JDS Development Group has secured $86 million in acquisition and construction financing for 1 Southside Park, a mixed-use development in Miami’s Brickell neighborhood. Walker & Dunlop arranged the loan through Maxim Capital Group. The loan retires a $43 million loan from Atalaya Capital that Walker & Dunlop structured in 2021 on behalf of the borrower.

Located on an entire city block at 145 SW 12th St., the 64-story mixed-use project calls for more than 1,000 residential units, 190,000 square feet of office space, a 200-key Treehouse Hotel, 10,000 square feet of retail space, and 1,400 parking spots. Foundation works are underway at the 1.5-acre site, with deep soil mixing operations and the two-level basement completed.

According to The Real Deal, the Miami City Commission designated the site as a brownfield due to a heightened level of arsenic, which allowed the developer to pursue state tax credits and grants from the EPA. The agreement also includes the development of a fire department on the ground floor. JDS paid some $23.5 million for the site back in 2020.

The development is part of the Brickell Rapid Transit Zone, providing access to public transportation and a direct connection to the Underline’s Brickell Backyard, Miami’s 10-mile linear park and urban trail.

Brickell Development Boom

Miami’s Brickell neighborhood has become a hot spot for residential and condo development in recent years. More than 6,000 apartments and condos are expected to come online over the next few years, the same article revealed. Besides 1 Southside Park, JDS also has a 249-unit condo-hotel project in the pipeline at 888 Brickell Ave.

At the same time, Alta Development just revealed plans for a 48-story tower in the Brickell Financial District, the South Florida Business Journal reported. The company is under contract to acquire a 1-acre site for a total of $31 million, and the property could house around 665 units.