Miami River Is Like Brickell Without the Price Tag, Developer Says

Although the Miami River area has generally been viewed as a basic working waterway, some say the district measures up to its luxury neighbor Brickell, just without the hefty price tag. 

With affordable rents about $500 less than in Brickell, the area is one to watch: known for its walkability, waterfront views and being minutes away from big companies in downtown.

That’s what CEO and founder Camilo Miguel Jr of Mast Capital says is a draw for many developers and people looking for more affordable housing.

“You have access to the transit systems and the health district, which is the second-largest health district in the county second to Houston, and then the expressway has up to 150,000 vehicles a day, so I think the accessibility is a big deal. We were focused on the fact that the health district was going to drive a lot of our tenant base,” said Miguel.

The Miami developer was one of the first to recognize Miami River’s potential, building Waterline at Miami River, a 281,000-square-foot luxury multifamily community. Although the project isn’t yet complete, the property is 100% leased. 

“We have over 1,000 linear feet of riverwalk on the project. We are a substantial portion of what that riverwalk is going to be and what will be developed there. We have a linear park on the water as an amenity to the residents. We’re very focused on trying to find ways to create outdoor amenities for our residents. We’re finding that to be more and more important, and this is incredibly unique,” said Miguel.

According to Mast Capital, 68% of its tenants are between the ages of 22 and 37. As soon as units became available, prospective residents jumped at the opportunity, which resulted in the fast tracking of phase two, breaking ground this fall. 

“We leased it out in eight months, about 40 units a month, and that was an incredibly fast lease-up,” said Miguel.

‘Continued growth’

Other developers have started to follow suit, which secures the destination as a place to watch and invest in as it has a lot of potential, in Miguel’s view. According to the Miami River Commission, Miami River’s shorelines feature public river walks, nine major parks, five major hotels, over 11,910 new residential units, 25 restaurants and over a dozen boatyards, marinas and historic sites.

There’s also an additional 6,667 approved units, five planned hotels with 1,200 new rooms and 22 planned restaurants in the works. 

Miguel says Shipping Ave., a micro-neighborhood near Merrick Park and Coral Gables, is another untapped area in Miami Dade. As for the Miami River district, Miguel said he’s excited to see the growth in some of its less-occupied areas. 

“The beauty is, and what I love about what’s happening in markets like Miami, is that I see a lot of tailwind and continued growth going forward,” Miguel said. “Between job creation, population growth and the strong demographics of people moving here, I see there is going to be a lot of continued growth.”