Prestige Cos. JV Completes Miami Community
The property is the first multifamily component of a 200-acre master plan.
A joint venture between Prestige Cos. and Brunetti Organization has opened Flamingo Village, a 341-unit community in Hialeah, Fla. The duo used funds from a $60.7 million construction loan from Centennial Bank to complete it.
The property is the first multifamily development in the 200-acre Hialeah Park Race Trak & Casino and the master plan’s largest project. Its completion marks Hialeah Park’s repositioning as a mixed-use destination.
Located at 2200 E. Fourth Ave., the transit-oriented Flamingo Village is close to several retail and dining options. Miami International Airport is 3 miles away, while downtown Miami is 9 miles southeast.
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The community comprises a mix of townhomes and garden-style apartments. Units range from 890 to 1,375 square feet.
Amenities include two clubhouses, swimming pools, a fitness center with yoga and meditation studio, as well as a business center. The community also has a pet play area, a park, a tanning deck and more than 700 parking spaces.
Hialeah Park Race Trak & Casino is one of the oldest existing recreational facilities in southern Florida. It was originally opened in 1922 and closed in 2001. Brunetti Organization owns the space that reopened in 2013.
Miami’s recent multifamily construction starts
Miami had 126 multifamily developments under construction as of early December, which are set to add about 33,120 units to its inventory, according to Yardi Matrix information. Out of them, 46 projects totaling 11,782 apartments broke ground this year.
Last month, a joint venture between 13th Floor Investments and Key International, along with partners CDS International Holdings and Wexford Capital, started construction on Skye, a 327-unit project in Delray Beach, Fla. The development marks the second phase of the 50-acre Park at Delray mixed-use development.
Additionally, Mill Creek Residential is working on Modera Downtown Boca, a 306-unit luxury community in Boca Raton, Fla. The project expected to open in 2028 will include townhomes and penthouses.
