Metronomic expands to Miami’s Upper East Side

Company is focusing on small apartment projects in Miami

TRD MIAMI /
Apr.April 02, 2019 01:30 PM

Rendering of Metronomic Place Dos and Ricky Trinidad

Developer Ricky Trinidad is tapping into Miami’s Upper East Side neighborhood with three boutique apartment projects in the works and more planned.

Trinidad’s Metronomic recently closed on three development sites in the area, where the company plans to build Shorecrest Place, Bayshore Point and Metronomic Place Dos, with a combined 49 units. The sites are near North Bay Village, where Metronomic opened an office led by Stylianos Vayanos in November.

Vayanos, chief development officer and area director, will be responsible for building out the company’s portfolio in the neighborhood. Trinidad said he expects to have an additional 10 to 15 projects in the pipeline in the Little River and Shorecrest areas, within the Upper East Side, by the end of 2019.

The company has more than 30 projects currently in its development pipeline in the West Grove, Little Havana and other Miami neighborhoods, with plans to target new markets within Miami-Dade County.

In March, Metronomic paid $530,000 for the Shorecrest Place property at 1071 Northeast 80th Street and $775,000 for the site of Bayshore Point. All of the properties are zoned T5 under Miami 21 zoning. Tatiana Escobar of Apex Capital Realty brokered the sales. In January, Metronomic closed on the previously announced site of Metronomic Place Dos, paying $840,000 for the property at 7880 and 7890 North Bayshore Court.

Shorecrest Place, a nine-unit building with one- and two-bedroom apartments, will include covered parking, security system, a car charging station, and bicycle storage.

Bayshore Point will be a five-story building with 20 apartments, an outdoor gazebo and grill, gym, dog park, covered parking, security system, bicycle storage and car charging station.

Metronomic Place Dos will feature 20 rental apartments, including studios and two-story studio lofts ranging from 890 square feet to 1,255 square feet. The building will feature 4,100 square feet of common areas including a lobby, gym, business center, amenity deck with on-site dog park, and a penthouse terrace on the fifth floor. Metronomic plans to break ground by the beginning of the second quarter of this year.

Metronomic typically finances its projects with its own equity, plus private construction loans that are 65 percent loan to value. Trinidad said the interest rate is high, between 10 percent and 11 percent. Because Metronomic has so many projects underway it’s easier to go with a private lender, he said.

Starting in June, Trinidad said the North Bay Village office will focus on buying more land in the area. Metronomic’s goal is to replace some of the city’s older housing stock with “new quality apartments that people can afford,” Trinidad added. Rents will typically range from $1,600 to $2,200 a month.


Related Articles

arrow_forward_ios
Paseo de la Riviera and Brent Reynolds

Developer completes $225M Paseo de la Riviera mixed-use project

Developer completes $225M Paseo de la Riviera mixed-use project
Jonathan Shechtman from Axonic and Herve Barbera from Bar, with 4860 Sandstone Lane

Bar Invest pays $56M for West Palm apartments

Bar Invest pays $56M for West Palm apartments
Asi Cymbal and a rendering of the project

Asi Cymbal closes on multifamily dev site in Dania Beach

Asi Cymbal closes on multifamily dev site in Dania Beach
Housing Trust Group CEO and President Matt Rieger and renderings of the project (City of Hollywood)

Hollywood approves multifamily affordable housing project

Hollywood approves multifamily affordable housing project
Brad Hargreaves

Common managing Nuveen apartment buildings in Fort Lauderdale, LA

Common managing Nuveen apartment buildings in Fort Lauderdale, LA
Rail 71, Tony Arellano and Devlin Marinoff

The pandemic killed the sale of Rail 71. It’s back on the market for $32M

The pandemic killed the sale of Rail 71. It’s back on the market for $32M
Lissette Calderon and a rendering of the site

Lissette Calderon buys land for third rental project in Allapattah

Lissette Calderon buys land for third rental project in Allapattah
South Florida rents are starting to fall (Credit: iStock)

South Florida rents starting to fall, especially in Coral Gables

South Florida rents starting to fall, especially in Coral Gables
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...