BAI Capital has officially launched the development of ALMA Miami, a significant student housing complex with a total projected investment of $170.6 million. This initiative aims to provide a substantial real estate investment opportunity for Latin American capital in South Florida, addressing a critical housing shortage near a major university.
Key Takeaways
- A $170.6 million investment in a new student housing complex.
- Strategic location near Florida International University (FIU).
- Offers a pathway to U.S. residency through the EB-5 program.
- Partnerships with leading firms for architecture, construction, and management.
A Strategic Real Estate Venture
ALMA Miami is strategically positioned just 0.6 miles from Florida International University (FIU), a large institution with over 54,000 students from more than 130 countries. The surrounding area faces a significant housing deficit, as FIU can only accommodate 8% of its student body on campus. The ALMA Miami project is a 26-story vertical development featuring 565 units, 644 beds, and 644 parking spaces, designed with a concept of "functional luxury." The project is slated for completion in the summer of 2029, with groundbreaking expected in January 2027.
Green Card Through Investment
In response to financial volatility, Mexican investors are increasingly seeking secure, dollar-denominated assets that offer both returns and legal certainty. ALMA Miami is designed to meet this demand, enabling Mexican capital to invest in an institutional-scale project. Juan Carlos Eguiarte, Country Manager of BAI Capital in Mexico, highlighted that ALMA Miami serves as a "direct bridge to the strongest economy in the world through a tangible, high-demand asset." Furthermore, the project structure complies with the EB-5 Reform and Integrity Act of 2022 (RIA), allowing investors and their families to relocate to the U.S. while their Green Card process is underway.
Economic Impact and World-Class Partnerships
The development is projected to generate approximately 1,875 jobs, significantly exceeding the minimum requirement for EB-5 investors. BAI Capital has secured partnerships with prominent U.S. firms to ensure the project’s success. These include BKV Group for architecture, HITT Contracting Inc. for construction, and Asset Living, a company with 40 years of experience, for property management.