$750M Miami Project Moves Forward
A key panel has approved a 1,000-unit community in the River Rapids neighborhood.
Construction is slated to begin in the third quarter of next year. All images courtesy of ROVR Development 
The exterior materials include horizontal louver, mesh panels, aluminum sliding glass doors, as well as storefront glass systems. 
The review board imposed some conditions, among them is the integration of bridges at mid-level to bolster pedestrian connectivity. 
Another condition was the movement of the pools to the roof of the parking building from the courtyard.
The Miami Urban Development Review Board has unanimously approved ROVR Development’s proposal to build 1,000 units inside Miami’s River Rapids neighborhood.
The developer has another 593 units in various stages of development nearby, outside of the newly approved ones. Upon completion, a combined total of 1,593 units with a projected value north of $750 million should come online.
Last year, an affiliate of ROVR paid $23.5 million for the 6-acre site upon which the 1,000-unit project is slated to rise. A+ Mini Storage sold the land, which at the time contained a 192,966-square-foot self-storage property. The company plans to redevelop the self-storage facility and start construction on the three-stage multifamily project in the third quarter of 2025.
READ ALSO: 10 Multifamily Trends Shaping H2 2024
Slated to include three buildings, the 1,000-unit project will span 944,430 square feet. Two 12-story buildings will encompass 330 units, while a 15-story structure will deliver 340 apartments. Plans call for studio and one- to three-bedroom units ranging from 520 to 1,250 square feet across the three buildings.
ATL Architecture provided multifamily interior design services, while EGS2 served as landscape architect. The project’s amenities are set to feature a swimming pool, gym, business center and club room, as well as a seven-story, 1,318-space parking garage.
Located at 1701-1851 Delaware Parkway, the project’s site is within walking distance of the Miami River, while Palmer Lake and the Grapeland Water Park are less than 2 miles away. Downtown Miami and Miami International Airport are within 5 miles of the development.
ROVR’s Tides and Moorings development
Another multi-phase development is shaping up at 2750 NW South River Drive, less than 1 mile away. The project is dubbed Tides and Moorings at River Rapids, a two-building, 593-unit development rising eight and 12 stories, respectively.
ROVR broke ground on the first building—Tides— earlier in the year after securing $66 million in construction financing this May. Kayne Anderson Capital Advisors issued the note, according to Yardi Matrix data. Michael Wolk Design and ATL Architecture provided design services for Tides and Moorings.
Sizeable metro Miami rental pipeline slows in 2024
As of April, the metro Miami multifamily pipeline had a solid 42,656 units under construction. However, with debt becoming increasingly difficult to obtain and the current pipeline signaling a possible short-term oversupply, developers broke ground on only 1,672 units across the metro in the first four months of 2024, Yardi Matrix shows. The figure represented a sizeable drop from the figure registered during the same time frame last year, when work started on 5,979 units.
One project that broke ground this year is Oak Row Equities’ 2600 Biscayne Blvd., a 399-unit, mixed-use luxury tower in Miami. The developer secured $181 million in construction financing from Bank OZK.
