Newrock Partners and Brickbox Development received a $ 67.5 million home loan for an apartment building in Oakland Park.
Project O, comprising 274 units, is being built in the parking lots immediately west of the Kennan Building on 3101 North Federal Highway and west and north of the adjacent office building on 3201 North Federal Highway. The new address will be 333 North Federal Highway, according to Koby Assaraf, Newrock director.
S3 Capital Partners, based in New York City, is the lender.
According to Assaraf, Project O will have a 10-storey apartment building with an additional floor for a closed lounge and an eight-storey garage with 500 parking spaces next door. It will include more than 19,000 square feet of retail space on the ground floor in the garage and apartment building.
The apartments range from studios to two bedrooms.
Construction is expected to begin this summer and take about 20 months, he said.
The office buildings remain on the 4 hectare property, the tenants park in the new garage.
Project O, designed by Kobi Karp, includes a dog park, murals by local artists, and a rooftop pool. Its design, wall art, and planned tenants make it an edgy rather than “vanilla” project, which isn’t common for Oakland Park, Assaraf said.
Brickbox owners Dan Deitchman and Assaraf, former Chief Development Officer of Link Real Estate in Miami, restructured the capitalization of the assemblage. The duo formed Newrock last year, which has two other Oakland Park projects.
In December, the group bought 3472 Northeast Fifth Avenue and 519 Northeast 34th Street for $ 3.9 million and converted them into Industry | Oakland Park. Future tenants include a gated farm, winery, music studio, photo and art studio, Assaraf said. Another tenant will be a kitchen inspector’s office, in which chefs from mobile food companies such as food trucks can prepare and store meals. The tenants have signed leases but haven’t opened any, Assaraf said.
Industry I Oakland Park is a reminder of the adaptive recycling that changed Miami’s Wynwood and Little River, he added.
Newrock’s other Oakland Park development, Project O2, is slated to include 165 homes and nearly 32,000 square feet of retail space on 3339-3347 North Federal Highway.
Both Project O and Project O2 were previously approved by the city. But the developers have tweaked the design of Project O and will likely tweak Project O2 as well, with the goal of getting approvals in the next six months, Assaraf said.