Treo Group landed a $53 million construction financing package for the second phase of its VOX student housing project near the South Miami Metrorail station.
The Miami-based firm started construction of the 13-story, 163-unit building at 5949 Southwest 72nd Street last month, according to records. The financing consists of a $29 million loan from FirstBank Florida and a $24 million loan from Abanca.
The project, called VOX Miami Phase II, will have about 400 beds and 10,000 square feet of ground-floor retail, according to media reports. Treo completed the first VOX building with 99 units and about 326 beds on the southeast corner of Southwest 70th Street and Southwest 59th Place in 2021.
Treo is leasing the entire 6.2-acre development site from Miami-Dade County. The project targets students at the University of Miami, which is one Metrorail stop north of VOX.
Treo is led by Otto Boudet-Murias, Rolando Delgado, Eduardo Garcia and Carlos Ortega. The development firm’s other South Florida projects include a planned mixed-use complex that would create a downtown in Florida City. In partnership with Sergio Pino’s Century Homebuilders Group, Treo plans over 1,000 residential units, offices, retail and a charter school on the site of the closed Florida City Campsite & RV Park at 601 Northwest Third Avenue.
This month, Treo and Century Homebuilders dropped $10.5 million for an 11.6-acre development site at 503 South Krome Avenue in Homestead. The firms haven’t yet hammered out a specific project plan, Pino, of Century, told The Real Deal.
South Miami hasn’t been an epicenter of South Florida’s construction boom of recent years, though this might change soon. Developer Alex Vadia plans to redevelop the Shops at Sunset Place. Although the project master plan is still under development, preliminary plans are for a mixed-use project with residences. The 10-acre retail plaza is at 5701 Southwest 72nd Street.