POMPANO BEACH, Fla. /Florida Newswire/ — Current Builders ( https://www.currentbuilders.com/ ) is proud to announce they have broken ground on a new transit-oriented project called Platform 3750 located in Miami next to the Douglas Road Metrorail Station. Platform 3750 will feature workforce housing along with office and retail space and a parking garage. Cornerstone Group of Hollywood is the developer and Kobi Karp is the architect. The project’s expected completion is Fall 2022.
“This is an exciting new project in an area that is undergoing rapid redevelopment,” said Michael C. Taylor, CEO and President. “Current Builders is very proud to have been selected for this project which is being helmed by our Vice President of Construction Goran Ljustina.”
The project is a conventional construction build and will include 191 rental apartments, approximately 29, 500 square feet of office space, approximately 21,000 square feet of retail space and 400 parking spaces. Aldi grocery store and Starbucks have already signed on as tenants, and the Cornerstone Group will be moving its headquarters to the building. In addition, the county’s Community Action and Human Services Division and City Commissioner Raquel Regalado will also lease office space.
Platform 3750 is being built on county owned land and is receiving funding from the city of Miami’s “Forever Bonds” as it includes workforce housing. Of the 191 apartments, 78 are designated for people making up to 60% of the area median income. This redevelopment project was conceived to enhance economic activity in West Grove, a historically Black neighborhood, that is in dire need of affordable housing and income opportunities. According to the developer, the project will bring an expected 300 jobs to the area.
This project has a mix of financing including a $60.5 million loan through the HUD 220 program, $8 million from the county’s surtax program, a $3.5 million city government obligation bond, a $1.95 million city HOME loan, $1.4 million from the county economic development fund, and $5 million in tax credit equity.
About Current Builders:
Celebrating five decades of building success, Current Builders is committed to quality construction, performed within budget and schedule. An award-winning general contractor, established in 1972 with average annual revenues of over $250 million, Current Builders has been a major player in the multi-family residential market since its inception. To date, CB has delivered over 50,000 multi-family units for Class “A” Clients from all facets of the development community. The firm’s portfolio also includes 15 million square feet of office/industrial space and 400,000 square feet of retail. From senior living to student housing, village halls and community centers, Current Builders’ resume is comprehensive with 85% of its projects commissioned by existing clients.
News Source: Current Builders