ACRE, Global City Development Break Ground on 236-Unit Apartment Complex in Miami
MIAMI — Asia Capital Real Estate Management (ACRE) and Miami-based Global City Development have broken ground on MiMo Bay Apartments, a 236-unit multifamily community located at 6445 N.E. 7th Ave. in Miami’s MiMo District. The asset is being built adjacent to Legion Memorial Park, the site of the former American Legion Post No. 29. The new mixed-use community will include a 15,000-square-foot facility that will be owned and operated by Post No. 29 to be used by its military veteran members. The facility will include a gym, areas for physical therapy, wellness center and a swimming pool. Services will include group therapy, acupuncture and post-traumatic stress disorder treatment. MiMo Bay Apartments is a joint venture between ACRE and an unnamed pension fund based in Canada. The developers secured a $51 million construction loan through TD Bank. Miami-based Coastal Construction Group is the general contractor, and Stantec’s Miami office designed the property.