A month after the Miami River Commission approved Mast Capital’s plan for its 6.3-acre apartment complex on the riverfront, the city’s Urban Development Review Board gave the project a thumbs up.
Mast Capital, which is led by CEO Camilo Miguel, Jr., has a contract to buy a redevelopment site at 1001 Northwest Seventh Street where the company wants to put four buildings that will have a total of 688 one-bedroom and two-bedroom units.
The project, known as Miami River Walk, will also have 2,900 square feet of retail on the northwest side, 1,000 parking spaces and 1,000 feet of riverfront, according to documents submitted to Miami’s planning and zoning department.
The review board approved Miami River Walk 3-0.
Architect Albert Cordoves told The Real Deal that Mast Capital is proposing a structure that is smaller than what can be permitted under Miami 21, which allows for a building with a floor lot ratio of 1.7 million square feet, 946 units and 12 stories. “It is way under the permitted height and way under the permitted number of units,” Cordoves said. “We also created a view corridor of 327 feet.”
The Urban Development Review Board also approved the developer’s request to reduce the number of required parking spaces by 20 percent because Miami River Walk is located in an urban transit zone. Cordoves said he designed the building to fit into the context of the existing neighborhood and the surrounding marine industrial uses.
“It is a very contemporary approach that incorporates marine nautical themes,” Cordoves said. “It also articulates open spaces along a promenade and the Riverwalk.”
The Miami River Commission voted 12-3 in early December to approve Mast Capital’s plan after the firm agreed to remove a “sky lounge,” widen a proposed public riverwalk and create pedestrian paths leading to the riverfront. But Mast Capital backed out of an earlier promise to turn over a slice of open space to the river commission in order to preserve the 327-foot view corridor.
According to Mast Capital, the company is looking to break ground within 10 months and will offer apartments as “market-rate” affordable.