Forman Capital, a private direct real estate lender, has provided a $77.8 million loan to finance the construction of River District 14, a short-term rental condominium project in Miami. Developed by Alta Development, the project will be situated on a 1.3-acre site at 1420 NW 14th Ave., near the Miami River. Construction is set to commence before the end of the year.
Miami-based Alta Development proposes River District 14, a 16-story condominium project focusing on short-term rentals in the Allapattah neighborhood, just a few blocks north of the Miami River. Designed by Coral Gables-based Behar Font & Partners, the 180-foot-tall structure is planned for a 1.26-acre site at 1428 Northwest 14th Avenue, primarily vacant and bound by Northwest 14th Terrace to the north and Northwest 14th Street to the south. Acquired by the developer for $14.6 million in 2022, the site is positioned a block north of the River Landing retail and apartment complex, providing public access to the riverfront. The proposed building would encompass 414,102 square feet of space, featuring 283 condominiums and 326 parking spaces, including 66 spaces outfitted for electric vehicle charging, with a fitness and business center on the ground floor and an amenity deck complete with a pool on the sixth floor.