The Chetrit Group’s vision for the 6.2-acre Miami River development may finally come to fruition after landing a loan to begin construction. The New York City-based developer was granted $310 million in financing from Madison Realty Capital for the first two phases of the 4.2 million-square-foot mega project in Brickell, which is comprised of building the first of four towers and the additions and improvements to the riverwalk. The deal was arranged by Henry Bodek of Galaxy Capital Group, and is collateralized by the land for the last three phases. Kobi Karp is the architect for development, which will ultimately yield 1,928 residential units, 330 hotel rooms, 196,882-square-feet of retail space, and 98,040-square-feet of office space across multiple glass-clad towers along with boat slips, an outdoor theater, a residents lounge, a business center, a state-of-the-art gym, a pool, and a café.
The first phase of the project involves the construction of a recently FAA-approved 54-story residential tower with 632 units, rising 640-feet at 275 Southwest 6th Street. Foundation work is already underway where GT McDonald Enterprises is listed as the general contractor. The second phase of the project will give way to the construction of two 3-story buildings with 24,000 square feet of commercial space and a publicly accessible esplanade and river walk along the Miami River connecting the development to Jose Marti Park. Details on the third phase have not been released as of yet, but according to The Real Deal, it will bring another 1 million square feet of new construction.
“The Chetrit Group is a highly sophisticated and experienced owner and developer with significant experience in Miami and New York, and we are pleased to leverage our expertise in delivering financing solutions through every phase of development and to be the lender of choice for the first phases of this world-class project,” said Josh Zegen, managing principal and co-founder of Madison Realty Capital.
“We look forward to continuing to identify creative opportunities to support The Chetrit Group’s Miami River development, which will bolster the neighborhood’s expanding live, work and play environment. Furthermore, 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.”
“Madison Realty Capital’s significant experience in Miami and proven track record of delivering flexible financing solutions for our clients made them the ideal fit to execute on behalf of a premier sponsor with a well-located, high-quality asset,” added Henry Bodek of Galaxy Capital Group, who brokered the deal for the loan.
Chetrit’s Miami River development is set to expand Brickell’s portion of the Miami cityscape further west, projected to cost well over $1 billion at completion. The addition of the project to the neighborhood will bring much needed density, and will play a major roll in meeting inventory demands to an already tightening real estate market as people from all parts of the country continue to move to South Florida, making Miami their new home.
Although some foundation work is reportedly underway, permits for vertical construction of the 54-story tower are not yet approved. The developer has not yet released a schedule for construction. YIMBY predicts the building will go vertical in Q1 of 2022 now that funds are available.