The development at Coral Way and South Miami Avenue is the second venture in the Downtown submarket for the Charlotte, NC-based real estate investment trust and the affiliate of the Miami-based engineering-architectural firm Bermello Ajamil & Partners.
Neither company disclosed details of the new agreement, though the REIT's officials expect to commit about 30% in equity capital to the development costs. The partnership also has a construction loan from AmSouth Bank.
Last summer, the venture partners first started work on Summit Brickell, a $50 million luxury apartment project at South Miami Avenue between 10th and 11th streets. Work should be completed on 405-unit project by next spring.
In a recently released shareholder's report, the publicly traded REIT disclosed plans to acquire the 405-unit project for about $50.5 million following its completion in the second half of 2002. One of the REIT's operating partnerships also issued a $13 million letter of credit as a credit enhancement to the developer's construction loan.
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