Wood Partners Breaks Ground on Miami Apartments
- Jan 23, 2014
Miami—Wood Partners L.L.C. has broken ground on Alta Dadeland, a $128 million mixed-use development with 431 apartment units and 2,000 square feet of retail space next to the Dadeland Mall. The development will also be close to two Metrorail stations.
Designed by EDI International, the property will include two towers connected by a pedestrian bridge. Building One will be a nine- to 12-story courtyard building with 312 residential units, and a six-story parking structure (hidden behind the tower residences) with a resort-style pool deck above it. Building Two will be a nine-story, 119-unit building.
“Since it’s still not easy to buy a home in today’s market, many young professionals are renting by choice,” Dave Thompson, Florida development director for Wood Partners, tells MHN. “Renters like the flexibility that comes with renting. Also, in Miami-Dade, there’s a shortage of new product since a vast amount of apartment stock was converted into condominiums.”
In fact, according to investment specialist Marcus & Millichap, this year’s apartment completions in the Miami market — about 2,000 units — would have to be duplicated in each of the next 10 years in order to restore inventory to the pre-conversion peak. Meanwhile, household creation and net migration remained strong during the recession and during the years since.
Coastal Construction is the general contractor, with construction slated for completion in the fourth quarter of 2015. Apartments will be available for lease in the second quarter of next year. Invesco Real Estate is the equity partner, and HSBC Bank USA provided a fully underwritten construction loan for the project.