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ROVR lands $66M construction loan for 300-unit apartment project amid Miami River development boom

Eight-story building is first phase of River Rapids development 

ROVR Nabs $66M Construction Loan for Miami River Rentals
From left: ROVR Development founding partners Oscar Rodriguez and Ricardo Vadia along with a rendering of the planned 300-unit apartment project on Miami River (Getty, ROVR Development)

ROVR Development scored a $66 million construction loan for a 300-unit apartment project on the Miami River. 

Coral Gables-based ROVR will start construction this month on the eight-story Tides building with a 444-space garage at 2750 Northwest South River Drive in Miami, according to the development firm’s news release. Los Angeles-based alternative investment manager Kayne Anderson is the lender. 

Tides is part of ROVR’s two-phase River Rapids project on the Miami River. The second phase will consist of the 12-story, 293-unit Moorings building, adjacent to Tides. ROVR purchased the development site in 2020 for $15 million.

River Rapids is expected to be completed in the fourth quarter of next year, according to a ROVR spokesperson. 

Led by Oscar Rodriguez and Ricardo Vadia, ROVR has bigger plans for the area. On a 6.2-acre property near the River Rapids site, ROVR wants to develop a 1,000-unit apartment project. ROVR paid $23.5 million for the site at 1701 and 1851 Delaware Parkway in Miami last year. 

Construction of this project is expected to start in the first quarter of 2026, ROVR’s spokesperson said. 

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Rodriguez and Vadia founded ROVR in 2015, with the firm’s portfolio growing to over $1 billion since then, according to the release. In 2021, ROVR completed the eight-story, 402-unit Biscayne 112 apartment building at 11200 Biscayne Boulevard near North Miami; and the 30-story, 300-unit Grand Station rental tower at 240 North Miami Avenue in downtown Miami. Retired Yankees shortstop Alex Rodriguez was an investor in Grand Station. 

ROVR and partners the Pérez family’s Related Group and the Toledano family’s BH Group, are planning the 37-story, 343-unit District 225 condo tower at 225 North Miami Avenue in downtown Miami. Records show the development firms started foundation and underground utility work last year. 

The Miami River has become a magnet for developers in recent years, with plans for a dozen projects that would add 10,500 condo and apartment units on the east and west riverbanks, according to The Real Deal’s November analysis.  

Developer Lissette Calderon’s Neology Life Development Group plans a 1,360-unit apartment complex with three 14-story buildings and 48,300 square feet of commercial space at 2301 Northwest 33rd Avenue in unincorporated Miami-Dade County.  

Also, Henry Pino’s Alta Development plans the 16-story, 283-unit River District 14 condo project at 1451 Northwest 14th Street in Miami. 

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Tags
Construction LoansMiamiMiami RiverMiami-Dade CountyMultifamilyMultifamily MarketROVR Development