AJP’s Alberto J. Pérez and Treo’s Otto Boudet-Murias with rendering of The Modern + Medsquare blended-use task (AJP, LinkedIn, Modis Architects, Getty)
An AJP Ventures-led progress staff can shift ahead with a $100 million blended-use advanced that includes senior residing apartments in Cutler Bay.
Past 7 days, the Cutler Bay Town Council unanimously authorized The Up to date & MedSquare, a job with 42,000 square ft of medical place of work, 19,000 sq. feet of retail and 196 apartments for men and women 55 and more mature. Surrounded by a lake, the enhancement website is on virtually 19 acres at Southwest 216 Road and Southwest 90th Court.
Coral Gables-based mostly AJP and its associates Mas Group and Treo Group, the two based in Miami, are also arranging a two-acre park at The Up to date & MedSquare, according to files submitted to the city. In 2013, a Treo affiliate obtained the vacant residence for $1,100 in a foreclosure auction, records display.
Jorge Navarro, a Greenberg Traurig shareholder representing the joint undertaking, instructed the city council at its Oct. 19 conference that the developers spent nearly two a long time doing work with Cutler Bay inhabitants to pencil out a challenge they would support.
“Senior dwelling is a considerably less intensive, fewer harmful use for this group,” Navarro mentioned. “The undertaking delivers a small influence use.”
Development is scheduled to get started following yr with a goal completion day of 2025, according to a statement from a Greenberg Traurig spokesperson.
AJP is led by founder and president Alberto Perez, and Treo Team is led by principals Otto Boudet-Murias, Rolando Delgado, Eduardo Garcia and Carlos Ortega. Juan Carlos Mas, chairman of Mas Group, is major the $1 billion Miami Independence Park soccer stadium and blended-use progress.
Last calendar year, AJP, Mas Group and fairness companion OCTA finished a further senior dwelling-anchored blended-use undertaking in Westchester with 85 rental models and 37,000 square toes of professional medical business place. Working with a $22 million design bank loan, the companions redeveloped a previous AT&T building on the 6-acre site.
In Florida Metropolis, Treo is producing a business project that could include a lodge or an assisted dwelling facility on 5.5 acres that utilized to be section of a cellular dwelling park. In February, Treo compensated $6.8 million for the 16-acre Florida Metropolis Campsite & RV Park, and then flipped 10.5 acres to household developer Sergio Pino for $6.5 million. Pino strategies on building 131 townhomes.
