Natiivo Miami started construction in February 2021. The $213 million venture is expected to reach completion in the third quarter of 2023. Upon finishing, the 51-story tower will offer 448 condos, ranging from studios to three-bedroom homes.
Hines Global Income Trust (HGIT), an investment arm of global real estate firm Hines, acquired Gables Station, a 14-story multi-family complex designed by Gensler and located at 225 South Dixie Highway in Coral Gables, for $430 million. The development, which completed construction last year, features 495 Life Time Living® residences. This acquisition is the second largest single-asset multifamily sale in South Florida, reaffirming HGIT’s and Hines’ bullish stance on the future of the market. Since the pandemic, Hines has committed approximately $1.8 billion across three prime developments and acquisitions in South Florida. Willowick Residential, Hines’ boutique multifamily property management firm, will assume the role as property manager for the asset.
Preserves at Park Trace is unfolding in Stuart, Florida. The $44.6 million housing development will offer more than 100 single-family units on a 97-acre lot. Options comprise five floorplans, ranging from two-bedroom to five-bedroom options.
Plans have been filed for a mixed-use project at 1790 Alton Road in South Beach, Miami Beach. The scope of work includes a new construction building of 5-stories set to occupy an irregularly shaped 0.237-acre land parcel nestled between 18th Street and Dade Boulevard, beside an Office Depot supply store and across the street from the Kimpton Hotel Palomar South Beach. Plans for the 79-foot-tall structure calls for 34,679 gross square feet of space including 12 residential units, 2 distinct restaurants and 19 parking spaces. Finvarb Group under the Sobe 18 LLC is the developer and owner of the application, which is scheduled for review by the city’s Design Review Board on October 4, 2022.
Great Neck, NY-based real estate investment and development firm Namdar Group has secured $195 million in acquisition and construction funding for Namdar Towers, two residential buildings of 41- and 43-stories planned for 222 Northeast 1st Avenue in Downtown Miami. The loan came from an affiliate of New York’s Slate Property Group – SCALE Lending – brokered by associates of Greystone Capital Advisors. Plans for the residential project include 1.2 million square feet of space with 1,354 residential units between both towers.
