13th Floor Investments JV Secures $99M Loan for Miami Project
The joint venture will break ground on the second tower of Link at Douglas later this month.
To contribute to the changing needs of the South Florida market, a joint venture between 13th Floor Investments and Adler Group will begin construction on the second tower of Link at Douglas, its second transit-oriented development in Miami. The partnership secured $99 million in construction financing from Banco Santander and TD Bank.
The 36-story Tower 2 will have 421 units and 17,000 square feet of ground-floor retail. Designed by Arquitectonica, the second tower will also have a public plaza that will connect to the Underline, a 10-mile park underneath Miami’s Metrorail tracks. Link at Douglas is adjacent to the Douglas Road Metrorail station at 3100 Douglas Road.
The 7-acre master-planned Link at Douglas also includes the first tower, a 22-story property with 312 units and 6,000 square feet of retail space. Tower 1 broke ground in July 2019 and will be completed by 2021.
Daryl Shevin, 13th Floor’s CFO, told Multi-Housing News that its developments focus on ways to reduce road congestion and connect residents to public transit to meet a changing demand.
“South Florida has traditionally been a car-dependent city, but we’re finally seeing a paradigm shift in the region,” Shevin told MHN. “And there is a strong demand from residents who prefer 24-hour, live-work-play environments over long commutes.”
The joint venture has also collaborated with Miami-Dade County in developing Link at Douglas. The developers signed a ground lease for the land while funding transit and infrastructure upgrades for the area’s nearby trains, buses and trolleys. Link at Douglas also includes $17 million of public infrastructure improvements including a fully-renovated Metrorail station, a public plaza and a section of the Underline.
The work on Link at Douglas comes after the recent success with a previous project the joint venture completed. Last April, 13th Floor and Adler completed another transit-oriented development, Motion at Dadeland, that’s adjacent to the Dadeland North Metrorail station with 294 units.