The Calta Group, a real estate and development company, today announced it has completed the acquisition of an assemblage of seven parcels in Allapattah from Enis Realty and Grupo Park for $17.2 million. The firm purchased six lots at 1415, 1433, 1435, 1453 Northwest 13th Terrace, and 1410 Northwest 14th Street in December, with the seventh and final 15,000-square-foot parcel at 1469 Northwest 13th Terrace closing this week. The final parcel’s closing price was $7,200,000.
Residents and patrons of the new future mixed-use development, named Revv at the River District, will benefit from its proximity to Miami International Airport, metro stations, Jackson Memorial Hospital, and the shops and restaurants of the neighboring River Landing. The project will comprise multifamily, retail, dining, and office components.
Situated across Interstate 95 from Wynwood, Allapattah is considered a hidden gem of Miami. As one of the city’s oldest communities, it is home to a melting pot of Central America, Cuba, and Caribbean residents. Today, the area is undergoing a cultural, dining, and residential renaissance with some of the biggest names in Miami’s art world, including Superblue, a popular interactive art space, and established galleries like the Rubell Museum and Jorge Perez’s El Espacio 23.
“It’s an exciting time to be building in Allapattah. The artistic spirit that filled Miami’s Wynwood neighborhood with art galleries, street art, and hip bars and restaurants has now extended west to Allapattah. There is a tremendous demand for market-rate housing in the area to support the needs of the large, ever-expanding medical and professional community,” said Ignazio Caltagirone, Co-Founder of The Calta Group.
The announcement from The Calta Group comes on the heels of the foundation pour of its sister project, Revv Hollywood, an eight-story, 180-unit complex blocks from Young Circle and its park.
“We are very excited to introduce our second Revv development,” said Gaetano Caltagirone, Co-Founder of The Calta Group. “Residents will enjoy the full Revv way of life with modern amenities, spacious floor plans, and high-end finishes near public transportation and the conveniences of the vibrant shops and restaurants of River Landing, including a Publix supermarket and retailers like Ulta Beauty and Pet Super Market, as well as trendy restaurants like Tanuki and Ficelle. Revv at the River District embodies the live-work-play notion.”