Four months after completing a 32-story apartment tower in Edgewater, a development team wants to build an adjacent 28-story mixed-use building with 103 rentals.
Camino Capital Management, Lujeni and Building Block Realty propose Metro 2 at Edgewater on 0.7 vacant acres at 3055 Northeast Fourth Avenue in Miami, according to an application submitted to the city this month.
Metro 2 at Edgewater would also include 60 hotel keys on floors eight through 14; 36,000 square feet of offices and a 220-space garage on floors two through six; and 9,700 square feet of ground-floor commercial space. The apartments, which would range from 748-square-foot one-bedrooms to 1,374-square-foot three-bedrooms, would be on the seventh floor and also on levels 15 through 28, according to the application.
The Miami Urban Development Review Board is expected to vote at its Wednesday meeting on the developers’ requests for one exception and four waivers to city code, including a 30 percent reduction in parking spaces.
The tower would rise immediately west of the developers’ 32-story Metro at Edgewater tower, which has 279 apartments and 4,000 square feet of ground-floor commercial space. Camino, Lujeni and Building Block completed that tower at 452 Northeast 31st Street in December, scoring a $115 million refinancing for the project that month.
Metro at Edgewater is about 50 percent leased, according to Carlos Ortiz of Miami-based Building Block.
Entities led by Ortiz, as well as representatives of Camino Capital and Lujeni, own the 2-acre property consisting of the Metro and Metro 2 sites, as well as a four-story apartment building at 3031 Northeast Fourth Avenue, according to records. The limited liability companies assembled the three lots in two deals for $7.1 million in 2013 and 2017.
Camino, based in Washington, D.C., is a family office that partners with real estate operators and investors, according to its LinkedIn. It’s led by Noël Bejarano. Miami-based Lujeni is led by South Florida-based developer Daniel Rincon, state corporate records show. Building Block’s Ortiz also is president of Prodesa International, according to his LinkedIn.
Miami’s Edgewater is among the neighborhoods at the epicenter of new residential construction during recent years.
Last month, Oak Row Equities, based in New York and Miami, scored a $181 million construction loan for a 41-story, 399-unit apartment tower with 187,000 square feet of commercial space at 2600 Biscayne Boulevard. Also last month, Miami-based Urbanica Development scored city approval for a 35-story mixed-use tower with 110 units, 160 hotel keys and 8,400 square feet of commercial space at 3200 Northeast Biscayne Boulevard. At the time, Urbanica had not decided whether the units would be condos or apartments.
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