Miami Worldcenter Lands $89 Million Construction Loan
Despite concerns of oversupply in the multifamily market, the developer of Miami Worldcenter has closed on an $89 million construction loan to finance the construction of their first multifamily tower, Seventh Street Apartments. The lending market has been tightening across the board over recent months for commercial real estate loans, but this project was able to secure financing due to its proximity to All Aboard Florida’s Miami Central Station.
The rental project will be just one section of the 27 acre project, which is slated for completion in 2018. When completed, it will comprise of two towers. The first, a 43 story tower with 450 rental apartments, followed by a second tower with 413 rental apartments. The first tower broke ground in June and construction recently went vertical. The construction loan closed December 19.
An Aerial Look at All Aboard Florida/ Brightline Train Station Construction
Construction of the Miami, Fort Lauderdale, and West Palm Beach Brightline Stations is on schedule for the beginning of passenger train service next month, according to an update last week at the Brightline construction blog. The stations are also coming along pretty nicely when seen from the air. While construction for both the Fort Lauderdale and West Palm Beach stations is coming along nicely, construction at MiamiCentral, the Miami terminal station and by far the largest of the three (the fourth station, connecting to Orlando International Airport, is coming in Phase II) is approaching the level of the elevated train tracks. Check out the video, below.
In Downtown Miami, construction on the massive 11-acre MiamiCentral is progressing. Installation of the Florida I Beams (FIB’s) continuing, things are moving smoothly at the MiamiCentral Brightline station. Once the FIB’s are installed, work will begin on the elevated train tracks. The tracks will be installed on a slab, which will be cast on top of the FIB’s. In addition, the process of excavating for all of the rail infrastructure foundations is now complete and about 90 percent of the columns have been cast.
Just on the other side of the Miami-Dade County Overtown Transit Village, 3 MiamiCentral is also rising. In just a couple of months, the building has reached its tenth floor! Shoring for the fourth level parking garage has been completed and the installation of glass panels on the third level, below the office tower, is underway. Going forward, construction crews at 3 MiamiCentral will continue with rough plumbing, electrical work and HVAC ductwork installation, in addition to casting sections of the ninth and tenth floors.
Tri-Rail Launches Miami Link Website, Announces Service “As Early As” December Next Year
With funds in place, its grand Downtown Miami station under construction courtesy All Aboard Florida, and expectations of daily train service beginning “as early as” December of 2017, Trii-Rail has launched a website for its latest and greatest expansion into Downtown. The site includes data on the project as well as a video simulation recorded on Google Earth of the route into the urban core. Check out the video below. As it shows, this is a very significant step toward rail expansion in Miami. It’s also a reminder of just how much underdeveloped land there is in what really is the heart of the city. If we really want things to change, why aren’t we building more there?
Holy Crap, All Aboard Florida May Build Two Super Towers Downtown Instead of One
All Aboard Florida has not canceled the ‘supertower’ at its Downtown MiamiCentral terminal and is planning another development, possibly another ‘supertower’ next door, according to somebody involved with the project. The second tower would go on the block to the south, which is being enlarged by rerouting an adjacent street. According to The Next Miami, the new tower will be a 750 room hotel, making it the largest in the City of Miami, although our source was unable to confirm or deny this. Meanwhile, although construction on either tower has not begun yet, they are seriously hustling on the rest of the terminal megaproject.
