Estate Investments plans apartment project near Miami Health District
251-unit building could break ground this summer, be completed by end of 2020
Developer Robert Suris of Estate Investments Group completed an assemblage near Miami’s Health District , with plans to build a multifamily project.
EIG is proposing a 251-unit rental building between eight and 11 stories tall on Spring Garden Road, just east of the Dolphin Expressway. The developer is aiming to go before the Miami Urban Development Review Board in March and break ground in the summer.
EIG closed on the 24,708-square-foot lot at 1033 Spring Garden Road on Friday for $3 million. Miguel Pinto of Apex Capital Realty represented the seller, Ruben Diaz, as well as EIG. The site also includes adjacent lots totaling 38,115 square feet, which Spring Garden Apartments LLC acquired in 2017 for $3.5 million.
Suris has rental projects throughout South Florida. His firm recently closed on a development site in a designated Opportunity Zone in Overtown with former LeFrak executive Michael Tillman’s PTM Partners. The partnership is expecting to break ground soon on a 360-unit, 18-story apartment building, Suris said.
The Spring Garden project will be geared toward Health District employees, he said. Amenities will include a pool and gym. EIG is expecting to complete construction by the end of 2020.
Nearby, Mast Capital and its joint venture partner AEW Capital Management recently closed on a $59.7 million construction loan for Miami River Walk, a 688-unit apartment complex planned for 1001 Northwest Seventh Street. That development is also targeting workers in the Health District.