Another Short-Term Rental: Miami River Project Lands $68M Loan
By Jeff Ostrowski May 2, 2024 5:45 pm
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As the short-term rental craze takes off in Miami, Alta Development landed a $68 million construction loan for its project just north of the Miami River and west of downtown.
Forman Capital of Boynton Beach, Fla., provided the financing for River District 14, a 283-unit condo project geared toward short-term rentals, The Real Deal reported Alta, based in Kendall, Fla., paid $14.6 million to assemble the 1.3-acre site at 1451 NW 14th Street in Miami.
River District 14’s units will range from 575-square-foot studio apartments to 915-square-foot two-bedroom units. A few apartments will be bigger than 1,000 square feet. Prices range from $490,000 to $780,000.
The project will include two towers at Northwest 14th Street and Northwest 14th Avenue. Amenities will include a gym, coworking space and two indoor pickleball courts.
The units are designed with 9-foot ceilings, and each apartment gets one parking space. The River District 14 units are fully furnished, letting owners immediately begin renting them out.
Miami has seen a surge of short-term rental projects. For instance, North Development is building the 12-story, 172-unit Domus Flats at Brickell Park at 1611 SW Second Avenue. The condo-hotel brand also delivers units that are fully furnished. Once the building is completed in 2025, owners can live in the units or operate the apartments as short-term rentals.
ISG World reports that 8,647 short-term rental units are being developed in Miami, mostly downtown and in the Brickell district.
Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.
