Downtown Miami apartment tower — with A-Rod as an investor — launches leasing

Rents start at about $1,300 a month

Miami /
Mar.March 24, 2021 05:30 PM
Rendering of Grand Station Apartments with Alex Rodriguez, Oscar Rodriguez and Ricardo Vadia (Getty, Rovr/Illustration by Alexis Manrodt for The Real Deal)

Rendering of Grand Station Apartments with Alex Rodriguez, Oscar Rodriguez and Ricardo Vadia (Getty, Rovr/Illustration by Alexis Manrodt for The Real Deal)

Grand Station Apartments in downtown Miami is launching preleasing of the tower, which counts retired Yankees shortstop Alex Rodriguez as an investor.

Rovr Development, led by principals Oscar Rodriguez and Ricardo Vadia, is beginning to lease the 30-story, 300-unit building at 40 Northwest Third Street, near the federal courthouse, according to a press release.

Alex Rodriguez’s Monument Real Estate Services is the property manager, and he personally is an investor in the project, a spokesperson confirmed.

Construction is nearly completed, and move-ins are expected to begin this summer. Monthly rents for one-, two- and three-bedroom units will be $1,277, $1,427 and $1,963.

The $70 million project, a public-private partnership, is built on top of and expands the existing Courthouse Center garage. Rovr completed the P3 with the Miami Parking Authority. The property is also near the Government Center Metrorail Station and Brightline MiamiCentral.

Zyscovich Architects and Anillo, Toledo, Lopez LLC designed the building. Amenities include a rooftop terrace, a fitness center and spa rooms, indoor heated pool, business center and clubroom, and an outdoor kitchen with a grilling area, swimming pool and hot tubs.

Grand Station Partners closed on a $53 million loan in March 2020 from Kayne Anderson affiliate Saperian Capital to finance construction.

Rovr Development is also co-developing the District at 225 North Miami Avenue in downtown Miami with its partner the Related Group. The planned 37-story, mixed-use project will have 343 residential units and nearly 2,300 square feet of ground-floor retail space.

Rovr also recently completed the Fairchild, a luxury condo in Coconut Grove.






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