MIAMI, FL--(Marketwired - Jan 21, 2014) - Wood Partners, L.L.C, one of the nation's most active multifamily developers, has broken ground on Alta Dadeland, a $128 million mixed-use development with 431 apartment homes and 2,000 square feet of retail space next to the popular Dadeland Mall. The community is also within 2 miles of South Florida's largest employers, the University of Miami and Baptist Health South Florida.
"Alta Dadeland is within walking distance of the Dadeland Mall as well as Dadeland Station, a 350,000-square-foot lifestyle center anchored by Best Buy, Sports Authority and Target," said David Thompson, Florida development director for Wood Partners. "There are two Metrorail stations in close proximity as well."
The 3-acre community, located on SW 72nd Avenue in Miami, will include 477,117 square feet of residential space, 2,116 square feet of retail space and 663 parking spaces. Designed by EDI International, it will include two towers connected by a pedestrian bridge. Building One will be a nine- to twelve-story courtyard building with 312 residential units, and a six-story parking structure (hidden behind the tower residences) with an expansive, resort-style pool deck above it. Building Two will be a nine-story, 119-unit building.
Coastal Construction is the general contractor, and construction is expected to be complete in the fourth quarter of 2015. Apartments will be available for lease in the second quarter of 2015. Invesco Real Estate is the equity partner, and HSBC Bank USA provided a fully underwritten construction loan for the project.
According to the National Association of Home Builders' formula to determine the local impact of multifamily housing in typical metro areas, adding 431 rental apartments will generate approximately $37 million in local income, $3.9 million in taxes and other revenue for local governments, and 580 local jobs. Wood Partners estimates the project will create 400 temporary construction jobs and nine permanent property-management jobs.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It was ranked the nation's No. 2 multifamily developer in 2012 based on 5,100 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 47,000 homes with a combined value of more than $7.0 billion nationwide. The company currently owns 77 properties with a combined total of 20,200+ units. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Dallas, Denver, Houston, New York, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, Southern California and Washington, D.C. To learn just more about Wood Partners, please visit our website, www.woodpartners.com.