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Projects on tap for river


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Susan Stabley

Two new projects have been proposed for the Miami River, adding at least 305 units on marine industrial property.

One project would offer 180 affordable housing units on the 500 block of Northwest South River Drive, while another would offer 125 units in a loft-style tower east of I-95 near Jose Marti Park.

The 25-story tower for Developer Alfredo Acosta's Reflections on the Miami River would replace warehouses on the 200 block of Southwest Sixth Street. Acosta said prices would start at $300,000 a unit.

Retail is planned for the ground floor, possibly a waterfront restaurant, he said.

The projects join two other condos under way next to the Second Avenue bridge: the 400-plus-unit Latitude on the River and 443-unit Neo Vertika.

Acosta said he plans to break ground in 2005 and has his eyes on other river properties. He said he has been in development for 25 years with projects in Colombia and Texas.

"We will continue with more on the river very soon," he said.

Affordable housing planned

Upriver, Miami-based Shear Construction and Development plans its 180 units across a narrow, three-acre strip along Northwest South River Drive, next to the proposed Royal Atlantic development.

The 16-story project from developer Gary Shear would bring some affordable housing to the area and the units have been geared for families, some offering four bedrooms.

The site has been home to Richard Dubin's Ameritrade and Haiti Shipping terminals. Dubin said he will move his operations further up the river.

Miami River Commission Managing Director Brett Bibeau noted that boat slip space would be saved on both sites. The Shear project has proposed to have spots for up to 20 recreational boats.

Both projects will offer public riverwalks and both Acosta and Shear have indicated they may build an additional phase.

More than 7,000 units are under way along the 5.5-mile river.

E-mail Miami-Dade real estate/international business writer Susan Stabley at [email protected]

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There's a riverwalk in progress so to speak. By law all new developments have to provide a setback from the water and provide public space. It'll probably take 5 years for these developments to be built out and the walk to mature a little, but i think there's a great potential there.

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