Sources note that developers hope to start construction on a new project later this year. The venture? Foxcraft Estates. The residential building would measure five stories above grade and offer 84 homes, ranging from one-bedroom to three-bedroom apartments.
Charlotte, NC-based Truist Bank has issued a $164 million construction loan to Miami’s acclaimed condo king, the Related Group, for the first of three skyscrapers slated for a prime 3.9-acre development site along Brickell Avenue, south of the Miami River. Commonly referred to as One Brickell Tower II, the 47-story structure is reportedly planned to rise approximately 478 feet at 77 Southeast 5th Street and yield 506 rental apartments. Arquitectonica is the architect for the entire mixed-use development, which includes the planned 75-story Baccarat Residences Miami and an 82-story hotel and residential tower. John Moriarty & Associates is the general contractor for the tower, which is expected to begin construction next month.
The Gallery at Lummus Parc is in the works for the downtown Miami region. The mixed-use venture would comprise two towers, measuring 27 stories and 30 stories.
Housing Trust Group (HTG) and Housing for Homeless, Inc. have closed on financing and broke ground on Orchid Lake, a new $30 million affordable housing community located at the southwest corner of University Lane and Michigan Avenue in Cocoa, Florida. Designed by FK Architecture with Manley Design as the landscape architect and DRMP as the civil engineer, Orchid Lake will be a three-story community offering residences in a mix of one-, two-, and three-bedroom floor plans featuring interiors by Builders Design. Hennessy Construction is the general contractor, and work is expected to complete in early 2024.
Bainbridge World Center is undergoing construction in Orlando, Florida. The luxury multifamily development’s slated to open in early 2024, offering 341 apartments.