The Real Deal Miami

Mast Capital proposes Shipping Ave project near Coral Gables

254-unit, 20-story building would add to hundreds of new apartments in the area
By Katherine Kallergis | January 07, 2019 11:30AM

Rendering of Shipping Ave apartments and Camilo Miguel Jr.

Mast Capital is proposing to build a 20-story apartment project near the Douglas Road Metrorail Station in Miami.

The Shipping Ave Apartments would have 254 units, an eight-story parking garage covered in murals and about 10,000 square feet of amenities, including a pool deck, lounge, fitness center, yoga and spinning room, game room, business center and kids room, according to a proposal filed with the city of Miami.

Mast Capital affiliate M-3811 Shipping Owner LLC is going before the city’s Urban Development Review Board on Jan. 16 seeking waivers to reduce parking by 30 percent and increase the allowable floor plate size above the eighth floor by about 400 square feet.

Arquitectonica is designing the building, which would include about 825 square feet of commercial space and 319 parking spaces.

The developer paid $10.9 million for the 1-acre site at 3811 Shipping Avenue in May 2017, property records show. It’s zoned T6-12-O.

The project would add to the hundreds of new apartments that were recently completed in the area, which is near the Shops at Merrick Park and Ugo Colombo’s The Collection dealership in Coral Gables.

In June 2017, Hines sold what’s now the Berkshire Coral Gables apartment complex nearby on Bird Road to the Berkshire Group for $100 million. That stretch of Bird Road is also home to Mill Creek Residential’s two-phase Modera Coral Gables apartments.

Mast Capital is also working on a major residential project along the Miami River. The Coconut Grove-based firm, led by Camilo Miguel Jr., is planning a 688-unit development called Miami River Walk at 1001 Northwest Seventh Street along with AEW Capital Management.