PPG Development Secures $205M Construction Loan for Miami Redevelopment Project
PPG Development is moving forward with a major redevelopment project at the site of the former Nova Southeastern University dental school in North Miami Beach, supported by a $205 million construction loan. The financing was provided by BDT & MSD Partners, in collaboration with several insurance companies serving as co-lenders.
The project, named Palm Aire, is set to transform a 7.5-acre site located at 1750 N.E. 167th Street. Approved plans include the construction of 728 residential units, 1,200 square feet of commercial space, and 985 parking spots. Residents will have access to extensive amenities, including two multi-sport courts, a fitness center, a pool deck, a clubroom, a coworking center, a game room, and a lounge.
Palm Aire will consist of five apartment buildings ranging from three to eight stories, alongside two parking garages that will be six to seven stories tall. A highlight of the project is the pool deck, which will be situated atop the tallest parking structure.
Groundbreaking for the development is anticipated to begin in late September. Straticon is serving as the general contractor, while Kobi Karp Architecture of Miami has been enlisted for the project’s architectural design.
PPG Development acquired the site in 2022 for $31.1 million.
