A city of Miami board approved plans for Mast Capital’s Shipping Ave apartments, a mixed-use project near The Collection luxury car dealership in Coral Gables.
The Urban Development Review Board OK’d the site plan for the nearly 386,000-square-foot building at 3811 Shipping Avenue in Miami, near the Douglas Road Metrorail Station as well as a number of recently completed apartment buildings. A spokesperson for Coconut Grove-based Mast Capital, led by CEO Camilo Miguel Jr., confirmed the project was approved last week.
The 20-story building will include 254 apartments ranging from 545 square feet to 1,325 square feet, with a handful of two-story townhouses on the ground floor. The Shipping Ave project will also feature 825 square feet of commercial/retail space, a 319-space parking garage, and more than 10,000 square feet of amenities that will include a co-working space, fitness room, yoga room, pool deck, game and kids rooms, library and a lounge.
The developer expects to break ground on the project in third quarter of this year.
Mast Capital affiliate M-3811 Shipping Owner paid $10.9 million for the 1-acre site in May 2017.
New rental product in the area includes the Berkshire Coral Gables, which the Berkshire Group acquired in 2017 for $100 million, and Mill Creek Residential’s two-phase Modera Coral Gables apartment development.
The Mast Capital site is also not too far from a property owned by a failed joint venture between developers Ugo Colombo and Masoud Shojaee. The company that planned to develop that assemblage, near Colombo’s dealership, is now facing a $16.2 million foreclosure lawsuit.