Project will have 340 units and 12,800 sf of retail space
Merrimac Ventures brought on another developer, which secured a $4.7 million loan, with plans to bring an eight-story, mixed-use multifamily project to Dania Beach.
Fort Lauderdale-based Merrimac is now joined by Miami-based high-end apartment developer The Estate Companies. The 340-unit project, at 4 North Federal Highway, has been renamed Soleste Cityline, as in Estate Cos.’ Soleste brand of multifamily developments throughout South Florida, according to a press release. The project was originally called Trion at Dania Beach.
Merrimac sold 2.5 acres of land for the planned community on Wednesday to an affiliate of Merrimac and The Estate Cos. for $8 million, according to the release. Merrimac bought the land in 2017 for $5 million.
The new Soleste community will feature studios to three-bedroom units, with 600 square feet to 1,200 square feet. It will also feature a pool deck, fitness center, outdoor grilling stations, clubroom and private event space. Estate Companies will develop the residential segment and Merrimac will retain the full, nearly 12,800-square-foot retail portion of the project. The developers plan to break ground in the fourth quarter.
Synovus arranged the loan, according to the release. Synovus also provided a $43 million loan for Terra’s purchase of a site in northwest Miami-Dade in December.
In August, Estate Companies bought a former Ramada Inn in Hialeah for $15.25 million. In September, developer Steve Berman partnered with the Estate Companies for an eight story, 350-unit apartment complex at a landmark 1920s bank building in downtown Hollywood.
Estate Companies also plans to break ground on two other new projects this year, one within Miami’s Spring Garden Historic District and one in North Miami Beach, according to the release.
In January, Driftwood Acquisitions & Development and Merrimac Ventures locked in a deal through an Opportunity Zone fund by raising $24 million to develop a 218-key dual-branded hotel in Fort Lauderdale’s Flagler Village.
The Real Deal, Sept. 2020.