ShoreCrest Club Apartments on the Bay is Going Vertical
Two Twenty-Story Luxury Apartment Buildings are being developed by ECI Group, Adler Development and Canyon Capital Realty Advisors LLC
Miami, FL August 20, 2013 - Construction is underway at ShoreCrest Club Apartments on the Bay, Miami’s first new-to-market luxury rental apartment development located at 7950 North East Bayshore Court in the bourgeoning Upper East Side neighborhood. The two 20-story towers featuring 467 residential units have an anticipated delivery date in early 2015. The project is a joint venture between ECI Group, Adler Development and Canyon Capital Realty Advisors LLC.
Located just west of Miami Beach on the 79th Street causeway, ShoreCrest Club will be one of Miami’s only luxury rental apartment buildings directly on the water. With a central Upper East Side location, north of the Downtown/Brickell market and south of the Aventura/Sunny Isles market, ShoreCrest Club will fill a void of luxury rental product in the mainland Miami communities.
“This is a rare opportunity to extend the ECI Group’s brand of quality rental housing into South Florida while partnering with our long time friends at the Adler Group,” said Seth Greenberg CEO of ECI Group.
Miami’s multi-family residential units are nearly 100% occupied, and there is a demand for professionally managed luxury rental apartments to fill a void in Miami’s residential market. Adler Development CEO Michael M. Adler said, “We are excited about the opportunity to provide residents a product that is in line with the luxury condominiums in Miami combined with great amenities and attractive pricing.”
Canyon Capital Realty Advisors, a long-time investor in the Miami real estate market, provided $16.6 million of equity for the development of the waterfront apartment towers.
“Canyon is pleased to support a best-in-class sponsor team for the development of what promises to be one of Miami’s premier Class A assets,” said Jonathan Roth, Principal of Canyon Capital Realty Advisors. “Our investment in the ShoreCrest apartments highlights Canyon’s continued interest in well-located sites with strong underlying fundamentals across Miami. We look forward to enhancing the growth of the Upper East Side submarket and delivering a superior living experience in this unique neighborhood.”
ShoreCrest offers a variety of 1-bedroom and 2-bedroom floor plans. The spacious units range in size from 685 to 2,011 square feet. All units will feature 9-foot ceilings, stainless steel appliances, granite countertops, walk-in closets, and glass panel balconies with bay and skyline views.
The combination of location, units, amenities and professional management make ShoreCrest Club truly desirable for renters looking to live a luxurious lifestyle in Miami. The $100 million development will feature a pool deck overlooking the intercostal, luxury health spa and fitness center, theater, parking garage, valet, cybercafé, clubroom and 24/7 security, creating resort-style living for its residents.
The project will also feature a 6,000 square foot waterfront restaurant at the location of the famed Mike Gordon’s Seafood Restaurant, a Miami dining institution that operated for more than a half-century prior to its closing. The space is located in a premier central location and includes water access at its marina.
The joint venture marks ECI Group’s entrance into the Miami market, and Adler Group’s return to its roots in multifamily development.
The project’s team includes Cohen Freedman Encinosa and Associates as the architect and Coastal Construction as the general contractor. ECI Capital, Adler Development and Canyon Capital Realty Advisors LLC are sponsoring the development. Capital One Bank and SunTrust are providing construction financing.
About ECI Group
For more than 40 years, ECI has been recognized as one of the nation’s premier real estate firms specializing in the development and management of a wide range of properties, from Class A luxury communities to commercial mixed-use developments. The company has developed more than 75,000 apartment units in 80 communities, and currently owns and manages approximately 9,300 apartment units at 40 properties across the Southeast. Including ShoreCrest Club, the firm has current development projects in Raleigh, North Carolina and Charlottesville, Virginia. For more information, visit the firm’s website at www.ecigroups.com.
About Adler Group
Adler Group, headquartered in Miami, Florida, has developed, acquired and operated in excess of 20 million square feet of industrial, office, retail and residential real estate, while developing and managing more than 8,000 rental units. Today the company owns and manages an extensive real estate portfolio comprised primarily of multi-tenant industrial and office properties located in strategic markets throughout the Southeast, Mid-Atlantic and Southwest United States. In the past two years, Adler Group has acquired commercial assets in Florida, Virginia, Tennessee, Maryland, Ohio and Texas. For further information, please visit www.adlergroup.com.
About Canyon Capital Realty Advisors LLC
Canyon Capital Realty Advisors LLC (CCRA) is the real estate direct investing arm of Canyon Partners, LLC. Canyon Partners and its affiliates, including Canyon Capital Advisors, CCRA and ICECanyon, are investment management firms and registered investment advisors headquartered in Los Angeles, California, with approximately $23 billion in assets under management. CCRA’s investment platforms include: (a) the Canyon-Agassi Charter School Facilities Fund, a joint venture with Andre Agassi focusing on the development of learning friendly, environmentally responsible charter school facilities for best in class charter school operators, (b) Canyon’s Urban Investment funds including the Canyon-Johnson Urban Funds, a series of closed-end real estate funds and joint venture with Earvin “Magic” Johnson focusing on inner-city and urban real estate development, (c)The Canyon Catalyst Fund, a joint venture with the California Public Employee’s Retirement System (CalPERS), aimed at developing the next generation of emerging real estate managers, and (d) the Canyon Value Mortgage Funds, which originate and/or purchase senior and mezzanine mortgage debt.
Rachel Schapiro 305.926.9666
Canyon Capital Realty Advisors Media Contact
Emily Heidt 310.974.6682