Developers of a transit-oriented project in Miami have secured a $99 million loan for the construction of a second tower.
The financing from Banco Santander and TD Bank is set to allow Adler Group and 13th Floor Investments to build a 36-story, 421-unit apartment building with ground-floor retail at Link at Douglas in Miami. The mixed-use development, adjacent to the Douglas Road Metrorail Station, will connect to buses and trolleys and have a public plaza that accesses a 10-mile-long linear park being built under the Metrorail tracks.
Arquitectonica is designing the building, with construction expected to start this month and be finished in late 2022, according to the developers. The first building, a 22-story, 312-unit apartment complex designed by Corwil Architects, is under construction and due to be complete in 2021. Future phases are expected to include offices, though Adler and 13th Floor have not released details.
Across South Florida, developers are looking to build apartments near public transportation stations, giving residents easy access to other parts of the region while allowing them to reduce time spent in their cars.
“Link at Douglas will set a standard for urban living by catering to Miami-Dade’s evolving residents, who are looking for ways to avoid road congestion through public transit while seeking a more connected lifestyle,” Jonathan Raiffe, Adler’s chief operating officer, said in a statement.
Adler and 13th Floor are working on their second project together, having completed Motion at Dadeland, a 294-unit transit-oriented rental development next to South Miami’s Dadeland North Metrorail Station.
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