Grand Station Partners closed on a $53 million loan for a high-rise rental tower in downtown Miami that counts retired baseball superstar Alex Rodriguez among its investors.
The developer, led by Rovr Development principals Oscar Rodriguez and Ricardo Vadia, is building the project as a public-private partnership with the Miami Parking Authority.
Kayne Anderson affiliate Saperian Capital is the lender for the building at 40 Northwest Third Street, about two blocks north of Flagler Street, property records show.
Alex Rodriguez’s A-Rod Corp is an investor in the Grand Station project, he previously said.
Oscar Rodriguez, of no relation to the former Yankees player, said construction has reached the 15th floor, and it’s expected to top off in June. The 30-story building will have 300 luxury rental apartments, about 4,000-square-feet of ground-floor retail space and will provide an additional 350 parking spaces for the parking authority on top of the Courthouse Center Garage. The project is expected to be delivered early next year.
The parking authority, a quasi-governmental agency that manages the city of Miami’s parking assets, has a 99-year lease with Grand Station Partners. The deal calls for base rent starting at $240,000 a year, beginning after the fifth year, with a nonrefundable $750,000 deposit. The developer has the option to extend the lease another 50 years.
The rental tower will also include an amenity deck with a gym, pool and spa and a community work room.
In addition to Grand Station, Rovr’s Rodriguez and Vadia are developing the Fairchild, a 26-unit luxury boutique condo building in Coconut Grove. That’s expected to be completed in about a month, Oscar Rodriguez said. Alex Rodriguez’s company is also investing in the Fairchild.