Oscar Rodriguez and Alex Rodriguez with the Grand Station Apartments tower (Rovr Development, Getty)
The Grand Station Apartments tower is completed, built by a partnership that includes retired Yankees shortstop Alex Rodriguez as an investor.
Residents have moved into the 30-story, 300-unit downtown Miami building at 240 North Miami Avenue, according to developer Oscar Rodriguez. Rodriguez and his partner, Ricardo Vadia, both of Rovr Development, built the $ 70 million project on top of the previously existing courthouse garage.
It was developed as part of a public-private partnership with the Miami Parking Authority. Monument Real Estate Services of Alex Rodriguez is the property manager, and he is personally an investor in the project.
The building, with studios, one and two bedroom apartments, received its temporary occupancy certificate in August and is over 80 percent leased. Monthly rents range from around $ 1,800 to $ 2,500, Oscar Rodriguez said.
The developer took advantage of the surge in demand for apartments, which resulted in record rents. Rodriguez said that “the escalation in rental activity towards the end of the summer so far” has been “very surprising and encouraging”.
Units feature Italian cabinets, stainless steel appliances, quartz countertops, and washers and dryers, according to a statement. Amenities include a rooftop terrace, outdoor kitchen, pool and hot tubs, fitness center, indoor pool, club room and more.
The building was designed by Zyscovich Architects; and Anillo, Toledo, Lopez LLC.
Grand Station Partners secured a $ 53 million loan in March 2020 from Kayne Anderson’s subsidiary, Saperian Capital, to finance the construction. The property is also close to Government Center subway station and Brightline MiamiCentral.
As part of the deal with the Miami Parking Authority, the developer added about 350 parking spaces, for a total of about 1,200 spaces, according to Rodriguez.
Rovr is also co-developing the neighboring District, at 225 North Miami Avenue, with its partners, Related Group and Airbnb. The 37-story building will have 343 residential units and nearly 2,300 square feet of retail space on the ground floor.
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