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ROVR pays $24M for Miami River dev site for massive apartment project
6-acre property is part of assemblage for 1,000-unit River Rapids development
ROVR’s Oscar Rodriguez and Ricardo Vadia with rendering of River Rapids (ROVR, ATL Architecture and Michael Wolk Design, Getty)
In a $23.5 million deal, ROVR nabbed 6 acres near the Miami River for its massive planned River Rapids multifamily project.
A ROVR affiliate bought a 192,966-square-foot self-storage facility at 1701 and 1851 Delaware Parkway that the Miami-based development firm intends to redevelop into a 1,000-unit apartment project, according to a press release.
The seller, Miami-based A+Mini Storage, paid $2.5 million for the property in 2009, records show. The complex was built in phases in 1953, 1959 and 1969.
ROVR’s proposed project will be the third phase of River Rapids, although the developer has not yet revealed details about the new phase.
For the first two phases, called the Tides and Moorings, ROVR is proposing a 600-unit multifamily project at 2750 Northwest South River Drive. A+ Mini Storage also sold that 4-acre site, a former mobile home park, to ROVR and its partner, the Leviant family of New York, for $15 million in 2020.
Designed by ATL Architecture and Michael Wolk Design, the Tides and Moorings will entail two buildings rising eight and 12 stories, the release states. Both buildings are currently undergoing permit approval. Units will range from studios to three-bedroom apartments. The Tides and the Moorings are less than half a mile from the self-storage facility ROVR just acquired.
The River Rapids development sites are near Miami Freedom Park, the 73-acre mixed-use project at Melreese Country Club. The development entails a 25,000-seat stadium for Major League Soccer franchise Inter Miami CF, a 750-key hotel, 5,100 parking spaces and 1 million square feet of office, restaurant and retail space. Miami businessmen and brothers Jorge and Jose Mas, retired international soccer star David Beckham and Los Angeles-based Ares Management are developing Miami Freedom Park.
ROVR, led by founding partners Oscar Rodriguez and Ricardo Vadia, has more than $700 million of commercial real estate currently under development or in the pipeline, according to the firm’s website. Last year, a joint venture between ROVR and New York-based AMAC broke ground on an eight-story, 180-unit multifamily project in Hollywood.