Integra Investments scored $101.4 million to construct a waterfront condominium building along Biscayne Boulevard, one of the Miami area’s busiest arteries, property records show.
The funding from Synovus Bank will go towards building a 15-story tower with 288 apartments, totaling 534,470 square feet, as well as nine two-story buildings with 92 unit townhouses, totaling another 251,121 square feet, according to a spokesperson for Integra.
The development, dubbed Biscayne Shores is slated to be completed in 2024, will also include 692 parking spaces, a pool, a dog park, a co-working office, a health club, a playground, and a kayak and paddle board dock.
Located at 11295 Biscayne Boulevard, the 8.2-acre parcel faces the Biscayne Bay, between the Jockey Club and Cricket Club condominiums, in the Biscayne Shores neighborhood.
In 2020, shortly after the first COVID-related lockdown, the Miami-based developer paid $15.5 million for the sliver of land, per records.
The development is the latest upscale residential project to rise in a historically middle-class suburb, just north of the city as housing prices continue to skyrocket this decade.
In nearby North Miami Beach, Macken Companies secured a $16.5 million loan last month to finish a luxury waterfront townhome complex. Also in North Miami Beach, BH Group proposed a 30-story apartment tower earlier this month, per The Real Deal.
On the ultra-luxury side, Integra is developing the St. Regis condo complex with the Related Group in Miami’s financial district. The developers are anticipating a $2 billion sellout.
Julia Echikson can be reached at email@example.com.