Trinsic Residential Group broke ground on a 9-story apartment complex in North Miami Beach after obtaining a $99 million construction loan.
TD Bank awarded the mortgage to TRG NMB 5Park LLC, an affiliate of Dallas-based Trinsic Residential Group. It covers the 2.8-acre site at 16955-17071 W. Dixie Highway.
Trinsic Residential recently filed notice with the county that its in-house general contractor started construction of Aura North Miami Beach. Totaling 625,226 square feet, the project will have 373 apartments, 17,000 square feet of retail space, a pool deck and 567 parking spaces.
Coral Gables-based Corwil Architects designed the project.
The developer assembled the five lots for $16.94 million in April from affiliates of North Miami Beach-based Macken Cos. Macken Cos. will retain ownership of the new retail space. The office and retail buildings there will be demolished.
It’s just north of the city tennis center and a few blocks south of Greynolds Park.
Since North Miami Beach rezoned much of the eastern part of the city to allow more density and mixed-use projects, there has been a development boom of multifamily there.