Mast Capital proposes major mixed-use development along Miami River

Developer is under contract to buy the 6.3-acre site

Nov.November 28, 2017 05:15 PM

Miami River project and Camilo Miguel Jr.

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.

Related Articles

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

The Gallery on the River and Jorge Perez of Related Group (Credit: Wikipedia)

Related Group moves forward with Gallery on the River project

1160 Northwest North River Drive and Yolymiler Diaz (Credit: Google Maps and LinkedIn)

Miami River apartments sell amid development boom

State report finds open gas valve fueled building explosion at Plantation shopping center

Bayside Marketplace is planning another high-rise entertainment venue with a view

Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B