MIAMI, July 11, 2023 /PRNewswire/ – The Congress Group, a Boston-based real estate investment and development firm, and Peakhill Equity Partners, a Toronto-based real estate investment manager, today announce the closing of their acquisition of 1050 NW 14th Street a 27-story, 380-unit Class-A multifamily residential building to be developed adjacent to the Shops at Civica in Miami, Florida.
The site is located in the heart of the Miami Health District, the second largest health district in the U.S and one of the largest concentrations of medical research facilities in the country, encompassing over two million square feet of research space and one million square feet of office space. The recently acquired site will be developed with a 380-unit multifamily building and will be amenitized with a resort-style pool, resident lounge, fitness center, co-working stations, pet spa, package lockers, EV stations, and existing retail shops (Civica Phase I). The project, which will include 432 parking spaces, is a five-minute walking distance to the Civic Center Metrorail Station. While the acquisition marks the first joint venture between The Congress Group and Peakhill Equity Partners, principals from the two firms have worked together on two previous development projects.
In 2021, the City of Miami granted approvals for the development of a 22-story office tower. However, in June 2023 an application to the City of Miami was approved for a use change to a 27-story multifamily development. Design development has been ongoing for several months and new ownership intends to seek construction financing in mid-2024, with a projected completion in late 2026. Moss Construction will oversee construction.
Dean Stratouly, Congress Group’s CEO stated: “We are thrilled to partner with Peakhill and excited about the prospect of creating a new, much needed state of the art residential building to serve the medical community of Miami.”
Jonah Belkin, Peakhill’s Managing Director, stated: “Plans for the development of Civica Phase II have been in the works for more than a decade. We look forward to partnering with Congress to bring a best-in-class residential product and experience to Miami’s Health District. Congress’s high-rise residential expertise and decades of experience in Miami make them an ideal partner for this type of project.”
About The Congress Group
The Congress Group is a fully integrated Boston-based real estate development, investment, and property management firm. Congress has spent nearly 40 years creating value and superior returns for investors by effectively managing large, complex real estate projects in urban centers. Congress’s track record totals nearly 10.0 million SF and includes residential, office, retail, hospitality, and large-scale urban mixed-use developments. Some of its notable South Florida projects include 999 Brickell, Bentley Bay in Miami Beach, and Soho Miami. With offices in Miami, Nashville and Boston, Congress executes its management philosophy of “hands on” control over its projects.
About Peakhill Equity Partners
Peakhill Equity Partners is a real estate investment platform headquartered in Toronto focused on joint venture equity investments in ground-up and value-add real estate projects in the United States and Canada. It is an active investor in large-scale mixed-use and multifamily development projects in New York City, Dallas, and Miami. Through its entrepreneurial structure, flexible balance sheet, development expertise, and lending arm (Peakhill Capital), Peakhill Equity Partners is able to identify equity investment opportunities with superior risk-adjusted returns that positively impact communities.
SOURCE Peakhill Equity Partners