Riverwest Miami, a joint venture of I3 Development and PG Riverwest, has plans to develop Riverwest, a two-phase construction project in Miami’s Little Havana neighborhood (one mile west of downtown Miami).
Parkview Financial provided a $26.5 million loan, which was used for phase one construction of a retail center, as well as the land acquisition/refinance for the second phase.
Located on 1.69 acres, phase one comprises a three-story, 52,500-square-foot building including a 217-space, two-story open parking garage at 805 W. Flagler Street. Aldi and Ross Dress for Less have pre-leased the majority of the first-floor space with two small retail units currently available. Groundbreaking is anticipated for late 2021, and completion is scheduled for February 2023.
The project’s second phase will be situated on a 1.36-acre site and is entitled for 263 luxury multifamily units in a 20-story high-rise.
“The Little Havana neighborhood is strategically loca
