Verzasca Group scored a $6.4 million pre-development loan for its 2000 Biscayne apartment tower in Edgewater, property records show.
North Miami Beach-based New Wave Loans provided the loan, records show. Plans for Verzasca’s 36-story, 393-unit apartment tower were approved by the city of Miami’s Urban Development Review Board in June. The Russian development firm originally planned to build condos on the 32,775-square-foot site at 2000 Biscayne Boulevard, which it purchased in March 2016 for $13 million.
Pre-development costs usually cover market and traffic studies, including possible zoning changes among other factors. A spokesperson for Verzasca said the developer plans to break ground on the project during the third quarter of 2018.
Fort Lauderdale-based Dorsky + Yue created the designs for 2000 Biscayne. The project will include 25 studios, 175 one-bedrooms, 181 two-bedrooms, 12 three-bedrooms and an eight-story parking garage.
The site was previously home to the City Hall restaurant, which closed January 2016, as well as several small commercial tenants like CitiMED.
The 2000 Biscayne development would mark the first rental project for Verzasca, which has focused on boutique condo projects in Bay Harbor Islands, such as Pearl House and Le Jardin Residences, and also plans to build the condo Aurora in Sunny Isles Beach.