Preliminary site work is now underway at District 36 across from Midtown Miami.
The developer, an entity controlled by Mack Real Estate Group and and Wharton Equity Partners, closed on a $68 million construction loan yesterday from JP Morgan Chase Bank.
In total, there will be two floors of retail and restaurant space with 61,500 square feet of space. A 19-story tower will include 195 units.
In a statement last week, architect Jonathan Cardello of ADD Inc said that the ground level of the building will be designed with up-lit storefronts to encourage pedestrian flow between Midtown and the Design District.
Completion is scheduled for October 2016.
Down the (congested) Northeast 36th Street, Mack recently completed the purchase of the Regions Bank building and development site at 3550 Biscayne.