Developer Lissette Calderon's $100M Apartment Project Tips Cap To Miami’s History
Lissette Calderon, one of Miami's only female developers, is breaking ground on a new $100M multifamily project and naming it after the woman who founded the city, Julia Tuttle, a widow who in the 1890s persuaded railroad magnate Henry Flagler to extend tracks into Miami and build a hotel, thus triggering a development boom.
The Julia, a 14-story, 323-unit building in Allapattah, will have one- and two-bedroom apartments ranging from 600 SF to 1K SF, plus a ninth-floor lounge with a resort-style pool deck, a wellness center and 15K SF of retail. It is designed in a “tropics-meets-metropolis” style that draws on art deco and 1950s glam. Design components will include brass, wood, colorful mosaics and botanical-print wall coverings.
Calderon cut her teeth working for Miami's leading condo developer, Related Group, before branching out on her own and founding Neology Life Development Group. She developed several apartment buildings along the Miami River before setting her sights on Allapattah, a working-class neighborhood. She is known for developing projects that have luxury touches but remain within reach for people priced out of trendier neighborhoods.
The Julia was initially referred to as No. 16 Residences. It is at 1625 Northwest 20th St., a few blocks from Neology’s No. 17 Residences, which opened in May. Neology plans to break ground soon on a third Allapattah apartment project, which will give the firm 1,200 units throughout Miami.
“Over 20 years ago, I started on this journey to deliver quality lifestyle-driven attainable luxury living to Miamians who were being priced out, and to help some of Miami’s most overlooked neighborhoods realize their full potential," Calderon said in a statement.
Calderon said Tuttle is a personal hero and she hopes The Julia "stands as a beacon to every young woman with big dreams.”
The project is set to deliver in mid-2023.
A $78.19M, 36-month construction loan was provided by Trez Capital, with a 12-month extension option and full-term interest only. Trez Capital Managing Director Ben Jacobson originated the loan, which closed on Oct. 12.
“We are delighted to partner on this exciting project by providing financing for a development that is sure to capture intense interest from the public,” he said in a statement.
Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia Miami secured the financing on behalf of Neology Life.
“Lissette continues to define the market in attainable high-quality living in Miami’s urban core,” Foschini said.
