Miami’s highly anticipated Ludlam Trail – a ‘rails to trails’ project that will convert unused train tracks and the adjacent right-of-way into a six-mile-long, 100-foot-wide public space running from Miami International Airport to Dadeland Station – is getting a boost from three real estate firms planning to develop residential and commercial uses along the Trail later this year. ZOM Living, Scout Capital Partners and Mattoni Group have acquired several land parcels that will be converted into approximately 950 multifamily apartments and 35,000 square feet of retail space that will serve the surrounding community. Construction is expected to begin in Q4 of 2019.
Situated where the Ludlam Trail intersects with Bird Road, the yet-to-be-named mixed-use development will be built in three phases on land acquired by the JV from Florida East Coast Industries (FECI), which previously owned and operated the rail line. The project marks the first example of new commercial development that will fully integrate the Ludlam Trail within its footprint, offering residents direct connectivity to recreational activities along the Trail, as well as transit options to the north and south.
“The Ludlam Trail has been in the works for years, and we are now bringing the community’s long-held vision to life in partnership with Scout Capital and Mattoni,” said Kyle Clayton, Senior Vice President of ZOM Living. “Our teams are committed to transforming this area of Miami-Dade County into one of South Florida’s most desirable and best-connected neighborhoods, and the Ludlam Trail is the catalyst for doing just that.”
Once known as the Miami Beltline, the land now known as the Ludlam Trail was originally built and operated by Henry Flagler’s Florida East Coast Railway. Through an initiative led by Miami-Dade County, the land will now be converted into a beautiful linear park that spans six miles from north to south in the center of the County. The trail connects to five schools, four parks, three waterways, and two transit stations, offering a level of connectivity and convenience that will be a welcomed addition in the neighborhood.
“The Ludlam Trail will impact Miami in the same manner that the Atlanta Beltline has transformed Midtown Atlanta and the Katy Trail has influenced Dallas. We are activating public space with residential and commercial uses and new lifestyle amenities, all with incredible access to transit and mobility options,” added Scout Capital Partners founder Vincent Signorello. “When our development is complete, our residents will be fully integrated with a six-mile linear park, surrounding neighbors will have a new gathering place, and commuters will have a direct link to Metrorail and The Underline to the south.”
Lake Flato of San Antonio, Texas has been selected as the design architect and Miami-based MSA will serve as project architect.
About ZOM Living
ZOM Living is one of the most highly regarded luxury multifamily developers in the United States, and has joint ventured or directly developed nearly 21,000 apartment units nationwide, with an aggregate value of over $4 Billion. Throughout its 40-year history, ZOM has garnered more than 170 industry awards for project design and development expertise, including the prestigious National Multifamily Development Firm of the Year award. Most recently, ZOM Living was ranked in the top 10 of national Multifamily Development Firms for 2018 by Multi-Housing News.
ZOM has 6,000 units currently under construction or in design/predevelopment throughout the U.S., with a total capitalization of $1.9 Billion.
About Scout Capital Partners
Founded in 2017, Scout Capital Partners is focused on direct real estate investments with connectivity to critical infrastructure. Founder Vincent Signorello has more than 20 years of commercial real estate, infrastructure and transportation investment experience. As the President & CEO for Florida East Coast Industries, he led strategic development and realignment of FECI’s assets into business platforms in real estate, transportation and infrastructure.
These platforms included Brightline / Virgin Trains USA, a $2.0+ billion transportation and commercial real estate investment and the first privately owned intercity passenger rail system in the United States, and FlaglerGlobal Logistics, Florida’s largest industrial development company.
Founded in 2009, Miami based Mattoni Group is a private equity real estate investment firm that specializes in placing equity and debt with experienced partners working on transformative projects. The firm has built a national reputation for transparency, reliability, flexibility, and velocity in acquiring and financing real assets. Mattoni Group serves as a bridge between best in class developers/operators and investor capital. The current portfolio and realized investments consist of a diversified mix of real estate assets, including multifamily, office, retail, and industrial product types.