Berkadia Arranges Sale of Miami River Development Site
Mill Creek Residential plans to build a 36-story, 428-unit apartment high-rise
Berkadia recently brokered financing for a partnership to develop a site near the Miami River located in a Qualified Opportunity Zone (QOZ).
Senior Managing Directors Jaret Turkell and Roberto Pesant and Associate Omar Morales and Jose Mota of Berkadia Miami marketed the nearly one-acre parcel at 230 SW 2nd Avenue on behalf of Adler Development. Mill Creek Residential will join the venture with Adler Development to build “Modera Riverside,” a 428-home, 36-story high-rise between Downtown Miami, Brickell and the Miami River District.
“This represents an amazing development opportunity in one of the fastest-growing submarkets in the country,” Turkell says.
Construction on Modera Riverside is expected to be completed by 2024. It will provide high-rise homes with over 40,000 square feet of indoor and outdoor amenity space with Class A finishes, including a resort-style rooftop pool deck, clubroom with expansive views, state-of-the-art fitness center, game room/media lounge, meditation garden and co-working space.