Riverwest Miami Developers Receive $ 26.5 Million Loan

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Todd Michael Glazer with project renders (Aztec Group)

Todd Michael Glazer with project renders (Aztec Group)

The planned Little Havana mixed-use development, anchored by Ross Dress for Less and Aldi, received a $ 26.5 million construction loan from Parkview Financial, a Los Angeles-based mortgage-backed investment fund.

A development team made up of builders from the New York Posner Group and Miami Beach. Todd Michael Glazer and i3 Development, led by Alan I. Amdur, proposed a project, Riverwest Miami, at 805 West Flagler Street. The first phase will consist of 55,000 square feet of ground floor retail space and a duplex garage. According to the report, the second phase will include a high-rise residential building with 278 apartments and several shops.

The $ 26.5 million loan will be used to acquire the plots required to complete assembly and finance pre-development and construction costs for the first phase, which is scheduled to begin later this year, said Charles Penan, executive vice president of Aztec Group in Miami. … The commercial real estate investment and commercial banking firm has arranged funding for Riverwest Miami.

The project site in Little Havana, an area of ​​Miami that is experiencing a development boom with several new mid-to-high-rise apartment complexes, has made it attractive to lenders, Penan said. He noted that developments with pre-rented creditworthy tenants are also a plus.

“The main catalyst for this property was that it was 80 percent pre-leased to Ross and Aldi,” Penan said. “It was a huge win and very much desired by the lenders. Funding for retail is difficult to find, but the presence of Ross and Aldi, two of the top tenants to date, also made this highly desirable. ”

In 2018, the City of Miami Commission approved a zoning change for nine properties between Flagler Street and Northwest First Street from Northwest Eighth to Northwest Ninth Avenue, allowing i3 Development, Posner Group and Glaser to build Riverwest Miami, designed by architect Kobe Karp. The change increased the density from 65 units to 150 units per acre for the 2.84 acre development site. An additional nine parcels on West Flagler Street and Eighth Avenue, which are part of the proposed development site, did not need re-zoning.

Nearby in Austria Premium development recently paid Presidente Supermarkets $ 15 million for a 2.3-acre property at 700 West Flagler Street. The zoning of the site allows for 386 apartments, but can increase to 771 if any proposed project meets the requirements for receiving bonuses for density through the provision of affordable housing.

Premium is also building a 194-unit apartment building called First Little Havana at 736-760 Southwest First Street. The project includes approximately 160,000 square feet of living space, 7,000 square feet of ground floor retail space and 231 garage parking spaces.

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