Mill Creek Residential buys lot for second phase of Miami apartment project

Mill Creek Residential buys lot for second phase of Miami apartment project

Mill Creek Residential is building Modera Station at Bird Road and Southwest 38th Avenue.

Mill Creek Residential paid $10.1 million for land to build the second phase of its Modera Station apartment project in Miami-Dade County.

TREO Douglas Station, an affiliate of Miami-based TREO Group, sold the 1.16-acre site at 3734, 3736 and 3750 Bird Road, 3031 S.W. 37th Court, and 3090 S.W. 37th Ave. to MCREF Bird Road Development Phase II, an affiliate of Mill Creek Residential. The price equates to $199 per square foot for the land.

The site has a building that was formerly operated by a non-profit health clinic. It last traded for $5.7 million in 2013.

Mill Creek Residential is building the 262-unit Modera Station on the site next door. Jeff Meran, senior managing director of the developer in South Florida, said that apartment project should begin leasing in two to three months. Meanwhile, it will seek approval for another 181 luxury apartments plus a host of amenities on the recently acquired site in Modera Station Phase II.

“We like all of the factors of that location enough to build a second phase next door,” Meran said. “You can walk across the street to the Metrorail station and it will take to you downtown, to Brickell, to the airport, to the university or to Dadeland. And it’s near Merrick Park.”

Other developers are also bullish on the area. The team of 13th Floor Investment and the Adler Group wants to build a major mixed use project on the site of the Douglas Road Metrorail Station with a lease from the county.

Mill Creek Residential is building Modera Station at Bird Road and Southwest 38th Avenue.

Mill Creek Residential is building Modera Station at Bird Road and Southwest 38th Avenue.

***** *****
Story by: Brian Bandell – Photo Courtesy:Biz Journals

Link to original story

Comments are closed.