ROVR development is heading to downtown Miami to meet South Florida’s voracious housing demand.
ROVR just locked in $95 million in permanent funding from NCP Bank to replace the original $53 million construction loan on the newly completed 300 homes Grand Station Apartmentsa residential building in 240 North Miami Avenue. ROVR has partnered with Miami Parking Authority (MPA) on the project to increase the number of parking spaces in the city center by 1,100 spaces.
In addition, the development company is working on three other residential towers in the immediate vicinity of the Grand Station project.
“There are a series of opportunities here that we are capitalizing on. I think everyone wants to live close to the action, and that’s what I think downtown offers the tenant,” Oscar Rodriguez, a founding partner of ROVR, told CO. “There is a very healthy mix of commercial and residential uses as well as cultural and sports venues. It’s just exploding right now.
Last week ROVR was secured a $76 million construction loan from Madison Realty Capital for one of the three additional towers, a 343-unit condominium at 225 North Miami Avenue double Constituency 225 in partnership with Associated group. District 225 offers condo owners the opportunity to list the property on Airbnb for short and long term rentals.
Like Grand Station, ROVR is negotiating a 99-year ground lease with the MPA for two more high-rise towers, which will be known as College Station. The plan is to build 1,200 homes, 600 in each building, mostly for local labor at a reduced rental rate.
The 2-acre site where College Station will be located currently houses parking structures that are over 50 years old and will be demolished, Rodriguez said. In their place, a new 1,350-seat garage will serve as a podium for both towers.
Housing isn’t the only market in South Florida where unprecedented growth has taken place in recent years; companies moving their headquarters to Miami put office developers to work as buildings rose to the occasion.
The public-private partnership between ROVR and the MPA means that District 225 and College Station would be symbiotic for both entities.
“Given the scarcity of land available in the urban core, the Grand Station collaboration has given the Miami Parking Authority the opportunity to expand the residential and parking footprint in this section of Downtown Miami,” said said the CEO of MPA. Alejandra Argudin said in a statement.
District 225 is expected to be completed in 2024 and construction will begin July 20, according to ROVR.
Mark Hallum can be reached at [email protected].
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