MG Developer has received approval from the City of Doral for Doral Parc: Midtown Doral Phase IV, V & VI, a mixed-use development that will include 552 units in three 10-story buildings and 22,740 square feet of retail space in two new parking garages. This project is a joint venture between MG Developer and Latin American entrepreneur Ernesto De Lucas.
Miami’s Building Department has issued a site work permit for Villa Miami in Edgewater, marking a significant step forward in the development process. The permit, issued on August 2, comes with a revision filed on the same day and allows for excavation, piles, site improvement, and soil improvement. Moss & Associates is listed as the contractor on the permit, covering 22,000 square feet of work at a cost of $66,000. An application for a master construction permit is also in progress, detailing a 358,944-square-foot building with 7,723 square feet allocated for a restaurant and 351,221 square feet for residential space at an estimated cost of $62,817,300 is also in progress. A seawall permit with Ebsary Foundation Company as the contractor, valued at $480,000, is also under review.
Forman Capital has issued an $8.36 million pre-development bridge loan secured by a residential development site along North Miami Avenue in Miami’s Arts & Entertainment District. The borrower, Royal Palm Companies (RPC), led by Dan Kodsi, plans to develop a 40-story condo-hotel on the properties, likely under the Elevate brand. The transaction was finalized on August 16, with Chief Investment Officer and Partner Scott Mehlman, along with Vice President Ty Regnier, closing the financing on behalf of Forman Capital.
A development site in Miami’s Blue Lagoon area, previously approved for apartments and a hotel, is now facing foreclosure and is set to be auctioned due to a $17.9 million lawsuit. Miami-Dade County Circuit Court Judge Thomas J. Rebull granted the foreclosure judgment on August 10 in favor of TIG Romspen US Master Mortgage against 7 at Blue Lagoon LLC and loan guarantor Caroline Weiss. The judgment is tied to a loan with $13.2 million in outstanding principal and additional interest and fees. The court found that the borrower failed to repay the loan by its maturity date on October 1, 2022, and neglected to pay real estate taxes from 2020 to 2022.
Invesca Development Group has secured $94 million in financing to complete the construction of its Pixl apartments in Plantation. The project, located at 4350 West Sunrise Boulevard, will feature 330 apartments. The new funding was necessary to address the maturity of the original construction loan, manage additional costs from hiring a new contractor, and support the project through lease-up, according to Jay Miller of BayBridge Real Estate Capital. Miller, along with Spencer Miller, AJ Felberbaum, and Noah Rothman, facilitated the financing through Madison Realty Group and Taconic Capital Advisors.
