$310 Million Loan Granted To Build First Two Phases Of Miami River Project (Including River Walk)

The Miami River project has obtained a construction loan and is now moving forward with the first two phases.

The financing is to build both a residential high-rise tower, and a river walk that will be open to the public.

Foundation construction is already underway at the project site.

The loan totals $310 million, enough to build the first two phases of the project:

  • Phase I – a 54-story, 632-unit mixed-use tower
  • Phases II – a two-building, three-story development with 24,000 square feet of commercial space and a publicly accessible esplanade and river walk along the Miami River connecting Brickell to Jose Marti Park

Madison Realty Capital provided the financing.

According to a press release from Madison, the project’s five phases will eventually include 1,928 multifamily units. Amenities will include boat slips, an outdoor theater, a residents lounge, a business center, a state-of-the-art gym, a pool, and a café.

The residential unit count appears to have been increased from the 1,678 previously listed in documents submitted as part of a utilities agreement for the project.

The project was also planned to include 330 hotel rooms, 196,882-square-feet of retail space, and 98,040-square-feet of office space, the utilities deal showed.

Chetrit Group is the developer. Kobi Karp is the architect.

 




Foundation work underway:

(photo: G.T. McDonald)

 

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Anonymous
28 days ago

i said it before….if this actually gets built to resemble the renderings even by 50% then this will be spectacular…….

Anonymous
28 days ago

lol, it should match the renderings much more than 50%… thats what is approved

Anonymous
28 days ago

ha!…there are countless buildings approved as per renderings and valued down during buildout…changing the whole dynamic

Anonymous
28 days ago

you are sadly right, that’s pretty much everything in miami

Anonymous
28 days ago

At least in this case, hopefully it’s pretty hard to change beautiful curves into boxes when foundation work is already underway.

Anonymous
28 days ago

Between this and lofty Brickell the riverwalk is going to be great in a few years

Anonymous
28 days ago

lofty project seems skechy….evictions and no riverwalk renderings

Anonymous
28 days ago

Beautiful project!

Melo is sigma and Chad
28 days ago

Adding depth to the western part of the Urban core.Melos tower in downtown is also rising

Cap
28 days ago

Make this project happen please!

Robin Stan
28 days ago

This is exactly whats needed to activate the area west of the metro-rail. Can’t wait for the foot traffic to move further south from the river in this area.

Anonymous
28 days ago

I hope they can attract tenants to the retail. Crazy how mediocre American Social is pretty much the only restaurant on the river right now. Vacant space galore below Latitude, Mint, etc

Anonymous
28 days ago

Yes please!

Anonymous
28 days ago

So when is groundbreak????
Show me the shovel

Anonymous
28 days ago

Foundations have started. That’s usually a good sign

Anonymous
28 days ago

i see 3 boats in the renderings not 30

Anonymous
24 days ago

is there a way for the city or county to fine a builder for changing the plans?

Anonymous
27 days ago

Is this going to be a union job? Or a rat low pay job with no benefits ?

Anonymous
28 days ago

Without any set-back from the river these buildings sprouting up provide little enjoyment of the river itself, for residents oft he building and the community too its becoming a dark canyon, quickly

Anonymous
28 days ago

It’s always a dark canyon on the south side of the river. That’s how the sun works

Anonymous
28 days ago

It’s multiple towers with plenty of sunlight to come in between. It will do much more for the enjoyment of the river than the existing conditions and giant I-95 bridges to the west.