Buyer Mill Creek Residential plans to build a 36-story, 428-unit apartment high-rise on the property at 230 SW 2^nd Avenue

Berkadia announces it has arranged financing for a partnership to develop a site near the Miami River that is located in a Qualified Opportunity Zone (QOZ).

Senior Managing Directors Jaret Turkell and Roberto Pesant, along with Associate Omar Morales and Jose Mota of Berkadia Miami, marketed the 0.9-acre parcel at 230 SW 2nd Avenue on behalf of Adler Development. Mill Creek Residential is entering the joint venture with Adler Development with plans to build “Modera Riverside,” a 428-home, 36-story high-rise at the nexus of three of Miami’s most dynamic neighborhoods: Downtown Miami, Brickell, and the Miami River District.

“This represents an amazing development opportunity in one of the fastest growing submarkets in the country,” said Turkell

When completed in 2024, Modera Riverside will offer best-in-class high-rise homes with exceptional access to employers, schools, and hospitals, and Miami International Airport. The property will offer residents over 40,000 square feet of indoor and outdoor amenity space with Class A finishes, including a resort-style rooftop pool deck, clubroom with expansive views, state-of-the-art fitness center, game room/media lounge, meditation garden and co-working space. The property offers exceptional visibility from and easy access to I-95, which offers quick connections to the Florida Turnpike, Dolphin Expressway, and I-395 to Miami Beach.

Mill Creek Residential, a leading developer and operator specializing in premier rental communities across the U.S., today announced it has broken ground on Modera Riverside, a contemporary mixed-use apartment community located along the Miami River at the intersection of Brickell, Downtown Miami and the Miami River District neighborhoods.

The 36-story high-rise, which will feature 428 apartment homes and 4,266 square feet of ground-floor retail, sits in one of the city’s most walkable and transit-friendly locales. The community is the initial phase of a larger Miami Riverside Center redevelopment plan, which will ultimately transform the area into a state-of-the-art waterfront locale that will include a new public riverwalk.

Mill Creek is partnering on Modera Riverside with Adler Development, which served as the land seller and will remain a development partner moving forward. The deal was brokered by Berkadia. First move-ins are anticipated for late summer 2024.

“We’re excited to get started on Modera Riverside, which we believe boasts an unrivaled location at the confluence of three of the city’s most vibrant submarkets,” said Andrea Rowe, managing director of development in South Florida for Mill Creek Residential. “While the proximity to Brickell, Downtown and Riverside neighborhoods is ideal, the community will also sit near The Wharf, which has genuinely boosted the city’s cultural and culinary scenes and is becoming increasingly popular. We’re eager to join such a lively area and are committed to offer a best-in-class experience in the neighborhood.”

Situated at 300 Southwest 2nd Avenue, Modera Riverside will include 40,000 square feet of amenity space and two distinct amenity decks, which will provide sweeping views of the ocean, Biscayne Bay and the Miami skyline. The site boasts a superb Walk Score of 92. In addition to walkable access to the adjoining neighborhoods, residents will have expedient connectivity to the Metrorail and multiple additional transit options that connect with the city’s key attractions, along with the area’s prominent financial and tech-based employment centers.

Modera Riverside will offer a mix of studio, one-, two- and three-bedroom homes with an average square footage of 876. Community amenities, highlighted by the rooftop decks, will consist of a swimming pool, grilling area, landscaped courtyards, clubhouse, onsite pet spa, free WiFi, game room and a club-quality fitness center with group fitness area and yoga/pilates studio. Residents will also have access to a conference room, co-working spaces, private workstations, digital package room, dedicated bike storage, additional storage space, valet dry cleaning and secured garage parking with electric vehicle stations available.

Apartment homes will be delivered with a variety of refined features, including nine-foot ceilings, wood plank-style flooring, Energy Star stainless steel appliances, quartz countertops, open dining areas, upgraded cabinet pulls, tile backsplashes, kitchen islands, built-in shelves, walk-in closets, smart thermostats, in-home washers and dryers, private patios or balconies and key fob access. Bathrooms will include tile surrounds and custom cabinetry.

Modera Riverside marks Mill Creek’s ninth development in Miami and adds to the company’s growing South Florida pipeline.