Apartments break ground in south Miami-Dade with $55M loan

By Brian Bandell for South Florida Business Journal

The 8-story Bay Pointe apartment complex broke ground in the Perrine neighborhood of southern Miami-Dade County thanks to a $55.23 million construction loan.

Miami-based Ocean Bank awarded the two-year mortgage to 184 Holdings LLC, managed by Martha Fernandez, Carlos M. Garcia and Omar Fonte of Miami-based multifamily builder Garco. It covers the 2.44-acre site at 10216 Eureka Drive/S.W. 184th St. and 18422 Homestead Ave.

Miami-based Longhorn Construction filed notice with the county that it started work on Bay Pointe, which will feature 269 apartments and 3,867 square feet of retail. There would be about 500 parking spaces, along with a pool and a fitness center.

Miami-based Modis Architects designed the building.

With rents increasing at record rates in Miami-Dade County, developers are eager to break ground on new apartment complexes to capitalize on the hot market. Units in Perrine are generally less expensive than in more urban markets like downtown Miami, so the area has attracted residents who have been priced out of the urban core.

External Source: Garco breaks ground on Bay Pointe apartments in Perrine Miami-Dade County – South Florida Business Journal (bizjournals.com)