$86M Financing Secured for Brickell Development

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 firm obtained the financing 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 a full city block.

For the project, JDS is working with design team SHoP Architects, as well as Rockwell Group for hotel interior design, James Corner Field Operations for landscaping, and Woods Baggot’s Krista Ninivaggi for residential interiors. JDS has completed the development‘s two-level basement and it is currently working on completing the project’s foundation work.

The financing 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 higher proceeds on behalf of JDS.

The project will feature the first Treehouse hotel in the US, as well as short-term and long-term rental options, food and beverage outlets and public arenas. The ground-floor of the building will feature a lobby, café space and a pedestrian paseo that connects pedestrians from SW 2 Ave. to Southside Park.

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

JDS is pursuing the Florida Green Building Coalition’s high-rise certification for the development through energy-efficient aspects, such as smart technology, local materials, water re-use and extensive landscaping. The building’s design features interconnected indoor and outdoor spaces and planted terraces, and it aims to offer a seamless transition from the Southside Park greenspace to the neighborhood’s urban environment.

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

“One of the things Brickell is missing 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 offer moments of tranquility to complement the hustle and bustle of the surrounding cityscape. As it stands today, Southside Park is an oasis within the Brickell area. Through our public-private partnership with the City of Miami, we will be making significant improvements which will elevate it — along with the adjacent Underline — to the world-class status the Brickell area deserves.”

The proposed designs for the park include adding an enclosed dog run with dedicated spaces for small and large dogs, seating areas, water features, opportunities for public art, 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 offering direct access to the Brickell Backyard, a corridor of green and active public spaces.

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

“1 Southside Park’s thoughtful, dynamic design serves as an exemplar for how we can design and develop in dense urban centers,” adds Stern. “We look forward to going vertical in the near future for this multifaceted project.”

“We are pleased to have arranged another strong financing package for JDS, one of the best development firms in the nation,” says Walker & Dunlop’s Aaron Appel. “Maxim is a reliable, transparent and trustworthy lender, and 1 Southside Park will be transformative to the Brickell neighborhood at a key time for the growth of the city.”

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