Berkadia announces it has arranged $100 million in construction financing, provided by Churchill Real Estate, for Omega Real Estate Management to develop The Gardens Residences, a 9-story, 358-unit mid-rise apartment community designed by Behar Font & Partners with 1,100 square feet of ground floor retail in North Miami, Florida. Located on a 4-acre site at 1155 Northeast 126th Street, just off the Biscayne Boulevard corridor at the gateway to Bay Harbor Islands and Bal Harbour, The Gardens Residences is the first phase of Omega’s plan to transform seven contiguous acres in North Miami into a live-work-play community called “The Gardens District.” Ground breaking is scheduled for July 11, 2022, and is expected to create 828 jobs.
Apopka Business Center is taking shape in Central Florida. The 710,073-square-foot venture will comprise three buildings, resting on a 79-acre site. GrowthSpotter reports that the smallest building will measure 120,192 square feet. The two other buildings will measure 443,106 square feet and 146,775 square feet.
The buyer behind the last remaining prime water front development site in Brickell, 1201 Brickell Bay Drive, has been revealed to be Citadel, a multinational hedge fund and asset management company led by CEO Ken Griffin. The 2.5-acre site sold for a record-breaking $363 million back in April 2022, but the buyer’s identity was hidden behind a Chicago-based limited liability company. Miami-Dade County property records now show the site was sold by TWJ 1201 LLC, an entity linked to Tibor Hollo’s Florida East Coast Realty (FECR), to 1201 Brickell Bay LLC. Hollo paid $15,500,000 for the site nearly 22 years ago, yielding an approximate 2300% profit.
The Julia is now leasing units in St. Petersburg, Florida. The multi-million-dollar venture measures 19 stories above grade and offers lofts, full-estate units, and penthouses. Some units comprise 8,000 square feet of new construction; 6,000 square feet of interior space, and 2,000 square feet of outdoor terraces.
FAA building permits have been filed for LOFTY Brickell, a 44-story residential building planned for 99 Southwest 7th Street along the Miami River in Brickell, Miami. Designed by Arquitectonica with landscape architecture by Urban Robot Associates and interiors by INC for real estate developer Newgard Development Group (Newgard), the 574-foot-tall tower will ultimately contain 364 fully-finished residences in a variety of studio, one- and two-bedroom units, as well as 40,000 square feet of thoughtfully curated amenities. Newgard has also secured a loan valued at $170 million from 3650 REIT to begin construction at the site.