Coastland Residential has secured an $84.5 million construction loan for a multi-family development near Tropical Park in southwest Miami-Dade County. The financing from PNC Bank is for the “Vybe 75” project, which will comprise 366 residential units and 5,000 square feet of ground-floor retail space.
The eight-storey building at 4383 Southwest 75th Avenue is located east of Tropical Park and the Palmetto Expressway, and south of Bird Road. A portion of the units is intended to be priced within 120 per cent of the area's median income, although a representative for the Pinecrest-based developer did not specify an exact number.
Extensive Amenities and Further Development
Vybe 75's amenities include a rooftop pool, a gym, a co-working lounge, a sports simulator, and a cinema. Coastland Residential acquired the 4.3-acre site last year for $14.5 million, according to property records.
The project, designed by Corwil Architects, represents the first phase of a larger development that is set to include a total of approximately 1,000 residential units. Coastland Residential was founded five years ago by Anthony Seijas and Alejandro Rodriguez, emerging from Rodriguez’s construction and construction management firm, Coastland Construction. The latter also serves as the general contractor for Vybe 75.
The Players Behind the Project
- —Developer: Coastland Residential, founded by Anthony Seijas and Alejandro Rodriguez.
- —Financier: PNC Bank, providing the construction loan of $84.5 million.
- —Architecture: Corwil Architects, responsible for the design of Vybe 75.
- —General Contractor: Coastland Construction, from which Coastland Residential emerged.
