Developer breaks ground on project at Metrorail station with $53 million loan
By Brian Bandell for South Florida Business Journal
An affiliate of Treo Group broke ground on the second phase of SoMi Station thanks to a $53 million construction loan.
FirstBank Puerto Rico, doing business as FirstBank Florida, and Abanca provided mortgages of $29 million and $24 million, respectively, to TSS Phase II LLC, an affiliate of Miami-based Treo Group. The developer has a land lease with Miami-Dade County for 6.2 acres at 7202 S.W. 72nd St., at the South Miami Metrorail Station.
Fort Lauderdale-based Moss & Associates recently filed notice with the county that it started construction on the project. The 13-story development will total 413,649 square feet with 163 student housing units and 13,284 square feet of retail. There will be about 400 beds.
Amenities will include a rooftop pool, a fitness center, a yoga studio, a business center, a courtyard garden, tenant storage lockers, and a lounge.
Miami-based Modis Architects designed the project.
The first phase of the project is already completed. Called the Vox Miami, it has 99 student housing units with 326 beds and 6,188 square feet of retail space, plus 641 parking spaces. Residents of the second phase will have access to that parking garage.