search

The Real Deal Logo

Trending

HGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraud“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealMarty Burger’s new venture sputters on takeoffMarty Burger’s new venture sputters on takeoffLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421a
Commercial
South Florida

Cutler Bay approves $100M senior living mixed-use project

AJP Ventures, Mas Group and Treo Group developing 196 multifamily units, plus 61K sf of medical office and retail

AJP's Alberto J. Pérez and Treo's Otto Boudet-Murias with rendering of The Contemporary + Medsquare mixed-use project (AJP, LinkedIn, Modis Architects, Getty)
AJP's Alberto J. Pérez and Treo's Otto Boudet-Murias with rendering of The Contemporary + Medsquare mixed-use project (AJP, LinkedIn, Modis Architects, Getty)

An AJP Ventures-led development team can move forward with a $100 million mixed-use complex featuring senior living apartments in Cutler Bay.

Last week, the Cutler Bay Town Council unanimously approved The Contemporary & MedSquare, a project with 42,000 square feet of medical office, 19,000 square feet of retail and 196 apartments for individuals 55 and older. Surrounded by a lake, the development site is on nearly 19 acres at Southwest 216 Street and Southwest 90th Court.

Coral Gables-based AJP and its partners Mas Group and Treo Group, both based in Miami, are also planning a two-acre park at The Contemporary & MedSquare, according to documents submitted to the town. In 2013, a Treo affiliate purchased the vacant property for $1,100 in a foreclosure auction, records show.

Jorge Navarro, a Greenberg Traurig shareholder representing the joint venture, told the town council at its Oct. 19 meeting that the developers spent nearly two years working with Cutler Bay residents to pencil out a project they would support.

Sign Up for the undefined Newsletter

“Senior living is a less intense, less destructive use for this community,” Navarro said. “The project provides a low impact use.”

Construction is scheduled to begin next year with a target completion date of 2025, according to a statement from a Greenberg Traurig spokesperson.

AJP is led by founder and president Alberto Perez, and Treo Group is led by principals Otto Boudet-Murias, Rolando Delgado, Eduardo Garcia and Carlos Ortega. Juan Carlos Mas, chairman of Mas Group, is leading the $1 billion Miami Freedom Park soccer stadium and mixed-use development.

Last year, AJP, Mas Group and equity partner OCTA completed another senior living-anchored mixed-use project in Westchester with 85 rental units and 37,000 square feet of medical office space. Using a $22 million construction loan, the partners redeveloped a former AT&T building on the 6-acre site.

In Florida City, Treo is developing a commercial project that could include a hotel or an assisted living facility on 5.5 acres that used to be part of a mobile home park. In February, Treo paid $6.8 million for the 16-acre Florida City Campsite & RV Park, and then flipped 10.5 acres to residential developer Sergio Pino for $6.5 million. Pino plans on building 131 townhomes.

Tags
Cutler BayMedical OfficeMixed-useRetailSenior Living