The Real Deal Miami

L. Milton scores $18M construction loan for apartments near Magic City Casino

Wells Fargo provided the financing for the 8-story, 120-unit building
By Keith Larsen |
Research by Haru Coryne
December 14, 2018 09:45AM

Lazaro Milton and Baccarat Tower

UPDATED Dec. 14, 2:25 p.m.: An affiliate of L. Milton Construction just scored an $18 million construction loan to build an apartment complex near Magic City Casino.

L. Milton Construction secured the financing from Wells Fargo. The eight-story, 120-unit apartment building, called Monte Cassini Apartments, will be built on a 39,072-square-foot site at 3930 Northwest Seventh Street, county records show.

The 194,695-square-foot development will replace two apartment buildings and a parking lot. The developer filed plans for the project about a year ago and a notice of commencement earlier this month.

L. Milton Construction was founded by Lazaro Milton in 1964, according to the company’s website.

Just down the road, Magic City Casino has more than 80 slot machines and is one of the few casinos in Miami-Dade County.

A new Florida law now requires any future gambling facility not located on tribal land be approved by 60 percent of Florida voters. This would likely make it harder to build new casinos in the state, which could benefit existing casino owners as well as nearby property owners.

Correction: A previous version of the story misstated the name of the planned apartments.