Developers want to build a 140-unit apartment building near the Miami River, marking a continuing flurry of multifamily project applications in South Florida.
Bricka CB Development –– led by Italo Balbi, Ashley Bosch and Gaston Corradi –– wants to build the 10-story Rio Vista Apartments on a 1-acre site at 413, 421, 431 and 453 Northwest Third Street in Miami, according to an application filed to the city this month. The site is in the Lummus Park Historic District.
The Miami Urban Development Review Board will vote on Rio Vista at its meeting next Wednesday.
Designed by Studio Mc+G Architecture, the building will consist of studios, one-bedroom and two-bedroom apartments, and six townhouses on the ground floor. All units will be at market-rate rents.
The site allows for up to 156 units and eight stories by right, and 12 stories with bonuses, the application shows.
Balbi is working on the project through his Bricka Real Estate firm, which has primarily developed in Lima, Peru; Caracas, Venezuela; and Valencia, Spain, he said. He also is a broker with Cervera Real Estate.
Bosch, who leads Miami-based Blok Group, and Corradi, COO of general contractor and developer Corradi Construction Group, have partnered on Rio Vista through their CB Development.
CB’s other projects are three five-story Wesley-branded apartment buildings near Young Circle in downtown Hollywood. The 56-unit Wesley at Fillmore and the 22-unit Wesley at Jackson are under construction and are expected to be completed by early next year, Bosch said. The 22-unit Wesley at Taylor is in the permitting process, Bosch said.
Rio Vista marks the first project for the Bricka-CB partnership. The partners paid $3.3 million for two lots that are part of the four-lot development site in 2023, according to records. They have the remaining two parcels under contract for an undisclosed price, according to their application. Balbi also declined to provide the price.
One of the lots under contract, at 431 Northwest Third Street, was previously home to the four-story Palm Court Apartments building, which was demolished last summer following a massive fire that displaced more than 40 mostly low-income tenants. A Palm Court resident was charged with shooting a maintenance worker and then setting the fire, but the arson charge was later dropped. The maintenance worker survived.
The other lot under contract, at 453 Northwest Third Street, has a two-and-a-half-story house built in 1913 in the Masonry Vernacular style. The house, which was home to Frank Gallat, an early owner of Palm Court Apartments, will be preserved.
Rio Vista also is expected to go before the Miami Historic and Environmental Preservation Board at a future meeting, according to Balbi.
The Miami River District has caught developers’ eyes in recent years. Alta Development, led by Henry Pino, is building the 16-story, 283-unit short-term rental-friendly River District 14 condo project at 1451 Northwest 14th Street.
In October, Edgardo Defortuna’s Fortune International Group and Shahab Karmely’s KAR Properties partnered with Alan Faena on the 440-unit Faena Residences luxury condo project with two towers at 90 Southwest Third Street near the Miami River.
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