Finger Development plans to build a multistory structure containing 437 residential units, 19,400 sf of retail space and 701 parking spaces.
Finger officials couldn't be reached at GlobeSt.com's publication deadline to learn ground-breaking plans and the development cost. But area construction industry estimators familiar with comparable projects, tell GlobeSt.com on condition of anonymity the proposed project can't be built for less than $50 million.
Finger Biscayne LLC petitioned the Miami City Commission, sitting as the planning and zoning board, to change the classification on the four-acre site to a central commercial-residential district from C-1 restricted commercial and R4 high-density multifamily residential.
City commissioners unanimously approved the project on an 8-1 recommendation from the planning advisory board. The company won unanimous approval on first reading of two zoning applications in late April during a Miami City Commission meeting.
County property records show that Finger Biscayne LLC, an affiliate of Houston-based Finger Development Co., acquired about four acres of land in the 1900-2000 block of Biscayne Boulevard last December for $8.85 million or $2.21 million per acre ($50.79 per sf). from Horn Blower Trust Co., a Nevada corporation. Finger Development operates out of the offices of Finger Cos., a family owned company controlled by Marvy A. Finger, president.
Over the past several years, Finger Cos. has constructed numerous apartment complexes such as Lindbergh Place in Atlanta, Village at Bear Hill in Waltham, MA, Woodland Creek Apartments in Wheeling, IL, and the Treehouse Apartments in Schaumburg, IL, where the company used tax-exempt FHA bonds to finance construction.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
