Loan advances transit-oriented Upland Park residences

Bạn đang xem: Loan advances transit-oriented Upland Park residences

A $170 million construction loan is moving a $1 billion mixed-use community off the back burner with a 47-acre West Miami-Dade project – including residential, retail and commercial uses – transforming the Dolphin Park-and-Ride/ Transit Terminal into a major multimodal transit hub.

Developer Terra is receiving the loan from SCALE Lending, part of the Slate Property Group, to launch the project’s first phase, consisting of 578 apartments rising on county land. Sequential phases are to increase the housing total to more than 2,000 mid-rise and garden-style apartments, 282,000 square feet of retail and 414,000 square feet of commercial space.

Upland Park is designed to increase public transit ridership “while anchoring the new East-West Corridor of the county’s Smart public transportation plan,” according to a release. Billed as “the largest public-private transit-oriented development” in the history of Miami-Dade County, it is “expected to get underway in early 2025.”

Xem thêm : A state agency that issues student loans has sued thousands of borrowers

Three Miami-based companies are joining design forces for Upland Park’s first phase: PPK Architects,1330 NW 84th Ave; Arquitectonica, 2900 Oak Ave.; and urban planner Plusurbia Design, 1385 Coral Way. Upland Park is geared to satisfy growing demand for commercial and residential real estate in West Miami-Dade.

Dolphin Station is at the Homestead Extension of the Florida Turnpike and the Northwest 12th Street interchange. The terminal supports Miami-Dade Transit’s SR 836 Express Bus Service and provides stops for several other local bus routes serving the Dolphin Mall and nearby cities like Doral and Sweetwater, the release says.

The project began to take shape on architectural drawing boards in early 2021. Miami Today reported in mid-June 2021 that the county and Terra had agreed to early terms for the project, expected to yield the county more than $4 billion over a century.

Miami Today reported on June 15, 2021, that county commissioners had approved a 97-year contract with Terra for the project’s construction. At that nascent stage, Miami-Dade Chief Operations Officer Jimmy Morales said Upland would include “apartments, a hotel, school and science facility.”

The “development and lease agreement will generate $1.7 billion for the county,” Miami Today reported.

A Terra spokesperson in 2021 said residences would be targeted to what the US Census Bureau classifies as “workforce” housing, for which the median income already has climbed more than 27%, from $62,493 in 2021 to $79,400. That increase has kept pace with the 27.06% cost of living increase in Miami-Dade County over the same period.

Xem thêm : SBA Update: How SBA loans empower small businesses – Christopher Hackney

That means that if the apartments were ready right now, families with incomes between $63,520 and $111,160 would qualify. The 2021 range was $49,994 to $87,490.

“Securing this financing marks a major milestone in bringing Upland Park to life and allows us to move forward with the first phase of a transformative project that will reshape the West Miami-Dade area,” said David Martin, CEO of Terra, in a statement.

“We are grateful to Miami-Dade County for their support and partnership, which highlights what can be achieved through effective public and private collaboration,” he said.

“As an example of the growing demand for mixed-use, transit-connected communities, Upland Park will not only create jobs and generate new tax revenues, but it will also help drive economic growth and mobility solutions in the county for decades to come,” Mr. Martin said.

Martin Nussbaum, co-founder of the Slate Property Group, said SCALE has provided “over $2.5 billion in loan originations for multifamily projects since its inception [in 2013] and Upland Park adds to our core portfolio of loans.

“We are excited to continue with our Florida expansion plans and will be closing on over $250 million in loans in Florida in the next 90 days,” he said.