Developers have spent $130M on sites since December
Developers have teed up North Miami Beach as a renter’s paradise. About a dozen projects plan to bring nearly 2,600 apartments and 254 condos to the city.
An analysis by The Real Deal found that developers spent over $130 million for property in North Miami Beach and scored $115.5 million in construction loans for new projects since December.
Here are some of the residential projects planned for North Miami Beach:
16955-17071 West Dixie Highway | Trinsic Residential Group Trinsic Residential paid roughly $18 million for a five-lot assemblage in March from an affiliate of North Miami Beach-based Macken Companies, with plans to build a 373-unit apartment complex and 17,000 square feet of retail. This month, the developers scored a $99 million construction loan from TD Bank for the project. Macken retained ownership of the commercial part of the project.
16375 Biscayne Boulevard | Estate Companies The Estate Companies is planning a 28-story, 363-unit rental tower named Soleste on the Bay. Plans call for 14,000 square feet of ground-floor retail and 645 parking spaces, according to the developer’s application to the city. Form Group is the architect. This project is immediately south of the Soleste NoMi project the company is developing.
16395 Biscayne Boulevard | Estate Companies The Estate Companies is building a 23-story apartment tower with 367 units. The entire 4-acre property, which includes land for Soleste on the Bay, was once planned for a three-tower project that would have spanned 1.5 million square feet, TRD reported in 2020. A company affiliated with The Estate Companies paid $13.1 million for the site in late 2020.
2261 Northeast 164th Street | BH Group BH Group plans a 30-story, 400-unit apartment tower at 2261 Northeast 164th Street. The company paid $11 million for the 2-acre property this month.
4098 Northeast 176 Street | Macken Companies Macken Companies inked a $16.5 million construction loan from LV Lending to finish its Koya Bay project, a collection of 10 four-story townhomes on the Intracoastal Waterway. Macken broke ground on the project in February and it is expected to be completed in the first quarter of next year.
1750 and 1775 Northeast 167th Street | Ari Pearl’s PPG Development. Matt Press of EquiShares and Isaac Khabie of ARK Ventures are project partners. Ari Pearl’s PPG Development, along with partners Matt Press of EquiShares and Isaac Khabie of ARK Ventures, plan to build a 700-unit, market-rate complex on the 8.8-acre site at 1750 and 1775 Northeast 167th Street. Pearl paid $31.1 million for the property in April.
Southeast corner of Northeast 159th Street and West Dixie Highway | Resia (formerly AHS Residential) Resia (formerly AHS Residential) paid $57 million for the development site in March. The developer’s plans are unknown. The site was approved in 2018 for a 2.5 million-square-foot mixed-use project, called New North Town Center. Described as a “micro-city,” the development was slated to have 1,650 residential units, 260,000 square feet of office space, and 175,000 square feet of retail space. It was never built.
2050 Northeast 164th Street | Oak Row Equities (formerly Carpe Real Estate Partners) Oak Row Equities (formerly Carpe Real Estate Partners), plans a 26-story, 440-unit apartment tower named Venus. The developer paid $4.3 million in December for property, a former AT&T parking lot. The North Miami Beach Planning and Zoning Board approved the project in March. Venus will include about 8,000 square feet of retail space, according to the developer’s website.
13899 Biscayne Boulevard | Fortune International Group and Blue Road Fortune International Group and Blue Road launched sales of Nexo Residences, a 16-story, 254-unit short-term rental condominium in April. Construction could begin by the end of the year, TRD previously reported.
August 2022. The Real Deal.