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Front Page » Real Estate » Austrian developer financed for Little Havana project

Austrian developer financed for Little Havana project

Written by on February 25, 2020
Austrian developer financed for Little Havana project

An Austrian development firm has gotten $34 million in financing to construct a 194-unit market-rate residential building in Little Havana.

Premium Group Inc. is building the $165 million, 157,000-square-foot project called First – Little Havana, at 702 SW First St. The financing for the development was from Man GPM, which has offices in the US, the United Kingdom and Switzerland and manages $3.3 billion in assets.

JLL Capital Markets announced that it had arranged the financing.

The project is due to be completed in 2021. It includes 7,000 square feet of ground-floor retail and 231 garage parking spaces. Developers said the project will feature a resort-style swimming pool, a fitness center, a yoga studio and a dog park. The designer is ALT Architecture.

Premium Development Inc. was founded in 2017 as the US office of Premium Group, which was founded in Vienna in 1995. The group says it has 78 employees and a total investment value of more than 1.4 billion euros. It has completed 280 projects, including in Berlin and Vienna.

“Premium development has established itself as a premier residential developer within Europe and is endeavoring to replicate their success within South Florida,” said Brian Gaswirth of the JLL Capital Markets team. “We were able to identify a strategic lender that seeks to help facilitate Premium’s growth here.”

3 Responses to Austrian developer financed for Little Havana project

  1. Lou Foto

    February 27, 2020 at 8:03 pm

    $1,000/sq. Ft. Project cost, amazing!!!!!

  2. John

    March 5, 2020 at 4:01 pm

    WOW!I’m sure all the old residence in the area are jumping for joy!
    Of course they cant afford these new development projects but who cares.
    They are the ones who when they first arrived from Cuba/South America were told by certain Politian’s (They know who they are) they could live out their lives with very little assimilation to the US. As long as they voted politically in the right direction of course. Now their usefulness has exhausted time to go!

  3. Dawson

    April 9, 2020 at 6:29 am

    Do construction contractors in Miami often have unionized workforces?