JDS Development Group has obtained an $86 million construction loan to help it start work on a 64-story mixed-use tower in Miami’s Brickell Financial District.
Maxim Capital Group provided the mortgage to 191 SW 12 Owner LLC, an affiliate of New York-based JDS Development, by assuming a $43 million land acquisition loan and doubling it to $86 million, while carrying a lower interest rate. The “bridge construction loan” will support the initial work on the project, which is currently undergoing foundation work.
Walker & Dunlop’s Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Sean Reimer, Mo Beler, and Sean Bastian arranged the loan.
The 1 Southside Park project will rise at 191 S.W. 12th St. and include the redevelopment of a city of Miami fire station, which will be incorporated into the project.
The development will feature 1,175 residential units, 190,000 square feet of offices, a 200-room Treehouse Hotel, 10,000 square feet of retail and 1,400 parking spaces. The developer will also renovate the neighboring park.
“1 Southside Park’s thoughtful, dynamic design serves as an exemplar for how we can design and develop in dense urban centers,” said Michael Stern, founder and CEO of JDS Development Group. “We look forward to going vertical in the near future for this multifaceted project.”
The architects of 1 Southside Park are New York-based SHoP Architects, Hollywood-based ODP Architecture and Design, and New York-based James Corner Field Operations.
This project comes as both residential and office rents have sharply increased in Miami. The city is attracting more wealthy residents from high-tax states and companies are following them, especially in Brickell. Hotels are also charging more as the tourism market rebounds.