Merrick Parc Secures $30M Financing as 806-Unit Transit-Oriented Project Moves Forward
Baron Property Group has secured $30 million in financing for Merrick Parc, a major transit-oriented multifamily development planned near Miami’s Douglas Road Metrorail station, marking another step forward for the long-planned project. The financing, provided by Knighthead Funding, LLC, will be used for land loan refinancing and pre-development activities tied to the two-tower development. The project is also undergoing a shift in its development team. Baron Property Group will now partner with New York-based developer LargaVista Companies, creating an entirely New York-based development partnership behind the project. The move follows changes in project ownership involving MG Developer, which had previously partnered with Baron Property Group. Baron later acquired MG Developer’s 50% ownership stake through a transaction whose financial terms were not disclosed. “We made a deal that made sense for both of us,” Matthew Baron, president of Baron Property Group, told The Real Deal. Beyond refinancing the land position, the newly secured financing will help fund the project’s next phase, including demolition work and early site preparation. According to permits submitted to the City of Miami, multiple demolition applications have already been filed and are currently awaiting approval. Absolute Demolition is listed as the contractor for the work. Project partners have also emphasized their long-term commitment to delivering the development rather than holding the site as a passive land investment. “With the support of Knighthead Funding and the addition of LargaVista as a partner, we are well positioned to advance pre-development efforts and move into the next phase of delivering a thoughtfully designed mixed-use project in one of Coral Gables’ most desirable locations,” Matthew Baron said in comments to Yield PRO. Merrick Parc’s history stretches back several years. First unveiled in 2022, the development originally called for two 20-story towers containing roughly 450 residential units. Since then, plans have evolved considerably, with the project growing both in height and density. Final approved plans published in late 2025 now envision an 806-unit rental development divided across two phases, corresponding with the project’s two towers. Phase one, the south tower, is planned with 415 residential units, while phase two, the north tower, will contain 391 units. The development’s full unit mix includes 84 studios, 400 one-bedroom apartments, 293 two-bedroom apartments, and 29 three-bedroom residences. Most units will be offered at market rates, though 101 apartments will be designated at workforce housing pricing levels. At ground level, plans call for approximately 16,750 square feet of retail space alongside 13,065 square feet of open space. Above that, a multi-story parking podium will provide 819 parking spaces. Both towers are planned to rise 32 stories, reaching approximately 362 feet to the roofline. Architecturally, the project will feature blue floor-to-ceiling glass, blue glass balcony systems, and exterior materials composed primarily of white and gray stucco. Once completed, the towers will stand alongside other large-scale transit-oriented developments in the area, including Cascade Link at Douglas. Although the project has now secured pre-development financing and advanced demolition permitting, groundbreaking does not appear imminent. Additional filings, including site preparation, foundation, construction, and miscellaneous permits, still must be submitted before vertical development can begin. Even so, the latest financing package and permitting activity point to tangible momentum for a project that has been in the works for several years.
Dezer Eyes High-Density Redevelopment at 1890 NE 146th Street in North Miami
A major multifamily development proposed by South Florida developer Dezer Development could bring one of North Miami’s first large-scale high-density residential projects to an industrial corridor long overlooked by developers. Plans submitted to the city call for a 600-unit, two-building residential development at 1890 NE 146th Street, spanning two parcels totaling approximately 4.44 acres. The proposal is scheduled for review by North Miami’s Planning Commission at an upcoming June 2 meeting. If approved and ultimately built, the project would mark a significant shift for the surrounding industrial district, where large-scale residential development has historically lagged behind nearby growth centers such as Sole Mia, located blocks away. Rather than seeking a traditional rezoning or land-use amendment, the applicant is pursuing a Conditional Use Permit, or CUP, through North Miami’s Special Development and Transit Oriented District framework. The city’s SDTOD regulations allow developers to unlock substantially higher density and height allowances without a rezoning/land use change, permitting projects of up to 150 units per acre and building heights reaching 200 feet. To achieve the requested density, Dezer is seeking allocation of 600 residential units from the city’s SDTOD density pool. Only 808 units currently remain available within that pool, making the request a significant draw from the remaining capacity. According to submitted plans, the development would be divided across three residential components totaling 600 units. A 14-story building containing 269 units and an 8-story building featuring 317 units would occupy the larger northern parcel. A separate two-story townhome project containing 14 units would be on a southern parcel. The project’s tallest structure would rise approximately 144 feet, while the 8-story building would reach roughly 85 feet. The townhomes would rise approximately 22 feet. In addition, parking would be concentrated within an 8-story garage serving the larger parcel. Plans call for 940 structured parking spaces, supplemented by four on-street spaces, bringing the total parking count to 944 spaces. At ground level, the development would include walk-up residential units, approximately 4,526 square feet of retail space, amenity areas, lobby space, and integrated parking. Plans also call for streetscape upgrades including widened sidewalks and additional landscaping aimed at improving pedestrian conditions along the corridor. The project also introduces a secondary redevelopment involving Dezerland across the street, where plans outline the replacement of several parcels with a three-building development proposed under the Live Local Act. Further details on that portion of the proposal are expected at a later date. The project is designed by locally based MSA Architects. While renderings have not yet been publicly released, submitted elevations offer a clear indication of the project’s appearance, showing a design language centered around stucco finishes and white, gray, and brown exterior color palettes. The proposal’s future now rests with the Planning Commission. City staff has recommended approval of all applicant requests ahead of next week’s hearing. If approved, the project would still need to proceed through an additional review phase, requiring submission of a site plan application to the Development Review Committee before ultimately advancing to City Council. The city’s approval timeline also includes a sunset provision. Failure to submit permits within one year following City Council approval would result in expiration of the project’s approved Conditional Use Permit. According to economic benefit materials submitted to the city, the development is projected to create approximately 2,831 short-term construction jobs, generating an estimated $151 million in wages. The applicant also cites 40 to 50 permanent jobs, the long-term transformation of the area from a warehouse-oriented district into a denser mixed residential destination, and sustainability goals including pursuit of LEED certification. Although groundbreaking does not appear imminent, Dezer Development carries an established development track record in South Florida. The firm is currently overseeing vertical construction on Bentley Residences in Sunny Isles Beach. Once construction begins, the North Miami project is expected to be delivered in phases due to its overall scale.