The Altman Cos. broke ground on an apartment complex along the Ludlam Trail in Miami-Dade County after obtaining a $55.4 million construction loan.
Comerica Bank and Iberiabank provided the mortgage to the Boca Raton-based developer, which is co-owned by Fort Lauderdale-based BBX Capital Corp. (NYSE: BBX), for Altís Ludlam Trail. Mattoni Group and Alex Mantecon from MV Real Estate Holders are partners in the development. It is being developed on the 2.74-acre site at the southeast corner of Southwest 70th Court and Bird Road.
It’s on the west side of the Ludlam Trail, a former rail line that the county is transforming into a linear park. Having the residential and retail of Altís at Bird Road will be a great synergy with the pedestrian traffic on the Ludlam Trail, said Seth Wise, co-CEO of Altman.
The project will have 312 apartments and 7,500 square feet of retail. Jeff Roberts, president of Altman Development, said they’ve already had discussions with a national restaurant chain about the space. About 72,000 cars a day pass by the site.
Wise said obtaining a construction loan was more challenging than usual because of the Covid-19 pandemic. The lenders wanted to make sure there was still demand in the market, how much competition there would be, and whether construction costs would change drastically. It appears there’s still plenty of demand for apartments in Miami-Dade.
The units would average 820 square feet. Wise said rents would range from $1,600 for a studio to nearly $3,000 for a three-bedroom unit.
Amenities in the six-story project will include a pool deck, grilling stations, a rooftop clubhouse, a media room, a fitness center, a coffee bar, work stations, a synthetic turf gaming area, a pet spa and a dog park.
It is expected to be completed by 2022. An affiliate of Altman is the general contractor.
The developer acquired the property for $9 million in 2018.