The Miami River Walk is about to get an extension, after a 688-unit apartment project obtained a construction loan.
Mast Capital, in a joint venture with AEW Capital Management, obtained a $59.7 million construction loan from PNC Bank, the developers announced yesterday.
As part of the project, 1,100 feet of riverfront improvements will be made at the 6.8-acre site, including an extension to the riverwalk and public pathways to the riverfront from the on-road greenway on the west and east side yards.
The first phase of the project will break ground in early 2019 and include 346 residential units.
Eventually, a second phase will bring the total unit count to 688 residential units.
Residents will have access to over an acre of green space, shared office space, and a free water shuttle service.
“The Miami Health District is the second largest medical district in the country and has been underserved with quality, well amenities housing,” said Camilo Miguel Jr., CEO of Mast Capital. “The Miami River Walk will present a convenient live, work, play choice for the thousands of local health professionals working in the area.”