Macken scores $16.5M construction loan for Koya Bay townhome development in North Miami Beach

Developer is building 10 luxury townhouses on city’s waterfront, with prices starting at $2.7M

Companies principal Alan Macken with Koya Bay
Alan Companies' Alan Macken with Koya Bay (Getty)

Macken Companies scored a $16.5 million construction loan to complete a waterfront luxury townhouse development in its own backyard.

The North Miami Beach-based developer secured the financing from LV Lending, according to a press release. The funds will go toward finishing Koya Bay, a collection of 10 four-story townhomes on the Intracoastal Waterway at 4098 Northeast 167 Street. The project is in the Eastern Shores neighborhood of North Miami Beach.

In February, Macken broke ground on the project, which is expected to be completed in the first quarter of next year, the release states. Camilo Niño and Ricardo Uribe with LV Lending arranged the loan.

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Designed by Randall Stofft Architects and Witkin Hults + Partners, Koya Bay’s townhomes will be a mix of three-, four- and five-bedroom homes ranging between 4,327 square feet to 5,288 square feet. Each townhome in the gated community will feature a boat slip outfitted with water and electricity, and a private rooftop terrace with a Jacuzzi and outdoor kitchen, the release states.

Macken Realty, a Macken affiliate, is handling sales, and the project is nearly sold out, according to a company spokesperson. Prices start at $2.7 million. Another Macken entity, VCM Builders, is Koya Bay’s general contractor.

In October 2020, the city of North Miami Beach approved the site plan submitted by Macken. The firm was founded nearly 30 years ago by CEO Alan Macken.

Koya Bay is near another major development planned for North Miami Beach’s Intracoastal Waterway. Dezer Development, the Sunny Isles Beach-based firm led by Gil Dezer, has city approved plans to redevelop the Intracoastal Mall property at 3881 163rd Street. Dezer wants to transform the 30-acre site into a $1.5 billion mixed-use project with 1,750 condo units, 200 apartments, 50 townhomes, 250 hotel rooms, 375,000 square feet of retail and 200,000 square feet of offices.