Development Partners Obtain $27M for Miami Tower
- Dec 21, 2017
The developers of Casa Grove, MEC Development Associates and B Developments, have obtained a construction loan for the property, a 130-unit multifamily development in Miami. out of New York, led by Mark Wancier, provided $27 million in funding.
Work on the development, which will be undertaken by Civic Construction, will start in January, with a delivery date in the summer of 2019. Casa Grove counts as transit-oriented, since it will be adjacent to the Coconut Grove Metro Rail Station, off of 27th Ave. and South Dixie Highway.
The 12-story building will offer units ranging from studios to four bedrooms and four bathrooms, from 635 square feet to over 1,400 square feet. There will be an amenity deck on the fifth floor, and over 12,000 square feet of commercial space and a walk through connection to the Underline, the project to create a 10-mile urban trail and linear part from the Miami River to Dadeland South.
Miami is one of the most expensive apartment markets in the country, even though rents have edged down a bit recently. According to Zumper, greater Miami is the ninth most expensive market in the country, just ahead of places like Honolulu and San Diego, but behind Oakland and Seattle.
An early December report by Zumper put one-bedroom apartments in Miami at an average of about $1,750 per month, a 3 percent decrease from a year earlier. For two-bedroom units, average rents in Miami dropped 4 percent year-over-year, from $2,500 to $2,400 a month.