Mast Capital wants to get in on the Miami River action.
The Miami Beach-based developer is proposing to build a massive mixed-use project on a riverfront site at 1001 Northwest Seventh Street, according to documents filed with the Miami River Commission. As planned, it would have nearly 700 residential units, 800 parking spaces and commercial and retail space on the ground level.
Records show Rad Miami River Phase I LLC owns the 6.31-acre development site, which has more than 1,000 feet of river frontage. The company, controlled by Edwin and Heidi Verdezoto, hit the market in 2015. In 2003, Edwin Verdezoto of Royal Atlantic Developers submitted plans for a mixed-use project on the site. It’s zoned T6-8-O.
Mast Capital is under contract to buy the property, according to a letter from CEO Camilo Miguel Jr. to the Miami River Commission. Miguel could not immediately be reached for comment.
The developer would also make improvements to the public riverwalk component of the land, according to a letter submitted by Greenberg Traurig attorney Iris Escarra.
Other planned development along the river includes KAR Properties’ luxury condo project One River Point, a $1 billion mixed-use project by the Chetrit Group and JDS Development Group, and Andrew Hellinger’s River Landing, a mixed-use apartment and retail complex.