Phase 1 Development of Retail Center and Land Acquisition
Parkview Financial has provided a $26.5 million loan to Riverwest Miami, LLC – a joint venture of I3 Development and PG Riverwest LLC – for Riverwest, a two-phase construction project in Miami’s Little Havana neighborhood (one-mile west of downtown Miami). The loan was used for phase one construction of a retail center, as well as the land acquisition/refinance for the second phase.
Located on 1.69 acres, phase one comprises a three-story, 52,500-square-foot (sf) building including a 217-space, two-story open parking garage at 805 W. Flagler Street in Miami. Aldi and Ross Dress for Less have pre-leased the majority of the first floor space with two small retail units currently available. Groundbreaking is anticipated for late 2021 and completion is scheduled for February 2023.
The project’s second phase will be situated on a 1.36-acre site, and is entitled for 263 luxury multifamily units in a 20-story high-rise.
“The Little Havana neighborhood is strategically located in the core of Miami’s tourist and business hub,” said Paul Rahimian, CEO and Founder of Parkview Financial. “We see this project as one that will help meet the demand of area residents and potentially visitors as well.”
Rahimian added, “Parkview is bullish on the greater Miami area as well as other key Florida markets. The state’s tax advantages and quality of life have been attracting business and increasing population numbers. We believe we will be seeing a significant amount of development over the next few years.”
In addition to its proximity to downtown Miami, the project is less than two miles from the Health District which is home to Jackson Memorial Hospital and the Leonard M. Miller School of Medicine at the University of Miami among others, and is a major center for hospitals, clinics, and the biotechnology and medical research industries. PortMiami is also the busiest cruise port in the world in terms of both
passenger traffic and cruise lines.
The architect for the project is Miami-based Kobi Karp Architecture and Interior Design (KKAID), Inc.