WOOD PARTNERS BREAKS GROUND ON $128M MIXED-USE DEVELOPMENT IN MIAMI
MIAMI — Wood Partners LLC, a privately held multifamily developer based in Atlanta, has broken ground on Alta Dadeland, a $128 million mixed-use development featuring 431 apartment units and 2,000 square feet of retail space in Miami. The community is located within two miles of South Florida’s largest employers, the University of Miami and Baptist Health South Florida.
“There are two Metrorail stations in close proximity as well,” says David Thompson, Florida development director for Wood Partners.
The two-acre community, located on Southwest 72nd Avenue in Miami, will include 477,117 square feet of residential space, retail space and 663 parking spaces.
EDI International designed the mixed-use development, which will include two towers connected by a pedestrian bridge. Building One will be a nine- to 12-story courtyard building with 312 residential units. Building Two will be a nine-story, 119-unit building. The development will include a six-story parking structure that will be hidden behind the tower residences and will feature a resort-style pool deck above it.
Coastal Construction is the general contractor, and construction is expected to be complete in the fourth quarter of 2015. Apartment units are expected to be available for lease in the second quarter of 2015.
Invesco Real Estate is the equity partner, and HSBC Bank USA provided a fully underwritten construction loan for the project.
Wood Partners estimates the project will create 400 temporary construction jobs and nine permanent property-management jobs.
Wood Partners currently owns 77 apartment properties with a combined total of about 20,200 units. The company has offices in 16 major markets nationwide, including Atlanta, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Dallas, Denver, Houston, New York, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, Southern California and Washington, D.C.
— John Nelson