A joint venture between Mast Capital and AEW Capital Management is set to build the second phase of Waterline Miami River, a 688-unit community in Miami. The project will begin this month with financing from Wells Fargo.
The first phase of Waterline Miami River, consisting of 346 units, was completed in late 2020. Kaufman Lynn is the general contractor for the project, and Corwil Architects will be the architect.
The second phase of Waterline Miami River will occupy 2.7 acres and add 342 units to the development. Once completed, the building will include studios, one-, two-, and three-bedroom apartments with washers and dryers, private balconies, quartz countertops and stainless-steel appliances.
Community amenities will include a fitness center, a park, an open recreational area, tech hub and office spaces, conference rooms, a pet spa with a washing station, a dog park and bike rooms with a repair station.
Located at 1001 NW Seventh St., along the Miami River, the property is within 2 miles of downtown Miami and the area’s several dining and retail options. The Florida Health District, the country’s second-largest health district, is also within a mile of the community.
The South Florida Factor
Thanks to steady population growth in Miami, the Miami River district is also becoming a booming residential neighborhood. Mast Capital plans to acquire and build communities within Miami’s urban core, where the demand for additional rental units is growing, mentioned Camilo Miguel Jr, CEO & Founder of Mast Capital, in a prepared statement.
Mast Capital continues to seek opportunities in South Florida. The firm plans to break ground on other projects this year, including a luxury property, totaling 1,200 units in the city’s Brickell neighborhood.