Verzasca scores $6.4M loan for apartment project on Biscayne Boulevard

Verzasca originally planned to build condos on the site

TRD MIAMI /
Aug.August 31, 2017 01:30 PM

Renderings of 2000 Biscayne. Inset: Tim Lobanov

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.

Other Edgewater rental projects in the pipeline include Modera Edgewater and Biscayne 27.


Related Articles

arrow_forward_ios
Masoud Shojaee and a rendering of Shoma Village 

Shoma Group scores $67M loan for mixed-use Hialeah project

Shoma Group scores $67M loan for mixed-use Hialeah project
Rendering of the project and Russell Galbut

Crescent Heights hits a snag with plan to develop high-rise Edgewater project

Crescent Heights hits a snag with plan to develop high-rise Edgewater project
Housing Trust Group CEO and president Matt Rieger and Hudson Village renderings

HTG scores financing for Hollywood affordable housing project

HTG scores financing for Hollywood affordable housing project
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...