Developers Property Markets Group (PMG), Lion Development Group, and Marc Roberts Companies have broken ground on West Eleventh Residences in Miami. This 44-story project will feature 659 fully furnished luxury residences in the Park West neighborhood. It is designed with short-term rental flexibility in mind, allowing owners to host guests year-round on platforms like Airbnb.
Construction has started on Bay Harbor Towers, an eight-story residential venture in the eponymous Bay Harbor Islands. Led by PPG Development, the community will offer 44 condos, offering two-bedroom to four-bedroom floorplans.
Berkadia has arranged a $103 million construction take-out loan for The Gardens Residences, a mixed-use multifamily project in North Miami being completed in two phases. The financing was secured by Berkadia’s Senior Managing Director Charles J. Foschini, Managing Director Christopher Apone, Vice President-Originations Lourdes Carranza-Alvarez, and Associate Director Shannon Wilson on behalf of the sponsor, Omega Real Estate Management, a vertically integrated real estate management company focused on redeveloping downtown North Miami.
Tennessee-based 3H Group is moving forward with a hospitality venture in Jacksonville. The project is called Hyatt Studios, and it would measure four stories above grade and offer 122 rooms.
An affordable housing developer is seeking funding for a 60-unit complex in Miami-Dade County. Flagler Villas would comprise 60 affordable residences, reserved for seniors earning up to 30 percent of the area median income (AMI).
