From left: Integra Investments’ Nelson Stabile, Victor Ballestas, and Paulo Melo with 11295 Biscayne Boulevard ( Integra, LinkedIn, Join Conferences)
An Integra Investments joint enterprise scored $101.4 million in financing to establish Biscayne Shores, a combined-use undertaking of residences and villas on a waterfront website following to the Jockey Club condominium elaborate.
Synovus Lender provided the personal loan to the Miami-dependent developer and its associates, Andrew Korge of Korgeous Team and David Larson of DCL Cash, records present. The Integra joint venture is setting up the job on a 8.2-acre site at 11295 Biscayne Boulevard in Biscayne Shores, an unincorporated neighborhood between Miami Shores and North Miami.
In 2020, the partnership obtained the assets for $15.5 million, data show. A calendar year later on, the Miami-Dade County Commission accredited the task. It would characteristic 105 townhomes and a 16-tale making with 275 residences, in accordance to a resolution by the county’s Shoreline Progress Evaluate Committee. As a condition for approval, the joint enterprise agreed to donate $152,000 to the county to strengthen accessibility to Biscayne Bay at an existing or upcoming park in close proximity to the advancement.
Since then, the Integra joint venture tweaked the design. Biscayne Shores’ apartment tower will now rise 15 stories and have 288 flats, in accordance to an Integra spokesperson. The undertaking, totaling extra than 785,000 square ft, will also have 92 villas in 9 two-tale properties and 692 parking spaces. Biscayne Shores’s believed completion date is summertime 2024, the spokesperson mentioned.
The Biscayne Shores advancement is around a block away from The Jockey Club, exactly where developers Muayad “Mo” Abbas, Michael Bedner and Doron Arad had planned a fourth tower increasing 40 tales and with 120 models. Nonetheless, the job, regarded as Aperion at The Jockey Club, has been delayed for several years because of to litigation involving the associates, as effectively as lawsuits filed by people of the 3 present Jockey Club towers.
Led by principals Nelson Stabile, Victor Ballestas, and Paulo Melo, Integra is also acquiring Ocean Park Resort and Residences, a apartment-resort venture close to the Intracoastal Waterway in Fort Lauderdale. In June, the Fort Lauderdale Metropolis Commission authorized Ocean Park’s web page system. The task consists of a 12-story lodge with 100 rooms and an 11-story condominium with 54 units.
In Might, Integra teamed up with David Edelstein’s Tricap and Alex Karakhanian’s Lndmrk Progress to buy a 1-acre progress web page at the entrance of Midtown Miami and the Miami Design District for $23 million. The partnership programs to establish a 20-story workplace tower with a retail and restaurant component.
