MIAMI, FL - The Calta Group, a real estate and development company, today announced it has completed the acquisition of an assemblage of seven parcels in Allapattah from Enis Realty and Grupo Park for $17.2 million.
The firm purchased six lots at 1415, 1433, 1435, 1453 Northwest 13th Terrace, and 1410 Northwest 14th Street in December, with the seventh and final 15,000-square-foot parcel located at 1469 NW 13 Terrace closing this week. The final parcel's closing price was $7,200,000.
Residents and patrons of the new future mixed-use development, named Revv at the River District, will benefit from its proximity to Miami International Airport, metro stations, Jackson Memorial Hospital, and the shops and restaurants of the neighboring River Landing. The project will be comprised of multifamily, retail, dining, and office components.
Situated across Interstate 95 from Wynwood, Allapattah is considered a hidden gem of Miami. As one of the city's oldest communities, it is home to a melting pot of residents from Central America, Cuba, and the Caribbean. Today, the area is undergoing a cultural, dining, and residential renaissance with some of the biggest names in Miami's art world, including Superblue, a popular interactive art space, and established galleries like the Rubell Museum and Jorge Perez's El Espacio 23.
"It's an exciting time to be building in Allapattah. The artistic spirit that filled Miami's Wynwood neighborhood with art galleries, street art, and hip bars and restaurants has now extended west to Allapattah. There is a tremendous demand for market-rate housing in the area to support the needs of the large, ever-expanding medical and professional community," said Ignazio Caltagirone, Co-Founder of The Calta Group.
The announcement from The Calta Group comes on the heels of the foundation pour of its sister project, Revv Hollywood, an eight-story, 180-unit complex located just blocks from Young Circle and its park.
"We are very excited to introduce our second Revv development," said Gaetano Caltagirone, Co-Founder of The Calta Group. "Residents will enjoy the full Revv way of life with modern amenities, spacious floor plans, and high-end finishes near public transportation and the conveniences of the vibrant shops and restaurants of River Landing, including a Publix supermarket and retailers like Ulta Beauty and Pet Super Market, as well as trendy restaurants like Tanuki and Ficelle. Revv at the River District embodies the live-work-play notion."
About The Calta Group: The Calta Group specializes in the development and construction of commercial and luxury residential real estate throughout South Florida. Calta properties reflect sophistication in design and the highest standards in execution and quality. Established in 2010, The Calta Group is co-founded by brothers Ignazio and Gaetano Caltagirone. With development and construction in their background, the brothers grew up around project sites honing their skills working within one of Europe’s preeminent real estate conglomerates. Ignazio and Gaetano have parlayed their distinctive experience into a vertically integrated business, encompassing, development and construction services. The company adheres to its core values of truth, integrity and accountability while following a market-centric investment strategy. The Calta Group projects enhance their surrounding environments. The company’s success is credited to its multidisciplinary team of industry professionals who approach development and construction with a sophisticated European aesthetic and a relentless pursuit of exceptional project delivery. For more information, please visit thecaltagroup.com