CEDARst Breaks Ground on Its First Florida OZ Mixed-Use Development

Chicago-based developer CEDARst Companies has officially broken ground on its first Florida development:

A 350,000-square-foot mixed-use apartment project located in Miami’s emerging Little River neighborhood.

Situated in the 200 block of NE 78th Street, the development marks a milestone in CEDARst’s national expansion strategy. The project, expected to be complete in May 2027, will deliver 191 design-forward rental units and 8,000 square feet of ground-floor retail.

“This is a pivotal project for us,” said Mark Heffron, co-founder and chief development officer at CEDARst Companies. “Little River offers the ideal canvas for us to do what we do best: deliver high-quality, amenity-rich housing in neighborhoods on the rise.”

The residential mix includes 52 studio, 84 one-bedroom, 43 two-bedroom, and 12 three-bedroom apartments. The property will also offer 302 parking spaces and various amenities, including co-working lounges, dual sports lounges, an indoor pickleball court, and a pool deck. A dedicated wellness area will feature a dry sauna, cold plunge, hot tub, and full fitness center.

The project is within a designated qualified opportunity zone, or QOZ. Affiliates of Cantor Fitzgerald LP and Silverstein Properties are equity investors, and ACRE is the construction lender.

Just blocks from the burgeoning creative corridor along NE 4th Avenue – and approximately 1.5 miles east of the newly approved Little River District, a $3 billion, 63-acre mixed-use development – CEDARst’s latest venture is aiming to meet Miami’s growing demand for high-quality housing alternatives outside of densely developed areas like Wynwood and Midtown.

“We’re building on the momentum we’ve seen along Biscayne Boulevard,” added Heffron. “This project is ideal for residents looking for proximity for all that Miami has to offer, without the congestion of Wynwood or the other downtown neighborhoods.”

The development also brings 8,000 square feet of flexible retail space along 2nd Avenue, with soaring 18-foot ceilings, designed to activate the streetscape and enhance walkability.

According to CEDARst, its entry into Miami underscores its continued focus on scaling in high growth, supply constrained urban markets, “delivering timeless architecture and purpose-driven design that meets today’s demand for high quality housing.”

The project adds to a portfolio spanning eight states and totaling more than $4 billion in asset value and 7,500 units in various stages of development. Earlier this year, CEDARst secured $40 million in equity capital, led by its joint venture partner, Bridge Investment Group, for a new multifamily ground-up development project in San Diego. The project is also situated in a QOZ.

CEDARst Companies is an integrated real estate developer, headquartered in Chicago. Cedar currently manages a portfolio of multifamily real estate valued in excess of $4 billion, totaling more than 10,000 units across numerous markets, including Chicago, San Diego, Portland, Minneapolis and Cleveland.

Cantor Fitzgerald, with more than 14,000 employees, is a global financial services and real estate services holding company. Silverstein Properties is a privately held, full-service real estate development, investment, and management firm. It has developed, owned, and managed more than 40 million square feet of commercial, residential, retail, and hotel space.

ACRE is a vertically integrated private equity firm specializing in commercial real estate through active investments in both direct equity and debt capital markets as well as special situation opportunities. ACRE manages a global portfolio in excess of $4 billion concentrated in United States.

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