Little River Miami FL Development Overview with Pink Development and Construction

[Robert Ellis]

https://youtu.be/AdcpMU4OPNc

https://youtu.be/AdcpMU4OPNc

Unlocking Development Potential in Little River CRA in Miami, FL

As owner's representatives and land developers in Florida, we’re excited to share insights on a prime institutional-level development opportunity in Little River. With projects exceeding $20 million and 200 units, this site is poised for transformative mixed-use development.

Location Highlights:

Area: Northwest 79th Street Corridor, Little River

Plan: The 2011 redevelopment plan by the Board of County Commissioners

CRA: Attracting private developers, lot aggregation for market-rate housing, and promoting mixed-use and Transit-Oriented Development (TOD).

Project Details:

Plan: 277-unit residential project

Structure: 8 stories, 200,200 sq ft

Use: Hotel for short-term rentals and reduced parking requirements

Saleable Area: 170,170 sq ft, exit price target of $600/sq ft

Unit Size: 614 sq ft (2 bed, 1 bath)

Parking: 167 spaces, with off-site parking for 18 cars

Capital Stack Proposal:

Land Price: $5,590,000

General Partner Entitlement Bonus: $3,000,000 (subject to appraisal and final approvals)

Hard Cost Construction: $58,047,800

Parking and amenities: $7,997,800 (79,978 sq ft * $100/sq ft)

Residential construction: $50,050,000 (200,200 sq ft * $250/sq ft)

Financed through a 30% / 70% construction loan

Post-Development Costs: Approx. $8,170,000 (8% equity loss if sold as condos)

Profit Distributions: $21,553,006

Equity Buffer: $8,829,510 for market changes (10% equity buffer)

Finished Asset Value:

Total Saleable Area: 170,170 sq ft

Exit Price Target: $600/sq ft

Total Asset Value: $102,102,000

Approximate Exit Value per Unit: $368,599

Economic and Community Benefits:

Job Creation: Attracting retail, office, and restaurant jobs

Housing: Addressing housing demand with market-rate and TOD projects

Street Improvements: Enhancing connectivity and congestion management

Our Role as Owner’s Representatives: As your trusted guide, we represent your interests throughout the construction process, ensuring your vision becomes a reality.

Our diverse skill set covers:

Project Planning: From concept to detailed design

Coordination: Managing stakeholders for seamless collaboration

Contract Management: Ensuring favorable agreements

Risk Mitigation: Proactive issue identification

We offer comprehensive services as owners' representatives and advisors in development, entitlement, zoning, capital markets, and construction. Our vertically integrated approach ensures seamless project execution from inception to completion. We specialize in designing high-performing, compact buildings that exceed market expectations.

Owner Involvement Options:

Partnership: Owners may join as limited or general partners

Design & Construction: Approval involvement, pricing, entitlements

Equity Upside: Additional payout for general partner involvement

Call to Action: We invite investors, developers, and capital partners to connect with us for tailored advisory proposals. Let’s turn this vision into reality and elevate Little River's urban landscape together.

Disclaimer: This property is listed by Mateo Romero and Alfredo Riascos with Gridline Properties.

Robert Ellis

Pink Development and Construction LLC

614-400-8762

[email protected]