Miami mixed-use project secures $86 million in funding

MIAMI, FL – JDS Development Group has secured $86 million in acquisition and construction financing for the development of a 64-story mixed-use project in Miami’s Brickell neighborhood. The company secured funding from Maxim Capital Group.

The development, 1 Southside Park, will offer 1,175 residential rental units, 190,000 square feet of office space, a 200-key Treehouse Hotel, 10,000 square feet of retail space and 1,400 parking spaces. The project will transform an entire city block.

For the project, JDS is working with design team SHoP Architects, as well as Rockwell Group for the interior design of the hotel, James Corner Field Operations for the landscaping and Krista Ninivaggi of Woods Baggot for the residential interiors. JDS has completed the development’s bi-level basement and is currently working to complete the foundation works for the project.

Funding was provided by Maxim Capital Group and arranged by Walker & Dunlop’s Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz, Sean Reimer, Mo Beler and Sean Bastian. The Walker & Dunlop team replaced the existing land acquisition loan with a bridge construction loan at a lower rate and a higher product on behalf of JDS.

The project will include the first Treehouse hotel in the United States, as well as short and long-term rental options, food outlets and public arenas. The ground floor of the building will include a lobby, coffee area and a pedestrian paseo that connects pedestrians from SW 2 Ave. at Southside Park.

As part of the Brickell Rapid Transit Zone, 1 Southside Park will also provide transit access and a direct connection to Underlines’ Brickell Backyard.

JDS is pursuing Florida Green Building Coalition high-rise certification for development through energy-efficient aspects, such as smart technology, local materials, water reuse, and extensive landscaping. The building’s design includes interconnected interior and exterior spaces and planted terraces, and aims to provide a seamless transition between Southside Park’s green spaces and the neighborhood’s urban environment.

In addition to the mixed-use development, JDS is partnering with the City of Miami to improve nearby Southside Park.

“One of the things Brickell lacks is an iconic park — NYC has Central Park, Chicago has Millennium Park — these are experiential spaces that help define cities,” says Michael Stern, Founder and CEO of JDS. “These spaces provide moments of tranquility to complement the bustle of the surrounding cityscape. As it stands, Southside Park is an oasis in the Brickell area. Through our public-private partnership with the City of Miami, we will be making significant upgrades that will elevate it – along with the adjacent Underline – to the world-class status the Brickell area deserves.

Proposed designs for the park include the addition of an enclosed dog park with dedicated areas for small and large dogs, rest areas, water features, public art opportunities, playgrounds for different age groups, a new basketball court and space for active programming, such as movie nights and community sports events. The design aims to preserve the area’s mature trees, while providing direct access to the Brickell Backyard, a corridor of green and active public spaces.

1 Southside Park represents the fourth large-scale project by JDS and SHoP Architects. The two companies have already completed 111 West 57e street in Manhattan; Brooklyn Tower in Brooklyn; and the American Copper Buildings on Manhattan’s East River, which JDS sold earlier this year for $850 million.

“The thoughtful and dynamic design of 1 Southside Park is an example of how we can design and develop dense urban centers,” adds Stern. “We look forward to going vertical in the near future for this multi-faceted project.”

“We are delighted to have secured another strong financial package for JDS, one of the nation’s top development companies,” said Aaron Appel of Walker & Dunlop. “Maxim is a reliable, transparent and trustworthy lender, and 1 Southside Park will transform the Brickell neighborhood at a key time for the city’s growth.”