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Raimundo Onetto’s Alta plans 534-unit multifamily complex in Princeton
Firm recently applied for approval of second phase with 226 apartments
Alta Developers wants to develop a two-phase multifamily project with a total of 534 units in Princeton, marking the firm’s first bet on the south Miami-Dade County neighborhood.
The development firm, led by Raimundo Onetto, plans Princeton Commons roughly on the northwest corner of Southwest 127th Avenue Southwest 248th Street in unincorporated Miami-Dade County, according to several Alta filings to the county since 2022. The first phase would consist of nine buildings with 308 units, and the second phase would have seven buildings with 226 units.
Princeton Commons I and II each would have three-story and seven-story buildings.
Construction of both phases is expected to start in June, and completion is slated for late 2025, according to a Princeton representative.
Miami-based Alta has been ramping up its development efforts across South Florida. In Miami’s Arts & Entertainment District, Alta and the Pérez family’s Related Group are developing a 56-story, 319-unit condo tower branded by B&B Italia at 1400 Biscayne Boulevard.
Last year, Alta took over development of the seven-story, 30-unit Alana condo at 9901 West Bay Harbor Drive in Bay Harbor Islands. The previous developer, Chilean firm Ambienta Developers, led by Claudio Cordero, failed to secure construction financing or start building the project.
In North Miami, Alta plans an 18-story, 96-unit condo building at 11950 North Bayshore Drive.
The firm’s south Miami-Dade project comes as developers increasingly propose projects in the area, which has ample buildable land that comes at a discount compared to the urban core. Also in Princeton, Alirio Torrealba’s MG Developer proposes an 11-story, 258-unit multifamily building at 13480 Southwest 248 Street.