North Beach Town Center Development LLC, an affiliate of Pacific Star Capital, has secured a $94 million construction loan for 71 NoBe in Miami-Dade County. The acquisition has brought the anticipated Class A project closer to its 2027 completion.
71 NoBe will comprise both retail and residences. The 277 luxury apartments will include one-bedroom and two-bedroom units, and future residents would have access to various on-site amenities, including a fitness center, swimming pool, and dog park. Other offerings include a business center, wellness center, and co-working space.
Ocean Terrace (pictured) is another project planned for Miami Beach. Image from Google Earth
The homes will be market-rate housing; Zillow reports that the average rent of an apartment in Miami Beach is currently $3,200 a month. In addition to the homes, the property is also set to feature more than 30,000 square feet of retail. The South Florida Business Journal reports that it will host a specialty grocery store.
71 NoBe is one of many projects unfolding in Miami Beach. Another venture is Ocean Terrace, a multi-family housing development set to measure 20 stories and comprise 76 condos: 52 private residences and 24 hotel suites. Construction is set to start this year.
71 NoBe is currently unfolding at 400 71st St., Miami Beach, Florida, 33141, in Miami-Dade County.
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