Pinnacle, Ascend to Break Ground on Miami Community
- Dec 22, 2017
Pinnacle Housing Group and Ascend Properties plan to break ground on Oasis at Blue Lagoon, a 272-unit Class A community in Miami. The multifamily development will be the first of its kind to rise near the Waterford at Blue Lagoon corporate office park.
The property is located at 6650 NW Seventh St., near Miami International Airport, and will include one-, two- and three-bedroom units with market-rate rents. The community caters to the growing workforce in Miami-Dade County. The Waterford at Blue Lagoon office park welcomes more than 10,000 daily employees working at numerous multinational corporations, such as FedEx, Sony, Pepsi, Marriott Hotels & Resorts and Toyota.
“Oasis at Blue Lagoon is a wonderful opportunity for our development team to provide Class A lakeside apartment homes and a live-work connection for the thousands of employees in the surrounding business park and broader area,” said Pinnacle Housing Group Partner Michael Wohl in a prepared statement. “We also plan to bring first-class furnished apartments that will serve corporate executives and employees.”
Growing housing demand
The project is set to deliver two eight-story towers, two four-story garages and a 9,000-square-foot, two-story clubhouse. Conceived by interior design firm V-Starr, the clubhouse will include a fitness center and an infinity-edge pool, providing views of Lake Mahar. Monthly rental rates will vary between $1,780 for a one-bedroom and $2,590 for a three-bedroom apartment.
“The past decade has seen tens of thousands of luxury housing units built and occupied throughout South Florida, but there remains a tremendous amount of demand in the middle segment of the market,” said Pinnacle Housing Group Partner Louis Wolfson III in prepared remarks. “Centrally located and easily accessible, Oasis at Blue Lagoon will cater to working professionals commuting to nearby employment centers in Coral Gables, Doral and in the thriving Miami International Airport submarket.”
The developers secured construction financing through a $46.4 million loan arranged by IBERIABANK, also benefiting from preferred equity investment from Arbor Realty Trust Inc.
The architecture studio behind the design of Oasis at Blue Lagoon Apartments is Behar Font & Partners, while PHG Builders LLC is the general contractor. Construction is slated for completion in 2019.
Earlier in December, Pinnacle Housing Group opened a green-certified, affordable housing community in Oakland Park, Fla.
Rendering courtesy of Pinnacle Housing Group & Ascend Properties