Barings Closes on Next Phase of Link at Douglas Station Development
Feb 04, 2020
Barings, one of the world’s largest diversified real estate investment managers announced today it has closed on a subsequent phase, Phase IB of the development of Link at Douglas Station (the “Property”). The Property, purchased on behalf of institutional investors, is part of a transit-oriented, multi-phase mixed-use development located in Miami, FL.
Phase I of the Link at Douglas Station project includes the development of 733 residential units and 23,100 square feet of retail space, split into Phases IA and IB. Construction of Phase IA is underway, consisting of 312 apartment units and 6,100 square feet of retail in a 22-story tower with construction completion expected in the summer of 2021. Phase IB will include 421 apartments in a 36-story tower along with 17,000 square feet of retail space and a parking garage to accommodate 750 vehicles. Construction is expected to be completed in mid-2022. Residential amenities will include rooftop pools, sky bar and barbeque areas, health clubs and gyms, basketball court, media and game rooms and a dog park.
John Ockerbloom, Barings Head of U.S. Real Estate Equity said, “Link at Douglas is an outstanding development that builds on our strategy to develop class A properties in live-work-play locations within strong markets, while also supporting the county’s goal to promote patronage of the transit system. We look forward to continued collaboration with our partners, 13th Floor Investments and Adler Group, on this project.“
The 7.5 acre site surrounding the Douglas Metrorail Station is designated as a Metropolitan Urban Center under Miami-Dade County’s Rapid Transit Zone regulations, allowing significantly greater development density than surrounding areas. Phase I, including extensive upgrades to Douglas Station and surrounding common areas, will conclude development of the site on the north side of the Station. Additional development on the site south of the Station is planned in subsequent phases and is expected to include additional residential units, retail and office space, and public areas.
The Property’s ideal Douglas Metrorail Station location is at the epicenter of three desirable neighborhoods – Downtown Miami/Brickell, Coral Gables and Coconut Grove. The Douglas Road Metrorail Station site sits at the center of a growing urban neighborhood with accessibility from US1, Douglas Road, the Metrorail, Miami-Dade bus lines and the Coral Gables Trolley. Proximity to the Metrorail provides convenient access throughout the metropolitan area. Further, the location benefits from major entertainment areas, luxury retailers and fine dining nearby.
Barings Real Estate
Barings Real Estate (BRE) offers a broad range of global investment opportunities across the private debt and equity real estate investment markets. BRE invests in all major property sectors and offers a broad range of financing solutions to real estate borrowers. BRE also specializes in providing government and government-sponsored entity lending products through our wholly owned subsidiary, Barings Multifamily Capital. Follow us on LinkedIn at www.linkedin.com/showcase/barings-alternative-investments.
Barings is a $338+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of our clients and customers. Through active asset management and direct origination, we provide innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific. Learn more, at www.barings.com.
*As of December 31, 2019
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