LORE is planning to develop projects totaling more than $1bn in the coming five years. Credit: Tobias Wilden via Unsplash.

US-based Leste Group and Brazilian real estate investor Opportunity Fundo de Investimento Imobiliário have announced plans to start construction on a new apartment building in Miami, US, next year, Miami Herald reported.

Located at 1015 SW 1st Avenue in Miami’s Brickell district, Florida, the project will see an investment of $500m.

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The building will be delivered through the companies’ newly established joint real estate development company, LORE Development Group.

It will be the first property to be developed by LORE.

The multifamily building will occupy a 442,000ft² area, with 500 units and 2,000ft² of ground-floor retail space.

The project will provide advanced amenities, a car park near Brickell City Centre, and convenient access to public transportation.

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Construction of the building is anticipated to conclude by 2027.

Leste Group managing partner Stephan de Sabrit was quoted by the publication as saying: “We’re strong believers in mobility and public transportation. Sitting right across the street is the Brickell Transit Center. The whole idea for mobility is about giving you options.”

LORE was formed in June to focus on the development of multifamily residential units and condos in South Florida.

The new venture has plans to develop projects worth more than $1bn in the coming five years, including making 4,000 to 5,000 apartments for lease in the next four years.

De Sabrit added: “With the disconnect with prices and rents, we feel like this is a good time for us to step in and amass a land bank. We want to step in and create a larger footprint in the region where we can build many apartment buildings.”