Mill Creek Residential acquired the site of the Modera River House apartment project in Miami and landed a $52.4 million construction loan to break ground.
Miami River House Associates, managed by Lauris Boulanger and Francisco Silver in North Miami, sold the property at 1035 N.W. 11th Court and 1170 to 1080 N.W. 11th Street for $11.5 million to Riverhouse Development, an affiliate of Boca Raton-based Mill Creek Residential. Virginia-based Citizens Bank provided the construction loan to the buyer.
Aztec Group's Jim Fried represented both the seller and the buyer in the deal.
“The site has terrific access and visibility," Fried said. "The property fronts directly on the Dolphin Expressway. A person living in this project can get to the Miami CBD, Brickell, Midtown/Edgewater/Wynwood the Hospital District, Coconut Grove or Coral Gables without ever getting on the highway – a major benefit in today’s urban environment.”
The 2.54-acre site across from the Miami River was recently approved for 292 units units, ranging from 647 to 2,423 square feet. It would rise eight stories. The developer also agreed to preserve a single-family home.
“We targeted this development site specifically for its convenient access to the Miami Health District and the downtown Miami CBD, as well as its incredible views along the Miami River,” said Jeff Meran, senior managing director for Mill Creek Residential. “It’s a perfect location surrounded by the historic Spring Garden neighborhood and we are incredibly excited about this opportunity. This submarket will be very well served by a high-end luxury rental community like Modera Riverhouse.”
Available separately or contiguous with a 388,000 square foot rail-served manufacturing facility with 8.94- acre site utilized as a parking lot. • Efficient brick and block construction • Deep Cook County labor pool • 4 minutes to Interstate 294 • 20 miles to Chicago CBD
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Completed in 1929 and significantly renovated from 2014 to 2016, 33 North LaSalle consists of 402,010 square feet of office and prime street-level retail space that is collectively 74.4% occupied today. Due to the varying size of the building’s floor plates from over 18,788 square feet in the base down to approximately 3,186 square feet in the tower, the Property can accommodate the changing space requirements for the majority of tenants in the market. Smaller ‘tower-focused’ tenants are able to secure premium visibility and elevator identity within the building whereas they would be unable to do so in larger assets throughout the CBD market. Today, the building is home to a diverse cross-section of professional services, legal, and education firms, as well as a more recently arrived contingent of creative and technology companies. Vintage buildings like 33 North LaSalle that can offer open and collaborative office layouts at a competitive price point, while catering to a variety of small and medium sized tenants, have been and will continue to be the primary benefactors of the dwindling availability of creative loft space throughout the River North and West Loop submarkets.