A pair of developers have just secured $73 million in construction financing and broken ground on their mixed-use project in Doral.
The Encore Housing Opportunity Fund and its partner Congress Group received the loan from the Bank of the Ozarks. It covers just under 24 acres of vacant land at the northeast corner of Northwest 58th Street and Northwest 107th Avenue, according to Miami Dade County property records.
Two eight-story buildings will now be built there with a combined 630 residential units, split between 420 rental apartments and 210 condos. Dubbed Landmark South, the development will also include 60,000 square feet of commercial space.
As previously reported, the multifamily units will have access to amenities like a children’s park, tennis courts, 5,000-square-foot gym and a parking garage with more than 1,000 spaces.
Encore and Congress picked up the development site for $30 million in 2014. It’s directly next to the Landmark at Doral being built by Lennar Homes.
Encore is headed by Boca Raton developer Art Falcone, who is also a principal for the massive Miami Worldcenter development. His partner for this development, the Congress Group, is a Boston-based real estate firm that’s either managed or moved about $1.7 billion worth of properties in the last seven years, according to its website. Among its deals in South Florida: buying property in Bay Harbor Islands, taking over development management for the Bentley Bay condo project in Miami Beach, as well as securing development rights for the South Beach land that would eventually become Terra Group’s Glass condo tower.
Source: The Real Deal