The loan will fund One West Twelve Residences (One W12), a 22-story development with 372 units planned at 105 Northwest Eleventh Terrace. The short-term-rental-friendly condo project will feature a mix of studio and one-bedroom condominiums, along with a limited number of townhouse-style units.
The Miami City Commission offcials are considering proposals to transfer city-owned land at no cost and provide millions of dollars in financial incentives to two developers planning affordable housing projects in Little Havana.
The company plans to invest more than $100 million in restoring the property.
Once known more for agriculture than housing, the Homestead area and surrounding parts of South Dade. are seeing a surge in development activity as land availability in Miami-Dade County continues to shrink.
The 5,875-square-foot building, constructed in 2014 on a 5,000-square-foot lot, previously sold for $21.5 million in 2016, reflecting a solid gain in value.
Miami city commissioners are scheduled to vote on a deal that would allow PAMM to continue running the billboard in exchange for at least $500,000 in annual payments to the city and compliance with new restrictions on brightness and operating hours. If approved, the agreement would end a long-standing legal dispute and preserve the high-profile sign.
While a rate cut would reduce borrowing costs and may jumpstart some transactions, industry professionals caution that it’s just one component of a complex financial equation.
The joint venture intends to transform the existing condo building located in South Beach into a luxury residential tower overlooking Biscayne Bay.
If finalized, this would mark the largest office sale in South Florida so far this year.
Amazon initially leased 50,000 square feet in January after reports surfaced that the Seattle-based tech giant was looking for up to 80,000 square feet in Miami.