An 8-story apartment complex has broken ground in Miami’s Little Havana neighborhood thanks to a $14.43 million construction loan.
Synovus Bank provided the mortgage to Gamla Cedron Flagler Oasis LLC, managed by Shaoul Mishal, the president of Aventura-based multifamily developer Gamla Cedron Group. It covers the project at 1110 N.W. First St., about five blocks southeast of LoanDepot Park, formerly Marlins Park.
The developer recently filed notice with the county that it started building 100 apartments, 1,000 square feet of retail and a pool deck in a project called Flagler Oasis. Coral Springs-based Bluewater Builders is the general contractor.
Mishal said it should be completed in April 2022.
The developer acquired two acres there in 2018 for a combined $11.19 million. It demolished some single-family homes to make way for the apartment complex.
Mishal said the second and third phases of the project are currently in the planning phases. They would be another 248 apartments, followed by 80,000 square feet of offices and 20,000 square feet of retail.
This continues the wave of development in neighborhoods surrounding downtown Miami, as people look to live closer to the major employment center.