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.





    Related Articles

    arrow_forward_ios
    First Quality Enterprises' Kambiz Damaghi along with a rendering of the two proposed residential towers next to MiamiCentral (Getty, First Quality Enterprises, Facebook/Clinton County Economic Partnership, Zyscovich)
    Damaghi family buys resi tower dev sites next to MiamiCentral
    Damaghi family buys resi tower dev sites next to MiamiCentral
    Aria's David Arditi with rendering of 501 Residences (Aria Development Group, Getty)
    Aria JV scores $81M construction loan for downtown Miami condo project
    Aria JV scores $81M construction loan for downtown Miami condo project
    From left: Bel Invest's Maximillian Beltrame, Mast Capital's Camilo Miguel, and PMG's Ryan Shear (Getty; Illustration by Kevin Rebong for The Real Deal)
    Life after FTX: What happens to the crypto buyer pool now?
    Life after FTX: What happens to the crypto buyer pool now?
    River Landing Shops and Residences with Andrew Hellinger and Coralee Penabad of Urban-X Group (UrbanX)
    Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants
    Lease roundup: Urban-X, Motwani, Falcone, CIM Pebb score tenants
    From left: Hyatt's Mark Hoplamazian and Gencom's Karim Alibhai along with a rendering of the proposed James L. Knight Center, a three-tower development at 400 Southeast Second Avenue (Getty, Hyatt, Gencom)
    Miami voters approve James L. Knight Center redevelopment
    Miami voters approve James L. Knight Center redevelopment
    PMG's Dan Kaplan, Ryan Shear and Kevin Maloney with rendering of Waldorf Astoria tower in Miami (PMG, ArX Solutions)
    What it takes to develop a Miami supertall
    What it takes to develop a Miami supertall
    From left: Fuse Group’s Eyal Peretz and Shimon Elkabetz along with a rendering of The Arcadian project (Fuse Group, TBA)
    Eyal Peretz’s Fuse gets final OK for multifamily near Flagler Village
    Eyal Peretz’s Fuse gets final OK for multifamily near Flagler Village
    From left: Axonic Properties’ Jonathan Shechtman and Clayton DeGiacinto; Integra Investments’ Nelson Stabile; the Bella Vista apartment complex at 3541 Northwest 30th Place in Lauderdale Lakes (Getty, Google Maps, Axonic Properties, Integra Investments)
    Axonic scoops up Lauderdale Lakes multifamily in $64M deal
    Axonic scoops up Lauderdale Lakes multifamily in $64M deal
    arrow_forward_ios

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

    Loading...