Sergio Pino’s Century Homebuilders Group has begun construction of 850 Le Jeune, a new mixed-use project near Miami International Airport.
The developer and its partner, Pactia USA, are building 230 multifamily units and about 200,000 square feet of office space at 850 Northwest 42nd Avenue (also known as Le Jeune Road). The project will consist of two, five-story office buildings; a six-story apartment building and a parking garage on a 4-acre site.
Pino said he began site work on the first office building and apartment building recently. Construction on the second office tower will likely begin in the next six to nine months, he said.
The partners expect to score financing in the next quarter. Pino said they’re in talks with Capital Bank for the office portion and HSBC Bank for the multifamily portion. Pino declined to disclose an amount but the said the total project cost is $96 million.
The project is slated to be completed by 2020. Pino said he’s owned the property since 2005 and had previously planned a 327-unit condo building on the site called Century Plaza.
850 Le Jeune is near David Beckham and the Mas brothers’ planned $1 billion MLS soccer stadium project. It is also near Ocean Bank and Magic City Casino.
Century Homebuilders and partner Pactia USA are also building a 118-unit rental project near the Shops at Merrick Park in Coral Gables.