UPDATED, Feb. 5, 6:06 p.m.: The developers at a massive mixed-use project along U.S. 1 just closed on a $99 million construction loan for the second tower.
13th Floor Investments and Adler Group secured the loan from Banco Santander and TD Bank for the Link at Douglas’s second building, a 36-story, 421-unit apartment tower, according to the developers. The building, designed by Arquitectonica, will also have about 17,000 square feet of ground-floor retail space.
The 7-acre project, at the northwest corner of U.S. 1 and Douglas Road, is one of four major mixed-use developments in the pipeline along U.S. 1 in the areas of Coral Gables, South Miami and Coconut Grove. They include Gables Station and Paseo de la Riviera, both being developed by Nolan Reynolds International (previously known as NP International) and Terra and Grass River Property’s Grove Central.
The Link at Douglas, which is being built next to Miami-Dade County’s Douglas Road Metrorail station at 3100 Douglas Road, broke ground in July of last year with a $47 million loan from TD Bank. The first component, a 22-story, 312-unit building, is expected to be delivered in 2021. It will have 6,000 square feet of retail space and was designed by Corwil Architects.
The transit-oriented project will connect to the Underline, a 10-mile-long linear park that runs underneath the Metrorail tracks from Dadeland to Brickell.
The second building at the Link at Douglas is expected to be completed by the end of 2022, according to a release. Construction will begin this month.
The multi-phased development will eventually have a total of 1,500 residential units, including a workforce housing component; 25,000 square feet of retail space; and a 250,000-square-foot office building. About 100 of the 733 units built in the first and second phases are expected to be designated as workforce housing units.
13th Floor and Adler have a ground lease with the county to develop the project. They are funding $17 million in public infrastructure improvements, including renovating the Metrorail station, building a public plaza and funding a portion of the Underline.
The developers also partnered to build Motion at Dadeland, a 294-unit transit-oriented rental tower next to the Dadeland North Metrorail Station. That was completed in April 2019.
An earlier version of this story incorrectly stated the unit count for the first apartment building.