Mast Capital, in a joint venture with AEW Capital Management LP, has secured a $59.7 million construction loan from PNC Bank on its Miami River Walk project, located on 6.3-acres on the south bank of the Miami River.
The development will be Mast Capital’s largest ground-up project to-date, further contributing to the company’s commitment to enhancing neighborhoods across South Florida.
The highly anticipated Miami River Walk development will be built in two phases, with Phase I, consisting of 346 residential units, expected to break ground in early 2019. Across both phases, the development will include a total of 688 residential units; 1,100 linear feet of riverfront improvements, such as an extension of the public Riverwalk, and over an acre of green space to be enjoyed by future residents.
Designed by Corwil Architects, the residential buildings will have more than 20,000 square feet of amenities across both phases.
These include plans to offer complimentary water shuttle service to nearby restaurants and attractions, health and fitness facilities, and shared office space environments.
“Building community elevating projects is at the core of the Mast Capital development strategy,” said Camilo Miguel Jr., CEO of Mast Capital. “The Miami River is the perfect example of this approach; our residents will have easy access to topnotch dining, entertainment and views, all within proximity to their workplace and home.”
The site, located about one and a half miles from Downtown, two miles from Brickell and a half mile from the Miami Health District, will provide accessible housing options to the workforce of over 200,000 people in Miami’s two largest employment centers. Positioned in an urban transit zone, tenants and visitors also will be close to several public transportation systems.
“The Miami Health District is the second largest medical district in the country and has been underserved with quality, well amenities housing,” said Miguel Jr. “The Miami River Walk will present a convenient live, work, play choice for the thousands of local health professionals working in the area.”
The Miami River Walk is being developed with an eye for complementing the community, and is being built with 27 percent fewer units than allowed under Miami 21. The project will incorporate sustainability practices and feature public pathways to the riverfront from the on-road greenway on the west and east side yards. Because of its scale and prominent presence, the Miami River Walk will be the catalyst for the ongoing transformation of the river and its immediately surrounding neighborhood.
Mast Capital has deep roots in real estate and developments across Florida. Other prominent projects developed or owned by the company include Conrad Brickell; 3811 Shipping Ave. in Miami near the Shops at Merrick Park, and Treasures on the Bay in North Bay Village.