The Treo Group principal Otto Boudet-Murias (Photo: Courtesy photo)Miami's Bayfront Regatta Harbour Project Gets $33.6 Million Boost
The loan covers about 65 percent of the construction costs for Regatta Harbour, which is being built on city property on Biscayne Bay.
October 02, 2018 at 01:30 PM
3 minute read
A plan to bring new restaurants where the Chart House and Scotty's Landing once stood in Miami's Coconut Grove now is $33.6 million closer to fruition.
Miami-based Treo Group LLC is developing the mixed-use, Arquitectonica-designed Regatta Harbour, which will have 100,000 square feet of retail, a 400-slip dry boat storage, 253-space garage and 700-foot transient floating dock.
It's rising on 9.5 acres owned by the city at 3385 Pan American Drive between Biscayne Bay and South Bayshore Drive.
Treo Group principal Eduardo Garcia led negotiations to secure the construction financing from FirstBank Florida in a deal that closed Sept. 21. The loan covers about 65 percent of the nearly $52 million construction cost.
The project is being built with an eye toward providing more public access to the bay and preserving a taste of Coconut Grove history.
On site now is an about 200-boat marina that will be consolidated into the dry storage yard, freeing up space for restaurants and a promenade between Bayshore Drive and the bay, said Treo principal Otto Boudet-Murias.
There will be “a lot of green space within the site compared to what we currently have, which looks like a big industrial marina,” he said.
Two 20,000-square-foot hangars will be renovated and incorporated into the project with one for boat storage. The other will be retail, but exactly what kind remains undecided, Boudet-Murias said.
The city issued a call to developers in 2013 to lease and build on the site, and it selected Treo. Miami voters approved the deal in a referendum.
Terms call for a 75-year lease, including all possible extensions, with Treo so far paying $1.4 million annually in rent. Once Regatta Harbour is finished, the rent will change to a percentage of gross proceeds, Boudet-Murias said.
The project also will add more parking to the crowded area. The Miami Parking Authority, which develops and runs on- and off-street parking for the city, will build a two-story garage with ground-floor retail, and Treo will contribute to the cost.
The parking authority also will run about 150 surface parking spaces on site and is developing new ones nearby, according to Boudet-Murias.
Treo Group is a privately held real estate investment company formed in 2013 when American Realty Capital LLC and TREO Partners LLC joined forces, according to its website.
Holland & Knight partner Richard Perez and associate Shawn Amuial in Miami assisted Treo in the deal.
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