Real Estate

ROVR's $66M Loan Fuels 300-Unit Miami River Project Amid Boom

ROVR secures $66M for Tides project, igniting Miami River's development with 300 new apartments.

By Doug Elli

5/15, 14:34 EDT
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Key Takeaway

  • ROVR Development secures a $66M loan for a 300-unit apartment project on Miami River, signaling continued growth in the area.
  • The Tides building marks the first phase of ROVR's River Rapids project, with construction starting this month and completion expected by Q4 next year.
  • Miami River's development boom continues, with over 10,500 condo and apartment units planned, highlighting investor confidence in the region.

Miami River's New Residential Wave

ROVR Development has embarked on an ambitious journey with its latest project, a 300-unit apartment complex named Tides, situated on the picturesque Miami River. This venture is bolstered by a substantial $66 million construction loan from Kayne Anderson, marking a significant investment in Miami's burgeoning riverfront. Tides is not just a standalone project but a part of the larger River Rapids development, which promises to transform the Miami River area with its residential offerings and commercial potentials.

Financing Urban Expansion

The financial backing from Los Angeles-based Kayne Anderson underscores the confidence in Miami's real estate market, particularly in waterfront developments. The Tides building, featuring an eight-story structure with a 444-space garage, is set to commence construction this month, highlighting the rapid pace of development along the Miami River. This project, alongside the planned second phase, the 12-story Moorings building, represents a pivotal moment for ROVR Development, which acquired the site in 2020 for $15 million.

A Vision for Miami's Riverfront

ROVR Development's broader vision for the Miami River area is further exemplified by its plans for a massive 1,000-unit apartment project on a 6.2-acre property nearby. This ambitious endeavor, expected to break ground in the first quarter of 2026, signifies a long-term commitment to reshaping Miami's urban landscape. The firm's portfolio, now exceeding $1 billion, showcases a series of successful projects that have contributed to Miami's skyline, including the Biscayne 112 and Grand Station rental towers.

The Miami River Renaissance

The Miami River has witnessed a remarkable transformation, becoming a focal point for developers keen on tapping into its potential. The River Rapids project by ROVR Development is part of a larger trend that has seen the riverbanks earmarked for significant residential and commercial development. With plans for over 10,500 condo and apartment units, the Miami River is set to become a vibrant urban hub, attracting residents and businesses alike. This development wave is not limited to ROVR, as other developers like Lissette Calderon’s Neology Life Development Group and Henry Pino’s Alta Development have also announced major projects along the river.

Management Quotes

  • Oscar Rodriguez and Ricardo Vadia, Founders of ROVR Development:

    "ROVR Development scored a $66 million construction loan for a 300-unit apartment project on the Miami River." "Tides is part of ROVR’s two-phase River Rapids project on the Miami River. The second phase will consist of the 12-story, 293-unit Moorings building, adjacent to Tides." "River Rapids is expected to be completed in the fourth quarter of next year." "On a 6.2-acre property near the River Rapids site, ROVR wants to develop a 1,000-unit apartment project... Construction of this project is expected to start in the first quarter of 2026."