Miami-based real estate developers Adler Group and 13th Floor Investments have finalized a $99 million loan that will open the door to the construction of a second tower at Link at Douglas, a seven-acre master-planned development that will transform Miami-Dade County’s Douglas Road Metrorail Station into a mixed-use transit hub with residential, retail and commercial office uses.
The loan, which was issued by Banco Santander and TD Bank, will help fund the construction of the 36-story multifamily building, which will include 421 rental apartments and 17,000 square feet of ground-floor retail space. Situated directly adjacent to the Douglas Road Metrorail Station at 3100 Douglas Rd., the Arquitectonica-designed building will feature a public plaza with connectivity to The Underline, a 10-mile-long linear park being built underneath the Metrorail tracks running from Downtown Miami to Kendall.
Construction of Tower 2 is expected to be completed in late 2022. Tower 1, a 22-story multifamily building designed by Corwil Architects with 312 rental apartments and 6,000 square feet of retail space, broke ground in July 2019 and is slated for completion in 2021.
“The closing of this construction loan is a testament to our strong bank relationships and also signals the continued confidence in our latest transit-oriented development, as well as our ability to execute as a development team,” said Daryl Shevin, chief financial officer of 13th Floor Investments.
“Link at Douglas will set a standard for urban living by catering to Miami-Dade’s evolving residents, who are looking for ways to avoid road congestion through public transit while seeking a more connected lifestyle,” said Jonathan Raiffe, chief operating officer of Adler Group.
Link at Douglas is being developed through a collaboration with Miami-Dade County in which the developers have entered into a ground lease for publicly owned land that will usher in privately-funded transit and infrastructure upgrades at a critical connection point within the county’s transit system. Link at Douglas’ mobility plan includes connectivity to Metrorail, county buses and municipal trolleys. Additionally, the development will incorporate over $17 million in public infrastructure improvements, including a fully renovated Metrorail station, a public plaza with active retail, and a section of The Underline.
Link at Douglas marks the second partnership for 13th Floor Investments and Adler Group.
The development team recently completed Motion at Dadeland, a 294-unit transit-oriented rental community adjacent to the Dadeland North Metrorail Station, which opened to renters in April 2019.