees and construction of a new seawall at the site already started in August. Kobi Karp Architecture based in Miami was in charge of the design.
Josh Zegen, a managing principal and Co-founder of Madison Realty Capital mentioned that his company would continuously support Chetrit Group’s Miami River Project. Zegen pointed out that this project has the potential to bolster the neighborhood’s live, work and play environment. He also said,”We are excited to be part of a project that contributes toward affordable housing in Miami as well as further improvements in public areas and public transit that benefit the city at large.”
