Cutler Bay approves $100M senior living mixed-use project
AJP Ventures, Mas Group and Treo Group developing 196 multifamily units, plus 61K sf of medical office and retail
AJP’s Alberto J. Pérez and Treo’s Otto Boudet-Murias with rendering of The Contemporary + Medsquare mixed-use project (AJP, LinkedIn, Modis Architects, Getty)
An AJP Ventures-led development team can move forward with a $100 million mixed-use complex featuring senior living apartments in Cutler Bay.
Last week, the Cutler Bay Town Council unanimously approved The Contemporary & MedSquare, a project with 42,000 square feet of medical office, 19,000 square feet of retail and 196 apartments for individuals 55 and older. Surrounded by a lake, the development site is on nearly 19 acres at Southwest 216 Street and Southwest 90th Court.
Coral Gables-based AJP and its partners Mas Group and Treo Group, both based in Miami, are also planning a two-acre park at The Contemporary & MedSquare, according to documents submitted to the town. In 2013, a Treo affiliate purchased the vacant property for $1,100 in a foreclosure auction, records show.
“Senior living is a less intense, less disruptive use for this community,” Navarro said. “The project provides a low impact use.”
Construction is scheduled to begin next year with a target completion date of 2025, according to a statement from a Greenberg Traurig spokesperson.
AJP is led by founder and president Alberto Perez, and Treo Group is led by principals Otto Boudet-Murias, Rolando Delgado, Eduardo Garcia and Carlos Ortega. Juan Carlos Mas, chairman of Mas Group, is leading the $1 billion Miami Freedom Park soccer stadium and mixed-use development.
Last year, AJP, Mas Group and equity partner OCTA completed another senior living-anchored mixed-use project in Westchester with 85 rental units and 37,000 square feet of medical office space. Using a $22 million construction loan, the partners redeveloped a former AT&T building on the 6-acre site.
In Florida City, Treo is developing a commercial project that could include a hotel or an assisted living facility on 5.5 acres that used to be part of a mobile home park. In February, Treo paid $6.8 million for the 16-acre Florida City Campsite & RV Park, and then flipped 10.5 acres to residential developer Sergio Pino for $6.5 million. Pino plans on building 131 townhomes.