Congress Group and Peakhill Equity Partners Acquire Multifamily Development Site in Miami Health District

The Congress Group, a Boston-based real estate investment and development firm, and Peakhill Equity Partners, a Toronto-based real estate investment manager, today announce the closing of their acquisition of 1050 NW 14th Street a 27-story, 380-unit Class-A multifamily residential building to be developed adjacent to the Shops at Civica in Miami, Florida.

The site is located in the heart of the Miami Health District, the second largest health district in the U.S and one of the largest concentrations of medical research facilities in the country, encompassing over two million square feet of research space and one million square feet of office space.  The recently acquired site will be developed with a 380-unit multifamily building and will be amenitized with a resort-style pool, resident lounge, fitness center, co-working stations, pet spa, package lockers, EV stations, and existing retail shops (Civica Phase I).  The project, which will include 432 parking spaces, is a five-minute walking distance to the Civic Center Metrorail Station.  While the acquisition marks the first joint venture between The Congress Group and Peakhill Equity Partners, principals from the two firms have worked together on two previous development projects. 

In 2021, the City of Miami granted approvals for the development of a 22-story office tower.  However, in June 2023 an application to the City of Miami was approved for a use change to a 27-story multifamily development.  Design development has been ongoing for several months and new ownership intends to seek construction financing in mid-2024, with a projected completion in late 2026.  Moss Construction will oversee construction. 

Dean Stratouly, Congress Group's CEO stated: "We are thrilled to partner with Peakhill and excited about the prospect of creating a new, much needed state of the art residential building to serve the medical community of Miami." 

Jonah Belkin, Peakhill's Managing Director, stated: "Plans for the development of Civica Phase II have been in the works for more than a decade.  We look forward to partnering with Congress to bring a best-in-class residential product and experience to Miami's Health District.  Congress's high-rise residential expertise and decades of experience in Miami make them an ideal partner for this type of project."

View Civica Center >>