Cervera Partnership Breaks Ground on Miami Condo Tower
Half of the units are already sold.
A partnership between 14th Street Investments LLC and Cervera Real Estate has started construction on 14 ROC, a 31-story, 283-unit luxury condominium project in downtown Miami. Completion is scheduled for 2028.
The architecture team includes RSP, White Design and Urban Robot Associates.
According to the developers, 50 percent of the condominiums have already been sold.
Miami developer Russell Galbut’s Crescent Heights shares a headquarters address with 14th Street Investments LLC, which owns the site. The entity is also an affiliate of GFO Investments, where Galbut is founder and chairman.
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Residences at 14 ROC will have studio and one- to two-bedroom units that range from 418 to 960 square feet. Interior features include 10-foot-high ceilings, open layouts, floor-to-ceiling sliding glass doors, smart home technology and private balconies. The property is also approved for short-term rentals.
Plans call for more than 25,000 square feet of amenities and services spread across three levels. These include a rooftop swimming pool, coworking spaces, fitness and spa centers, theater room, podcast studio, bar and grill space and a resident lounge, among many others.
The development is at 125 NE 14th St., in the city’s Arts & Entertainment District. The city’s international airport is 6 miles away.
The tower will be close to the 33-acre public park dubbed the Underdeck, currently underway, which is set to include walking and bicycle trails, community spaces and sports courts. Additionally, the upcoming building will be also close to Signature Bridge, which will connect Interstates 95 and 395 directly to the Port of Miami.
Recent condo development activity across the metro
Miami metro has multiple condominium projects currently underway in diverse stages of construction. A recent example is The Ritz-Carlton Residences Palm Beach Gardens, a 106-unit, three-tower development in Palm Beach Gardens, Fla. Developer Catalfumo Cos. received a $401 million first-mortgage completion-to-inventory loan for the project.
Continuum Co. received a $350 million construction financing package for Continuum Waterfront District, a mixed-use project in the North Bay Village suburb. S3 Capital provided a $261 million construction loan for its first phase, and an additional $83 million for the second phase.
