Developer of American Legion project in MiMo scores $51M loan
Plans include a 237-story apartment building and a new American legion facility
The development group behind a new American Legion building and apartment complex in Miami’s MiMo District just scored a $51 million construction loan.
The developer, ACRE GCDM Bay Investments, will use the loan to fund the construction of its contentious project in the quiet 3.5-acre residential area off of Biscayne Boulevard at 6445 Northeast Seventh Avenue. The developer is planning to build a 237-unit apartment building, 435 parking spaces and a new 15,000 square-foot American Legion facility.
The planned American Legion building will replace the former American Legion Post 29, which was demolished in 2016 and had been a popular hangout spot in the neighborhood for decades.
ACRE GCDM Bay Investments is led by a partnership that includes Global City Development principal Brian Pearl, Midtown Group principal Jon Samuel, and Asia Capital Real Estate partners Leslie Menkes, Blake Olafson and Michael Van Der Poel.
Pearl of Global City declined comment through a spokesperson.
Coastal Construction is the contractor for the project and filed a notice of commencement to begin construction on the site, according to property records.
So far, the development group has been quiet about its previously proposed second phase of the project, called Legion West. Previous plans called for 476 condos and three towers as tall as 176 feet for phase two, and the developers sought to gain a Special Area Plan from the city, only to later call off the plan
The project had been highly contested by some of the neighbors who were concerned about traffic and building height.