Waterline Miami River

PROPERTY CHARACTERISTICS

• 6.31 acre development site with over 1,000 feet of unobstructed water frontage along the Miami River
• Site to be developed into approximately 700 apartment units in two phases
• Located on the Miami River half a mile south of Miami's Health District and within 1.5 miles of the Downtown/Brickell CBD

ACQUISITION

• May 2018

INVESTMENT OPPORTUNITY

• The Miami River is a burgeoning dining and entertainment destination that is attracting significant developer interest
• Location near Miami’s Health District, which employs 45,000 and draws 160,000 annual visitors (2nd largest health district in the U.S.), yet which is under-supplied for quality multifamily
• Attractive cost basis with land acquisition price per square-foot representing a significant discount to recent land transactions in Miami's urban core
• Site’s large footprint enables development of cost-effective, 8-story wrap construction

EXECUTION

• Mast partnered with AEW, a global real estate investment firm, to acquire and develop the site
• Retained Coral Gables-based Corwil Architects, who have considerable for-rent residential experience and a strong track record in Miami, to design the project
• Phase I of the project began construction in Dec 2018 and achieved TCO Oct 2020