Investors Buy Land In Downtown South Miami, Plan Mixed-Use Project

More changes are coming to downtown South Miami.

Edgewater Capital Investments just entered the development business with a $1.8 million purchase of vacant land at 7435 Southwest 61st Avenue, where the firm is planning to build a mixed-use project.

Manny Mato, a principal at Edgewater Capital, said the firm wants to develop a four-story building that will be equipped with apartments, office space and retail on its ground floor.

Prior to the purchase, Edgewater Capital was solely known for providing capital to commercial real estate projects in South Florida. In one notable deal, the firm provided an $11 million loan for the $15.2 million bulk purchase of a 47-unit condo building in Coral Gables developed by Shoma Group.

The seller in the most recent deal is S. Miami Retail BH LLC. In 2016, the entity paid $7.5 million for the 30,820-square-foot lot, as well as for the property directly in front of it, where Fox’s Lounge used to be. The developer is currently renovating and re-tenanting the space, which fronts U.S.1.

Apex Capital Realty’s Miguel Pinto and Jenny May represented the buyer. Tony Arellano from Downtown Realty Advisors represented the seller.

Mato said its development will consist of two- and three-bedroom apartments that will average about 1,200 square feet, each. Monthly rents will likely range between $2.50 per square foot to $2.60 per square foot for larger apartments, “similar to newer units near Dadeland Mall,” he added.

The retail component will be on the ground floor and offices will be on the second, he said. The firm is also planning to move its office into the development.

Mato said Edgewater Capital plans to break ground in less than a year, and anticipates about a year-and-a-half of construction time.

 

Source:  The Real Deal

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