River District 14 Secures $77.8 Million Construction Financing
River District 14, a luxury development in the heart of Miami, has secured a significant financial milestone. Forman Capital has granted a $77,805,708 construction loan to an affiliate of Alta Development, marking a key step forward for the highly anticipated project.
The development will feature two 16-story towers with a total of 283 fully furnished condo units. Designed with flexibility in mind, these units will allow for short-term rentals, catering to a growing demand among investors and residents alike.
With more than 50% of the units already sold, River District 14 is proving to be a hot commodity in today’s thriving real estate market. Forman Capital’s Chief Investment Officer and Principal, Scott Mehlman, expressed optimism about the development’s potential. “The new construction condominium market continues to sizzle, and residences built for short-term rentals have proven to really resonate with buyers,” he said. “Based on initial sales at River District 14, I think this will be a major success.”
Construction is expected to begin before the end of the year, setting the stage for another standout addition to the city’s skyline.
River District 14 Development Now Accepting Reservations
River District 14 development has officially launched and is now accepting reservations. With its 283 exquisitely designed studios, one-bedroom, two-bedroom, and walk-up condominium homes, River District 14 gives owners a real turnkey experience.
Featuring more than 20,000 square feet of amenities, River District 14 provides residents with a resort-style pool with cabanas, two indoor pickleball courts, a relaxation area, a cutting-edge fitness facility, a fully furnished co-working floor, and much more. There will be furniture kits available for all homes, making them all move-in ready.
The Miami International Airport, the Port of Miami, and the Brightline Train Station are all nearby important transit hubs. The tower is minutes from the UHealth Towers and Hospitals, one of the most renowned and significant public health districts in the country, and is a short stroll from the excellent dining, shopping, and entertainment options at River Landing.
Owners will have the option to rent out their homes on a daily, weekly, or long-term basis. They can do so independently or through a third-party service like VRBO, Airbnb, etc. Nothing else like it is available. lone long-term rental communities are available in the neighborhood, and the lone hotel in the area has ordinary hotel rooms without kitchens for $250 or more per night and $350 or more per night at other hotels. Early 2024 is the anticipated start date, followed by a mid-2025 completion date.
Cherit Group Announces 4 Tower New Development -The River District
The New York-based developer Chetrit Group has announced a groundbreaking new district that will transform over six acres of the Miami River’s waterfront into a premier destination for art, entertainment, music, and culture as Miami’s bustling Brickell neighborhood transforms into one of the country’s most desirable urban cores.
The River District, a Brickell megaproject, is being planned with a total of four skyscrapers containing residential units, offices, and rentals with the first residential tower already under construction.
The River District will have 4 million square feet of new construction overall and will be located directly south of the Miami River.
The River District Amenities:
Yacht harbor (60 ft vessel accommodations)
1,600 homes
Class A office space
2,000 covered parking spaces
Nightclubs
Restaurants
Partnering with David Grutman of Groot Hospitality to offer dining and entertainment options. Additionally being planned are a riverwalk and marina. Architecture by Kobi Karp will be a part of the new development.
According to David Grutman, “The River District is going to be a highlight in Miami city’s ongoing transformation. Paired with Chetrit Group’s overall vision, I’m incredibly excited to bring Groot Hospitality to this game-changing development. We plan to feature versions of our existing concepts as well as all new ideas, across residential, restaurant, and entertainment spaces.”
Chetrit Group hired the highly regarded architecture and design firm Rockwell Group of New York for the interiors. For award-winning projects worldwide, including restaurants, hotels, airport terminals, and hospitals as well as festivals, museum displays, and Broadway sets, Rockwell Group is renowned for developing distinctive narratives. Each of The River District’s four skyscrapers stands out for its distinctive interpretation of the Brazilian tropical modernist motif.
The luxury condominium’s groundbreaking, which is anticipated to happen in early 2023 and is expected to be finished in 2026, will mark the start of the following phase.
