Developer completes $70M Grand Station apartments — with A-Rod as an investor

30-story, 300-unit tower is more than 80% leased

Developer completes $70M Grand Station apartments — with A-Rod as an investor
Oscar Rodriguez and Alex Rodriguez with Grand Station Apartments tower (Rovr Development, Getty)

The Grand Station Apartments tower is completed, built by a partnership that counts retired Yankees shortstop Alex Rodriguez as an investor.

Residents have been moving into the 30-story, 300-unit downtown Miami building at 240 North Miami Avenue, according to developer Oscar Rodriguez. Rodriguez and his partner, Ricardo Vadia, both of Rovr Development, built the $70 million project on top of the previously existing Courthouse Center Garage.

It was developed as part of a public-private partnership with the Miami Parking Authority. Alex Rodriguez’s Monument Real Estate Services is the property manager, and he personally is an investor in the project.

The building, with studios, one- and two-bedroom apartments, received its temporary certificate of occupancy in August and is more than 80 percent leased. Monthly rents range from about $1,800 to $2,500, Oscar Rodriguez said.

The developer has benefited from the rising demand for apartments, which has spurred record rents. Rodriguez said the “escalation in rental activity toward the tail end of the summer until now” has been “very surprising and encouraging.”

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Units feature Italian cabinets, stainless steel appliances, quartz countertops and washers and dryers, according to a release. Amenities include a rooftop terrace, outdoor kitchen, swimming pool and hot tubs, a fitness center, indoor pool, clubroom and more.

The building was designed by Zyscovich Architects; and Anillo, Toledo, Lopez LLC.

Grand Station Partners scored a $53 million loan in March 2020 from Kayne Anderson affiliate Saperian Capital to finance construction. The property is also near the Government Center Metrorail Station and Brightline MiamiCentral.

As part of the deal with the Miami Parking Authority, the developer added about 350 parking spaces, for a total of about 1,200 spaces, according to Rodriguez.

Rovr is also co-developing the District nearby, at 225 North Miami Avenue, with its partners, the Related Group and Airbnb. The 37-story building will have 343 residential units and nearly 2,300 square feet of ground-floor retail space.