Stiles Inc. and Integra Investments (“Integra” conjunctively the “Developer” or the “Sponsor”) is currently exploring an investment opportunity for the near-term
development of a 0.38 acre surface parking parcel located in Downtown Miami (the “Property” or “Downtown 56”).
The investment strategy as proposed and accepted by the City of Miami through an extensive RFP process is to develop a 52-story multifamily residential building encompassing 432 units on top of a structured garage facility designed to abut the existing MPA structure (the “Project”), ultimately consolidating into a single parking structure owned and operated by MPA (the “Garage”).
The parcel is currently owned outright and unencumbered by the Sponsor, and was acquired July 2014 from the City of Miami’s Parking Authority (“MPA”). Sponsor is proposing a Joint Venture Partnership (“JV”) whereas Sponsor and Equity Partner will fund through an equity vehicle the capital requirement of the project.