HomeNewsConstruction financing secured for Biscayne Shores in Miami

Construction financing secured for Biscayne Shores in Miami

The developers of Biscayne Shores, Integra Investments, and its partners have secured a US$ 101.4M construction loan for the mixed-use project. Andrew Korge of Korgeous Group and David Larson of DCL Capital are the partners of the Miami-based developer. They received the loan from Synovus Bank.

The project will be developed on an 8.2-acre parcel of land at 11295 Biscayne Boulevard in Biscayne Shores. The latter is an unincorporated community between Miami Shores and North Miami. Records show that the partnership paid $15.5 million for the property in 2020.

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The project for the Biscayne Shores in Miami was given the go-ahead by the Miami-Dade County Commission a year later. The joint venture reportedly agreed to donate US$ 152,000 to the county as a condition for the approval. This money would go towards the improvement of access to Biscayne Bay at an existing or future park near the development.

An overview of the Biscayne Shores in Miami

Initially, Biscayne Shores in Miami was designed to feature 105 townhomes and a 16-story structure with 275 apartments. This design was approved by the county’s Shoreline Development Review Committee.

However, the Integra joint venture modified the design. According to the tweaked design, Biscayne Shores in Miami will now be a 15-storeys apartment tower. It will have a total of 288 apartments.

Additionally, the project, which has a total built-up area of more than 785,000 square feet, will also feature 92 villas in nine two-story buildings. Moreover, there will be a total of 692 parking places when Biscayne Shores in Miami is finished in the summer of 2024.

Also Read: Construction Breaks Ground on Okan Mixed-Use Tower in Miami

Other developments by Integra Investments

Integra under the leadership of Nelson Stabile, Victor Ballestas, and Paulo Melo, is also developing Ocean Park Hotel and Residences.

This is a condo-hotel project located near the Intracoastal Waterway in Fort Lauderdale. Last June, the Fort Lauderdale City Commission approved Ocean Park’s site plan according to which a 12-story hotel would be developed. The hotel would have 100 rooms and an 11-story condominium with a total of 54 units.

Furthermore, the previous month, Integra and David Edelstein’s Tricap and Alex Karakhanian’s Lndmrk Development teamed up. The team bought a 1-acre development site at the entrance of Midtown Miami and the Miami Design District for $23 million.

In this location, the partnership plans to build a 20-story office tower with a retail and restaurant component.

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