MIAMI-Locally based developer MFM Construction Corp. is planning to break ground in November on the 16-story, 132-unit River Grand. The condominium project will rise at NW 14th Street and NW 15th Avenue in the Civic Center area just west of Downtown.
The project, which will contain one- and two-bedroom units, is aimed at providing affordable work force housing. The units will be priced from the low $200,000s to high $300,000s. A project cost or estimated sell-out value of the project was not released. MFM has partnered with Countrywide Financial and CitiMortgage to offer low-cost, flexible mortgage programs and financial assistance packages to qualified buyers. The packages will include low down payments, fixed-rate interest mortgages and no closing costs, says Eli Dreszer, of MFM Construction.
River Grand is the 11th work force housing project undertaken by MFM in the Miami neighborhoods of the Civic Center and East Little Havana. Five have already been completed and the remaining projects are under construction. River Grand is expected to be completed in mid-2008. "These are condos that are well-located, reasonably priced and sized that people who work in the area can afford," Dreszer tells GlobeSt.com. "We feel that no matter what the market does, there will always be a demand for this type of housing."
Cara Mantovani, of Mantovani Real Estate, is the exclusive broker in charge of sales and marketing for the project. Behar Font & Partners is the architect on the project. "With housing prices continuing to rise throughout Miami, it is critical that Miami-Dade County promote more infill development projects like River Grand, that not only improve these emerging communities aesthetically, but also provide more affordable work force housing options for Miami's growing employment base," Mantovani says.
The units will be fully furnished and will have 9.5-ft to 11.5-ft ceilings, European-style cabinetry, stainless steel appliances, granite in the kitchen and bathrooms, impact resistant windows and sliding doors and balconies. Building amenities will include a fitness center, yoga studio, swimming pool, business center and conference room.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.