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A developer broke ground on a rental townhouse community in Palmetto Bay after securing a $23.9 million construction loan.

Miami-based City National Bank of Florida providing the mortgage to Palmetto Bay TH LLC and Palmetto Bay Coastland LLC, with the guarantors listed as Anthony Seijas, Alejandro E. Rodriguez, Joel Vigo Jr., and Herbert Jordan. It covers the 3.5-acre site at 18185 S.W. 98th Ave.

The developer recently filed notice with Miami-Dade County that it started work on 83 rental townhouses at the project. The general contractor is Pinecrest-based Coastland Construction Management, which lists Rodriguez as its president.

Townhouse rental rates have been rising in the county as larger families find few large apartments available for rent. With interest rates high, it’s difficult for many families to purchase a townhouse, so renting has become a better option.

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Coastland Residential dropped $38 million for a Doral development site that is approved for a multifamily project.

The Miami-based multifamily development and investment firm acquired 7.8-acres at 1556 Northwest 110th Street, where Coastland can build a 10-story project with 690 apartments, according to a press release.

David Duckworth and Michael T. Fay led an Avison Young team that marketed and sold the development site.

The seller, an affiliate of Boca Raton-based Procacci Development Corp., paid $3.1 million for the vacant site near Dolphin Mall in 2020, records show.

Coastland Residential, led by founders Anthony Seijas and Alejandro Rodriguez, is the latest firm catching the multifamily development wave in South Florida as the rental market is showing signs of cooling off. More than 19,000 new apartments are slated for completion by the end of this year. Meanwhile, the rental occupancy rate is tracking downward and landlords are starting to offer concessions to new tenants, according to a recent Berkadia report.

In 2021, Coastland completed Vista Lago, a 288-unit complex divided into 11 three-story apartment buildings in Miami Gardens, records show. And last year, Coastland built Hidden Lake, a five-story complex with 133 apartments in Kendall, an unincorporated neighborhood in southwest Miami-Dade County.

Other developers looking to add apartments in northwest Miami-Dade include David Martin’s Terra and Dallas-based Lincoln Property Company. In December, Terra landed a $35.3 million pre-construction loan for Upland Park, a proposed mixed-use project on land owned by Miami-Dade County at a park and ride bus station near Dolphin Mall. Terra is proposing 900 apartments, 35,000 square feet of retail and 800 parking spaces.

Also last year, Lincoln Property landed a $102.9 million construction loan for its Park Square at Doral mixed-use project. The proposed development would rise 14 stories and have 291 apartments.

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The developer of a planned housing development of 113 townhouses and 288 multifamily units in Miami Gardens scored a $38.3 million construction loan.

A company affiliated with Coastland Construction landed the loan for the project on about 36 acres at Northwest 207th Street & Northwest 7th Avenue, according to records. That’s east of Hard Rock Stadium, home of the Miami Dolphins and University of Miami Hurricanes football teams.

The development, called Vista Lago, will feature 11 three-story apartment buildings, with amenities to include a clubhouse, gym, toddlers park and pool overlooking a 6-acre lake. The first units are expected to be completed in July, according to Leonardo Ambard of Coastland Construction.

Ocean Bank is the lender. Earlier this year, the Miami bank provided an $810,000 construction loan for a rental development in Little Havana and a $67 million loan to refinance 13 Investments Limited properties in the region.

In May, Ocean Bank listed a 3-acre site near Le Jeune Road in Miami by its headquarters that could be developed into a mixed-use project.

Coastland, based in Pinecrest and led by President Alejandro “Alex” Rodriguez, bought the Vista Lago property in 2018 for $4.9 million, according to records. The property housed a television antenna complex for decades.

In October, the company paid the city of Miami Gardens $10 for land related to the project, according to records.

Coastland is also the builder of a $26 million Opa-locka development geared toward affordable housing. The developers secured a loan for that project in September.

Donor Spotlight – New Golden Angels – Alejandro and Karen Rodriguez

Alejandro (Alex) Rodriguez, president of Coastland Construction, and his wife Karen Rodriguez, director of design and development, exemplify the diversity that makes Miami such a vibrant international community. The son of Cuban immigrants, Alex is a second-generation builder whose introduction into the industry began while working summers at his father’s construction company. Born and raised in Barbados, Karen is influenced by the rich island community and Bajan culture. The couple has been supporting Holtz Children’s Hospital through Jackson Health Foundation for the past 14 years.

Last month, Alex and Karen graciously decided to increase their philanthropic investment to Holtz Children’s by becoming Golden Angels. A five-year pledge demonstrates how strongly committed Alex and Karen are to helping children receive excellent medical care in a compassionate environment.

“Every patient is someone’s child,” Karen said. “We support Holtz Children’s because we believe all children deserve the best health care.”

We thank them for supporting our mission to make miracles happen.

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