The loan marked a new record for a single tower, residential construction loan.
Mast Capital has acquired a Miami property near the Shops at Merrick Park from AT&T Florida for $10.9 million and plans to develop a residential tower.
Camilo Miguel Jr., CEO of Mast Capital, said the 1.02-acre site at 3811 Shipping Ave. is zoned for up to 20 stories and 153 residential units. He plans to build within the current zoning and include 15,000 square feet of retail. The property currently has a small telecommunications office and a parking lot for AT&T’s vehicles.
Miguel said he is buying the site because it’s near the Shops at Merrick Park in Coral Gables, which includes a dine-in movie theater and many restaurants, and a block away from the Douglas Road Metrorail Station. The transit system connects with downtown Miami, the University of Miami and Miami International Airport, among other locations. Another group of developers has leased the Douglas Station site from the county for a major mixed-use project.
“In a few minutes, you can be in any other major commercial corridor,” Miguel said.
Miguel said he hopes to break ground in about a year, once the sale is completed. Mast Capital, which plans to relocate its office from Miami Beach to a larger space in Miami’s Coconut Grove, has a handful of projects in the works. In Miami Beach, the company expects to complete 12-unit Louver House condominium in mid-June, Miguel said. It also owns apartment buildings in Key West and a restaurant building on Brickell Avenue.
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