North Miami Beach’s Luxury Multifamily Rises From the Dirt

MIAMI—The Related Group isn’t the only developer going vertical with new residential towers in Miami. Rilea Group is managing the development of The Monte Carlo, a 21-story multifamily project at 6551 Collins Avenue.

Located in Miami Beach’s North Beach neighborhood, the construction team just completed the foundation of the oceanfront luxury multifamily complex. Rilea expects to complete the 136-unit project in February of 2014.

Alan Ojeda, CEO of the Rilea Group, says the luxury multifamily project will cater to renters in the market for ocean views and a prime location on Collins Avenue, coupled with contemporary design. Coastal Construction is building the project.
 
“I build the building for a for fee development client as if I was building it for myself,” Rilea tells GlobeSt.com. “The process is exactly the same. I’m repeating something I’ve been doing for 30 years for clients. In the new world of banking—a world where when banks will start lending with more prudence and more checks and balances—the fact that experienced developers are developing properties will help people get loans easier.”

Monte Carlo becomes Rilea Group’s most recent project management assignment following the completion of the International Finance Bank headquarters in Miami. The firm’s most recent equity developments include 1450 Brickell office tower and One Broadway luxury apartments, both in Miami’s Brickell Financial District.
 
“By managing all aspects of design, permitting and construction, we see to it that well-capitalized owners seeking to develop in South Florida are able to take their concepts from vision to reality with the support of an experienced, locally-based development team,” Rilea says. Rental units will include studios and one-bedrooms.