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The goal is to turn the 47-acre site into a $1 billion community.
The area saw 67 percent growth from 2023.
The financing was secured through multiple loans.
The hotel plans to refinance $1.18 billion in past mezzanine and CMBS debt.
However, rents were strong in the three Florida regions.
The development will feature over 400 apartments.
If approved, the tower would stand at 1,010 feet.
It is the largest hotel deal in Miami this year.
The process took months - but the project has finally broken the ground.
It comes with a caveat for developers though.