Calta Group purchased a 0.3-acre office property in Allapattah that completes an assemblage for Revv at the River District, a planned mixed-use project featuring workforce housing.
The Coral Gables-based developer is in the midst of a $47.2 million buying binge in Allapattah with plans to build four new projects. The firm’s latest acquisition, a $7.2 million purchase of a seven-story building at 1469 Northwest 13th Terrace, will be coupled with another 0.7-acre adjacent site for Calta’s first planned project.
Miami-based Benworth Capital provided Calta with a $9.4 million cross-collateralized loan for the acquisition, records and Vizzda show.
The property’s seller, an entity controlled by Miami-based Alisa Capital managing partner Arturo Siso, paid $5.9 million in 2012.
Last month, Calta paid $10 million for five adjacent lots at 1415, 1433, 1435 and 1453 Northwest 13th Terrace, as well as at 1410 Northwest 14th Street. The properties consist of two vacant sites, a one-story office building and a pair of low-rise apartment buildings with eight units combined.
Calta, led by principals Ignazio Caltagirone and Gaetano Caltagirone, plans to redevelop the 1-acre assemblage into two mid-rise buildings with mixed-income apartments, offices and retails. Some of the residential units will be set aside for workforce housing. The Caltagirones have not provided more specifics about the Revv at the River District project.
Calta is also under contract to pay $30 million for redevelopment sites in Allapattah where the firm plans to build three more projects.
The firm has other planned developments in South Florida, as well. In Coral Gables, Calta is seeking to redevelop a pair of apartment buildings into a three-story, 12-unit townhouse project. Calta paid $12 million for the site last year.
In Hollywood, the firm partnered with Gilu Development to build Revv Hollywood, a planned eight-story apartment building with 180 units. Last year, the joint venture nabbed a $60 million construction loan for the project.