Forman Capital, a private direct real estate lender, has provided a $77.8 million loan to finance the construction of River District 14, a short-term rental condominium project in Miami. Developed by Alta Development, the project will be situated on a 1.3-acre site at 1420 NW 14th Ave., near the Miami River. Construction is set to commence before the end of the year.
After the City of Miami Commission’s unanimous decision to move ahead with the Riverside Wharf master plan, Miami voters will have the opportunity to vote “yes” to extend the land lease for the development which will pave the way for Riverside Wharf to become a longstanding part of the Miami River community. Riverside Wharf, developed by MV Real Estate Holdings (MVREH), in conjunction with Driftwood Capital and Merrimac Ventures, is a $185M hospitality-driven entertainment complex along the historic Miami River. The 10-story, 1.5-acre development will rise as a world-class entertainment destination expected to usher in a new era for the River District by providing a new home for Wharf Miami, as well as brand new dining and nightlife concepts and a 165-key Dream Miami hotel that will be an amenity for the city and attract continued growth to the undeveloped riverfront neighborhood. Construction for this development is slated to start in the second quarter of 2023.