The three developers of a mixed-use project of Cassi, in Miami's Design District, have nabbed a $125 construction loan to develop the site.
Miami Design District Associates, Hunter Pasteur, and The Forbes Company are the companies involved, working together as the joint venture partners on the project. Walker & Dunlop advised the firms, while Amerant Bank provided the financing. Also, Bilzin Sumberg provided legal services for the trio.
The residential portion of Cassi will include 107 units for a total of 161,444 rentable square feet. Options will include one, two and three bedrooms — all featuring dens. The rentals will average 1,509 square feet in size. The 20-story development will also include 23,000 rentable square feet of retail space.
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The Design District in the Magic City is known for its luxury retail offerings, art and top-tier restaurants, according to Walker & Dunlop.
“Cassi Miami benefits from highly favorable zoning, allowing our client to deliver a cohesive and thoughtfully designed development,” Sean Reimer, managing director at Walker & Dunlop, said in a statement.
“As Miami’s economy continues to thrive and demand for luxury, amenitized spaces grows, we’re proud to partner with the sponsorship team and look forward to bringing this exceptional project to life.”
The development comes as Southeast apartment demand reached a record high of 56,000 units in the first quarter, a RealPage analysis found. That comes as multifamily permits in the region dipped to their lowest levels in nearly four years during the three-month period, with deliveries expected to continue declining through 2025 and 2026, the property management software said.
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
