JDS Development Group Secures $86 Million in Financing for 1 Southside Park
The financing was provided by Maxim Capital Group and was arranged by Walker & Dunlop’s Aaron Appel, Keith Kurland, Jonathan Schwartz, and Adam Schwartz, as well as Michael Diaz, Sean Reimer, Mo Beler, and Sean Bastian. The team replaced the existing land acquisition loan with a bridge construction loan at a lower rate and higher proceeds on behalf of JDS. The project is completing its foundation work with deep soil mixing operations and the two-level basement complete. The deal indicates conviction in the development team, the high-design product by SHoP Architects and the strength of the Brickell market.
“1 Southside Park’s thoughtful, dynamic design serves as an exemplar for how we can design and develop in dense urban centers,” said Michael Stern, Founder and CEO of JDS Development Group. “We look forward to going vertical in the near future for this multifaceted project.”
“We are excited to help Michael Stern and the JDS team continue the development of 1 South Side Park. It is an exciting project and one that will be transformational to the area,” stated Adam Glick, Founder and Managing Partner of Maxim Capital Group.
“We are pleased to have arranged another strong financing package for JDS, one of the best development firms in the nation,” stated Aaron Appel of Walker & Dunlop. “Maxim is a reliable, transparent, and trustworthy lender, and 1 Southside Park will be transformative to the Brickell neighborhood at a key time for the growth of the city.”
1 Southside Park will introduce a new kind of thoughtful and imaginative urban experience to Miami, a destination for residents seeking long and short-term rental options, for travelers seeking a local hangout, for workers seeking a fully amenitized offering, and for locals and residents alike seeking the best in health and wellness services. The project will include the first Treehouse hotel in the United States, with multiple food and beverage outlets, and vibrant public arenas. As part of the Brickell Rapid Transit Zone, the project will enhance access to public transportation, provide direct connection to the Underline’s Brickell Backyard, revive and reinvigorate Southside Park.
The SHoP designed tower is envisioned as a series of stacked and shifted volumes that purposefully breakdown its scale. Each level is carefully designed to create both form and function for the multi-use structure: residential, hotel, microunits, office, and wellness. At the center of the building’s ground floor is a pedestrian paseo that consciously connects pedestrians from SW 2 Avenue to Southside Park. The paseo is framed by the new ground floor lobbies and café space.
These tiers are most openly expressed at the health program levels, which will offer world-class programming on a membership basis. The proposed design achieves a seamless transition from the Southside Park greenspace to the urban environment of the Brickell area. The distinctive architecture of interconnected indoor and outdoor spaces and planted terraces and edges provide a lush vertical backdrop and visual connection to Southside Park. The project will employ many strategies across all components in pursuit of the Florida Green Building Coalition’s high-rise certification. Energy-efficient attributes include, but are not limited to, efficient fixtures, smart technology, local materials, water re-use, and extensive landscaping.
Southside Park is the heart and inspiration of the proposed design for 1 Southside Park. A beloved neighborhood gathering place, the park’s proposed design adds an enclosed dog run with dedicated spaces for small and large dogs, seating areas, water features, opportunities for public art, playgrounds for different age groups, a new basketball court, and space for active programming such as movie nights and community sports events. The historic schoolhouse will be highlighted as a resource for the park and the neighborhood. This programming is “nestled within the canopy of majestic ficus trees and lush tropical gardens, inspired by its South Florida setting,” says Isabel Castilla, Principal-in-Charge of the project for James Corner Field Operations, a leading-edge urban design, landscape architecture and public realm practice. The firm is renowned for strong contemporary design across a variety of high-profile project types and scales with a special commitment to the design of vibrant and dynamic public realms, informed by the interactive ecology between people and nature. The proposed design preserves the beautiful, mature trees and expands the existing canopy with new trees, while providing enhanced and deliberate direct access to the Brickell Backyard, a corridor of green and active public spaces. The entirety of the block is conceived as a harmonious pedestrian and public realm with an integrated design and material palette. “One of the things Brickell is missing is an iconic park — NYC has Central Park, Chicago has Millennium Park — these are experiential spaces that help define cities,” says Stern. “These spaces offer moments of tranquility to complement the hustle and bustle of the surrounding cityscape. As it stands today, Southside Park is an oasis within the Brickell area. Through our public-private partnership with the City of Miami, we will be making significant improvements which will elevate it — along with the adjacent Underline — to the world-class status the Brickell area deserves.”
1 Southside Park represents the fourth large-scale project between JDS and SHoP Architects. Other JDS and SHoP projects include the recently completed supertall 111 West 57th Street in Manhattan, where closings have commenced on the ultra-luxury Central Park facing condominiums; Brooklyn’s first supertall nearing completion, The Brooklyn Tower, a mixed-use project of condominiums and rental apartments with retail in its base and the historic Dime Savings Bank of Brooklyn; and The American Copper Buildings on Manhattan’s East River, a pair of copper-clad “dancing” towers with a skybridge and 760 luxury rental apartments, which JDS sold earlier this year for $850 million dollars.
JDS has long been active in the South Florida market, achieving record sales for Echo Brickell, Echo Aventura, and Monad Terrace by Ateliers Jean Nouvel. In the fall of 2021, JDS announced the supertall MAJOR. at 888 Brickell Avenue, a condo-hotel project with the hospitality powerhouse Major Food Group. 888 Brickell will include 249 condos, multiple MFG restaurants on property, and a signature club. The project is in a VIP sales period now with more announcements expected this fall.
Link to high-res images:
ABOUT JDS DEVELOPMENT GROUP
JDS Development Group is a team of innovators and builders pioneering progressive new forms of large-scale urban development that challenge the status quo of the real estate industry. Founded in 2002 and headquartered in New York and Miami, JDS is a national firm focused on acquisition, development, and construction, recognized for its architecturally significant mixed-use projects that respond to each community and push the boundaries of engineering and design. JDS projects include The Brooklyn Tower, 111 West 57th Street, The American Copper Buildings, Walker Tower, Monad Terrace, 1 Southside Park, Echo Brickell, MAJOR and other award-winning collaborations with the world’s top architects and designers.
For more information, visit: https://jdsdevelopment.com
Instagram: @jdsdevelopmentgroup
ABOUT WALKER DUNLOP
Walker & Dunlop, headquartered in Bethesda, Maryland, is one of the largest commercial real estate finance companies in the United States. The company provides a comprehensive range of capital solutions for all commercial real estate asset classes, as well as investment sales brokerage services to owners of multifamily properties. Walker & Dunlop is included on the S&P SmallCap 600 Index and was ranked as one of FORTUNE Magazine’s Fastest Growing Companies in 2014, 2017, and 2018. Walker & Dunlop’s 950+ professionals in 41 offices across the nation have an unyielding commitment to client satisfaction.
ABOUT SHOP ARCHITECTS
SHoP Architects is a New York-based design and planning firm with major projects completed or underway on five continents. SHoP sets itself apart from its peers with a high-performance approach to architecture that forefronts the activation of dynamic public spaces, the use of technology to imaginatively reinterpret authentic building materials, a results-driven approach to sustainability and an emphasis on the research and deployment of next-generation methods of project delivery. Notable SHoP projects include Brooklyn’s Barclays Center arena, the new Uber Headquarters in San Francisco, the recently opened Collins Arch complex in Melbourne, Fulbright University Vietnam, Codrico Tower Rotterdam, multiple diplomatic facilities for the U.S. Department of State, the award-winning Midtown Center in Washington, D.C., and the peerless residential tower now nearing completion at 111 West 57th Street in Manhattan. The diverse and trend-setting work of the firm has been widely celebrated with a variety of honors, among them the Design Miami Visionary Award, the National Academy Distinguished Achievement Award and the Smithsonian Institute’s National Design Award for Architecture. In 2014 Fast Company named SHoP the most innovative architecture firm in the world.
ABOUT ROCKWELL GROUP
Based in New York with offices in Los Angeles and Madrid, Rockwell Group is an interdisciplinary architecture and design firm that emphasizes innovation and thought leadership in every project. Founded by David Rockwell, FAIA, and led by David and partners Shawn Sullivan and Greg Keffer, the 250-person firm merges performance and architecture to create extraordinary experiences and built environments across the globe. Inspired by theater, technology, and high-end craft, the firm creates a unique narrative for each project, ranging from restaurants, hotels, cultural and educational institutions, airport terminals, to festivals, museum exhibitions, and Broadway sets. Projects include 1 Hotel Toronto; Nobu hotels and restaurants worldwide; W Hotels worldwide; The Perelman, a new arts center in New York (Restaurant and Lobby Interior Architect); the Smithsonian FUTURES exhibition; and Hopkins Student Center for John Hopkins University (Baltimore). David Rockwell’s newest book, DRAMA, will be published by Phaidon in the Spring. Honors and recognition include the 2016 Tony Award for Best Scenic Design for She Loves Me; the AIANY President’s Award; the Cooper Hewitt National Design Award; and the Presidential Design Award.
ABOUT JAMES CORNER FIELD OPERATIONS
James Corner Field Operations is a leading-edge landscape architecture and urban design practice with offices in New York, San Francisco and Philadelphia. The practice is renowned for strong contemporary design across a variety of project types and scales, from large urban districts and complex post-industrial sites, to small well-crafted, detailed design projects. In all of the work, there is a deep commitment to the design of a vibrant and dynamic public realm that integrates ecology, program and people. Major projects in the portfolio include the design of the High Line in New York City; Tongva Park and Ken Genser Square in Santa Monica; Chicago’s newly redesigned Navy Pier and Polk Bros. Park; Domino Park in Brooklyn; Cleveland’s Public Square; The Underline in Miami; Seattle’s Central Waterfront; Miami Beach’s Lincoln Road; New York’s Cornell Tech Campus in Roosevelt Island and Freshkills Park in Staten Island; Newark’s Riverfront Park, the Presidio Master Plan and Tunnel Tops and Rebuild by Design’s Bay Area Challenge in San Francisco; London’s South Park Plaza at Queen Elizabeth Olympic Park; Memphis’ Shelby Farms Park; Shanghai’s Taopu Central Park; and Hong Kong’s Tsim Sha Tsui Waterfront.
ABOUT KRISTA NINIVAGGI OF WOODS BAGOT
Krista Ninivaggi, Principal and Interior Design Leader of Woods Bagot New York, has more than twenty years of experience tailoring interiors for projects worldwide. In 2014, Ninivaggi founded her eponymous firm K&CO in lower Manhattan. The boutique firm focused on commercial interiors, with particular attention paid to hospitality, multifamily residential, and workplace interiors. Today, she continues her expertise in these typologies at Woods Bagot, serving as a visual thought leader for a range of forward-thinking clients. She and her team specialize in bespoke interiors that work in concert with the surrounding architecture and infuse abstract conceptual ideas into programming, material selection, and furniture design. Whether in new or existing structures, the team strives to create immersive environments that satisfy the senses, layering tactical and visual experiences for richer and more diverse spaces.
Woods Bagot spans design, research, data, and performance to create People Architecture. We place human experience at the center of our design process to deliver engaging, future-oriented projects that respond to the way people actually use space. Woods Bagot continually expands and challenges the expectations of a multi-disciplinary architectural practice in today’s digital age. The firm’s global portfolio is defined by its clarity of narrative, sensitivity to urban and regional context, and ecological and social sustainability. To learn more about our work, visit woodsbagot.com and follow @woodsbagot.
MEDIA CONTACT
[email protected]
SOURCE JDS Development Group
