13th Floor Investments JV Secures $99M Loan for Miami Project
- Feb 07, 2020
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.