Construction is underway for 3900 Alton Road, a 9-story multifamily development on a 1.87-acre site between Florida State Road 907, the Julia Tuttle Causeway, and the Talmudic College in Miami Beach. Designed by Arquitectonica and developed by a joint venture partnership between Mast Capital and Rockpoint Group, the development will comprise 178 residential units, ranging from studios to three-bedroom, and 269 parking spaces. Kaufman Lynn Construction is the general contractor, and AKO Plumbing Corp is the plumbing contractor.
In November 2022, Mast Capital and Rockpoint Group secured a substantial $64 million construction loan from PNC Bank. This crucial financial backing enabled the partnership to break ground in February 2023 and move forward with the project, now slated for completion in Fall 2024.
The residences will range from 560 square feet to 1,410 square feet and feature several design elements, including Italian cabinetry, porcelain flooring, floor-to-ceiling glazing, and wrap-around balconies with glass railings. The development will also incorporate lifestyle-driven amenities for residents, including an elevated pool deck, BBQ area, outdoor gaming area, fitness and yoga studio, resident lounge, co-working spaces, and pet washing station.
“Miami Beach rental housing is experiencing strong demand on the back of more individuals and companies relocating to the region, drawn to the state’s business-friendly environment and desirable lifestyle,” said Camilo Miguel, Jr., Founder and CEO of Mast Capital. “This project will have unique positioning as one of the few luxury for-rent projects in the Miami Beach market, one of South Florida’s hottest residential markets.”
Mast Capital has been significantly active in South Florida’s real estate landscape since December 2020, representing over $3.5 billion in total project capitalization. Its investments include the development of 2,300 residential units across various locations, such as Miami’s Brickell Financial District, Miami Beach, Palm Beach County, Fort Myers, and the Tampa metro area.
Rockpoint, a Boston-based firm with a 28-year history, employs a fundamental value approach to investing, targeting select product types in US markets. Co-founders and others have raised approximately $29 billion in capital commitments through Rockpoint and a predecessor firm. As of September 30, 2022, Rockpoint’s investment team has been involved in 498 transactions with a total peak capitalization of around $80 billion.
Subscribe to YIMBY’s daily e-mail
Follow YIMBYgram for real-time photo updates
Like YIMBY on Facebook
Follow YIMBY’s Twitter for the latest in YIMBYnews
That’s great. I am interested in a 1 bedroom.
Good luck living in a Fascist Dictatorship
What?