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The $60 million US Department of Transportation grant, which is the largest received in the city’s history according to the mayor, marks a critical leap forward for the I-395 Underdeck and signature bridge.
The three towers will have 1,342 multifamily units, 264 apartment-hotel units, 615 hotel keys, 100,000 square feet commercial, and 1,180 parking spaces.
Mercedes-Benz Places — Miami will be the first residential tower for the luxury car brand in the United States.
Developers are offloading parcels for mixed-use, condo, townhome and multifamily projects, as some struggle to land equity investors or bank financing.
The new development will include both market-rate and workforce housing apartments, along with parking facilities for residents and visitors.
Unlike much of the redevelopment now enveloping Miami, the plan spearheaded by Coconut Grove-based developer Swerdlow Group is aimed squarely at low-income and middle-class Miamians who are now finding it increasingly unaffordable to live in the city, especially in the urban core.
The loan marked a new record for a single tower, residential construction loan.
Plans for the Class A tower include 750,000 square feet of creative offices, structured parking for 1,000 vehicles and 7,500 square feet of ground-level retail space.
The county’s robust film industry went into decline in the past decade after the state discontinued its film incentives program, with films and industry professionals leaving the state for areas with higher incentives.
Ven-American Real Estate, Inc. established in 1991, is a full service commercial and residential real estate firm offering brokerage and property management services.
Ven-American Real Estate, Inc.
2401 SW 145th Avenue, Ste 407
Miramar, FL 33027
Brokerage & Property Management Services
Phone: 305-858-1188