Mast Capital To Break Ground On 2nd Phase Of Waterline Miami River In East Little Havana, Miami

Miami-based real estate developer Mast Capital, led by founder and CEO Camilo Miguel Jr., has partnered with Boston-based global real estate investment firm AEW Capital Management to launch Phase 2 of Waterline Miami River, an 6.31-acre residential development designed by Coral Gables-based Corwil Architects and located at 1001 Northwest 7th Street in East Little Havana, Miami.  The second phase will rise 8-stories and bring the full development to a combined 688 apartment units, adding in 342 rental units on the remaining 2.7-acre development site with over 400 feet of unobstructed water frontage along the Miami River. The joint venture has secured financing from Wells Fargo for the project’s construction set to begin in January 2022.

Waterline Miami River is located just half a mile south of the Miami Health District, which employs 45,000 and draws 160,000 annual visitors and is recognized as the second largest health district in the U.S., and within 1.5 miles of Downtown Miami and the Brickell Financial District. The interior lot is bound by Northwest 7th Street on the south, Northwest 11th Avenue on the west and the Miami River on the north with over a 1000-feet of unobstructed water frontage.

Waterline Miami River. Designed by Corwil Architects.

Waterline Miami River. Designed by Corwil Architects.

“The Miami River has long been seen as a working waterway, but it’s also becoming a thriving residential neighborhood. The population growth and strong demographics Miami is experiencing will continue to fuel growth along the riverfront,” said Camilo Miguel, Jr., CEO and Founder of Mast Capital. “Since pre-leasing commenced at Waterline Miami River, we saw high demand for the apartment community given the lifestyle offerings in the surrounding neighborhood and strategic location near Miami’s thriving urban core. We are confident that phase two will experience similar demand given the need for additional rental housing and the increased desirability of the Miami River District.”

Residences within Phase 2 will be comprised of studios, one-, two-, and three-bedroom units spanning approximately 280,000 rentable square feet accompanied by masterfully crafted community amenities. Units will feature European kitchens, modular European closets, washer and dryer, private large balconies, premium quartz countertops, and stainless-steel appliances. Residents will get to enjoy breathtaking views of the Miami River and the Downtown and Brickell skyline. Amenities will include state-of-the-art fitness center, a one-acre park, a dog park and open recreational area, 24/7 package and dry-cleaning lockers, tech hub and flex office spaces for residents working remote, conference rooms, WiFi in social hubs, private access parking, pet spa with washing station, and secure bike room with repair station.

Pool Deck – Phase 1. Photo courtesy of Mast Capital.

Fitness Center. Photo courtesy of Mast Capital.

Mast Capital has built a substantial part of the Miami River walk, elevating and enhancing the community experience of the thriving neighborhood that continues to see significant real estate investment. According to the Miami River Commission, Miami River’s shorelines feature public river walks, nine major parks, five major hotels, over 11,910 new residential units, 25 restaurants and over a dozen boatyards, marinas and historic sites. There’s also an additional 6,667 approved units, five planned hotels with 1,200 new rooms and 22 planned restaurants in the works.

Mast Capital began construction of the first phase of Waterline Miami River, an 8-story, 346-unit luxury multifamily community, in December 2018. The project was delivered in late 2020 and reached stabilization just eight months after its completion.

Kaufman Lynn Construction is the general contractor. YIMBY estimates Phase 2 may reach completion by the Q4 of 2023.

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