Mill Creek closes on Miami River land, borrows $52M

Modera River House and map of land
Modera River House and map of land

Mill Creek Residential purchased a development site near the Miami River and closed on a $52.48 million construction loan, county records show.

A company tied to Mill Creek paid $11.5 million for the three parcels at 1170 Northwest 11th Street, 1035 Northwest 11th Court and 1080 Northwest 11th Street in Miami. The land totals just more than 2.5 acres across the street from the north side of the river, which means it sold for $104 per square foot.

Miami River House Associates sold the properties. The North Miami-based limited company proposed a 59-unit apartment development, called Modera River House, in November, according to an agenda from the city of Miami Historic and Environmental Preservation Board.

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The seller, managed by Lauris Boulanger, proposed two five-story buildings with 46 parking spaces, the South Florida Business Journal reported prior to the meeting. According to the proposal, Mill Creek would also preserve a historic single-family home on one of the parcels. It was built in 1940, according to Miami-Dade County property records.

The Miami River has seen an influx of residential projects, as well as new restaurants, retail and offices. One River Point, a 60-story condominium designed by architect Rafael Viñoly, launched sales this fall, with prices starting at $750,000. Adler Group also purchased a development site next to the river in August.

The Mill Creek assemblage last sold for a combined $11.295 million in 2005, which means the seller made $205,000.

Mill Creek has been active in South Florida this cycle. The multifamily developer in June purchased land for the second phase of an apartment tower in Coral Gables. In October, Mill Creek sold a Weston complex for $94 million.