Mast Capital just closed on a 6.3-acre site along the Miami River where the developer is planning a 688-unit project.
The firm, led by CEO Camilo Miguel Jr., paid $26 million for the property at 1001 Northwest Seventh Street in a joint venture with AEW Capital Management, according to a press release. Colliers International South Florida’s Gerard Yetming and Mika Mattingly brokered the deal.
Property records show the seller, Edwin and Heidi Verdezoto’s RAD Miami River, paid $8.75 million for the site in April 2004.
Mast Capital and AEW plan to break ground on the two eight-story building project in the fourth quarter of this year. Corwil Architects is designing Miami River Walk, which will have more than 20,000 square feet of amenities.
The Miami River Commission approved the development in December. Mast Capital agreed to remove a “sky lounge,” widen a proposed public riverwalk and create pedestrian paths leading to the riverfront as part of the approval.
A number of developments have been proposed in the Miami River district in recent years. Chetrit Group and JDS Development Group have plans for a $1 billion mixed-use project, Shahab Karmely’s KAR Properties has its One River Point luxury condo project, and Andy Hellinger is leading development of River Landing, a mixed-use apartment and retail complex that’s under construction. – Keith Larsen