Mast Capital, AEW Deliver South Florida Luxury Community
The development is located in the Miami River District.
Mast Capital and AEW have completed Remi on the River, the eight-story, 342-unit second phase of a 688-unit luxury community in the Miami River District.
Located at 999 NW 7th St., Remi on the River has more than 400 feet of water frontage along the Miami River. The site is located minutes from Miami’s Brickell Financial District, the Miami Health District and downtown Miami, as well as near beaches, cultural attractions and nightlife destinations.
The completion of Remi on the River follows the successful leasing efforts at the joint venture partners’ first venture, MAST on Waterline Miami. That first phase, which consisted of 346 units, was completed in late 2022. It was fully leased within months of opening.
Previously known as Waterline Miami River, Mast Capital and AEW broke ground on the project’s second phase in January 2022 with financing from Wells Fargo. Kaufman Lynn was the general contractor and the project was designed by Corwil Architects.
Situated on 2.7 acres, Remi on the River has a mix of studios, one-, two- and three-bedroom floorplans ranging from 465 to 1,334 square feet. The rental apartments feature modern European-designed kitchens with stainless steel appliances and built-in wine refrigerators and front control ranges available in select apartments. Other details include quartz countertops, washers and dryers and private balconies with views of the Miami River and Miami skyline.
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Community amenities include a resort-style swimming pool, aqua lounge, fitness center and clubroom, as well as a resident lounge with coworking spaces and private access-controlled parking. Other features include a pet spa with a washing station, dog park and bicycle rooms with a repair station.
The property is within two miles of downtown Miami and the area’s dining, retail and entertainment offerings. Remi on the River is located near several arts and cultural institutions including the HistoryMiami Museum, the Miami Children’s Museum and the Museum of Graffiti.
The area has seen a resurgence as a dining and entertainment district in recent years, fueling demand for luxury rentals and waterfront living. AEW noted the global real estate investment firm was attracted to the Miami River district because of the strong micro-location popularity with a rising rental population. The city has seen rental demand increase because of the demographics, including migration and job growth. The 5.5-mile Miami River runs through the city, including the downtown area, and is an active route for commercial cargo activity, leisure boating and water sports.
Mast’s Florida focus
Founded in 2006, Miami-based Mast Capital targets opportunistic and value-add investments in the residential, hospitality, office, retail and land sectors. The firm makes investments in existing property, ground-up development, distressed real estate and note purchases.
In March, Mast Capital, in partnership with BLG Capital Advisors, broke ground on Hancock Bridge Square, a 320-unit, garden-style community that will be built on 15 acres in Fort Myers, Fla.
A month earlier, Mast Capital secured $600 million in financing from Banco Inbursa and Ascendant Capital Partners to develop Cipriani Residences Miami, an 80-story condominium project in Miami with 347 luxury residences.
