From the South Florida Business Journal: Link

Mast Capital and AEW Capital Management paid $26 million for a site along the Miami River where it plans to build a big apartment complex.

RAD Miami River — Phase I, managed by Edwin Verdezoto and Heidi Verdezotoin Miami, sold the 6.3-acre site at 1001 N.W. Seventh St. to a joint venture between Miami-based Mast Capital and Boston-based AEW Capital Management. The seller was represented by Colliers International South Florida brokers Mika Mattingly and Gerard Yetming.

The property last traded for $8.75 million in 2004, so it nearly tripled in value. While the site is currently vacant, it was home to the Miami News offices from 1957 to 1973, and later the Southeast Bank building.

The site has been approved for Miami River Walk, which would have 688 apartments and 2,900 square feet of retail in two eight-story buildings. There would also be 1,100 linear feet of improvements along the Miami River, including green space and a public riverwalk. The building will have over 20,000 square feet of amenities.

“We took many elements into consideration when conceptualizing the project and knew that we wanted to do whatever made the most sense to truly enhance the community,” Mast Capital CEO Camilo Miguel Jr. said. “We are looking forward to creating our vision for the Miami Riverwalk to become a cohesive, enhanced community with desired amenities and facilities for residents and visitors to enjoy.”

Mast Capital and AEW said they plan to break ground in the fourth quarter of 2018. It was designed by Corwil Architects.

Miami River Walk is about three blocks northeast of Marlins Park and fairly close to where the River Landings retail/apartment center is under development. Also nearby is the Miami Health District, home to facilities such as Jackson Memorial Hospital and the University of Miami medical school campus.

“As our urban core continue to densify and attract dynamic round-the-clock communities, emerging neighborhoods like the Miami River District have caught the eye of value-oriented firms like Mast Capital,” Mattingly said. “This property presents an amazing opportunity to build a sizable project and be a part of the neighborhood storyline.”