Investors Buy Land In Downtown South Miami, Plan Mixed-Use Project
More changes are coming to downtown South Miami.
Edgewater Capital Investments just entered the development business with a $1.8 million purchase of vacant land at 7435 Southwest 61st Avenue, where the firm is planning to build a mixed-use project.
Manny Mato, a principal at Edgewater Capital, said the firm wants to develop a four-story building that will be equipped with apartments, office space and retail on its ground floor.
Prior to the purchase, Edgewater Capital was solely known for providing capital to commercial real estate projects in South Florida.
The seller is S. Miami Retail BH LLC. In 2016, the entity paid $7.5 million for the 30,820-square-foot South Miami lot, as well as for the property directly in front of it, where Fox’s Lounge used to be. The developer is currently renovating and re-tenanting the space, which fronts U.S.1.
Mato said its development will consist of two- and three-bedroom apartments that will average about 1,200 square feet, each. Monthly rents will likely range between $2.50 per square foot to $2.60 per square foot for larger apartments, “similar to newer units near Dadeland Mall,” he added.
The retail component will be on the ground floor and offices will be on the second, he said. The firm is also planning to move its office into the South Miami development.
Mato said Edgewater Capital plans to break ground in less than a year, and anticipates about a year-and-a-half of construction time.
Downtown South Miami and parts of Coral Gables along South Dixie Highway have become increasingly attractive to investors and developers.
Source: The Real Deal