Integra JV lands $101M construction loan for Biscayne Shores project

Miami-based firm and its partners plan a 288-unit apartment building and 92 villas on waterfront site

From left: Integra Investments' Nelson Stabile, Victor Ballestas, and Paulo Melo with 11295 Biscayne Boulevard
From left: Integra Investments' Nelson Stabile, Victor Ballestas, and Paulo Melo with 11295 Biscayne Boulevard ( Integra, LinkedIn, Connect Conferences)

An Integra Investments joint venture scored $101.4 million in financing to develop Biscayne Shores, a mixed-use project of apartments and villas on a waterfront site next to the Jockey Club condominium complex.

Synovus Bank provided the loan to the Miami-based developer and its partners, Andrew Korge of Korgeous Group and David Larson of DCL Capital, records show. The Integra joint venture is building the project on a 8.2-acre site at 11295 Biscayne Boulevard in Biscayne Shores, an unincorporated neighborhood between Miami Shores and North Miami.

In 2020, the partnership acquired the property for $15.5 million, records show. A year later, the Miami-Dade County Commission approved the project. It would feature 105 townhomes and a 16-story building with 275 apartments, according to a resolution by the county’s Shoreline Development Review Committee. As a condition for approval, the joint venture agreed to donate $152,000 to the county to improve access to Biscayne Bay at an existing or future park near the development.

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Since then, the Integra joint venture tweaked the design. Biscayne Shores’ apartment tower will now rise 15 stories and have 288 apartments, according to an Integra spokesperson. The project, totaling more than 785,000 square feet, will also have 92 villas in nine two-story buildings and 692 parking spaces. Biscayne Shores’s estimated completion date is summer 2024, the spokesperson said.

The Biscayne Shores development is roughly a block away from The Jockey Club, where developers Muayad “Mo” Abbas, Michael Bedner and Doron Arad had planned a fourth tower rising 40 stories and with 120 units. However, the project, known as Aperion at The Jockey Club, has been delayed for years due to litigation between the partners, as well as lawsuits filed by residents of the three existing Jockey Club towers.

Led by principals Nelson Stabile, Victor Ballestas, and Paulo Melo, Integra is also developing Ocean Park Hotel and Residences, a condo-hotel project near the Intracoastal Waterway in Fort Lauderdale. In June, the Fort Lauderdale City Commission approved Ocean Park’s site plan. The project consists of a 12-story hotel with 100 rooms and an 11-story condominium with 54 units.

In May, Integra teamed up with David Edelstein’s Tricap and Alex Karakhanian’s Lndmrk Development to buy a 1-acre development site at the entrance of Midtown Miami and the Miami Design District for $23 million. The partnership plans to build a 20-story office tower with a retail and restaurant component.