Alta Proposes Multiple Condo Buildings In Miami-Dade And Princeton With MG Developer

Alta Developers, led by Raimundo Onetto, is venturing into South Miami-Dade County with plans to develop a multifamily project in Princeton. The project, named Princeton Commons, comprises two phases, totaling 534 units. The first phase will include nine buildings with 308 units, while the second phase will consist of seven buildings housing 226 units. Both phases will feature a mix of three-story and seven-story buildings.

Construction Timeline and Details

Construction of Princeton Commons is scheduled to commence in June, with completion expected by late 2025. A representative from Princeton confirmed the timeline for the project.

Alta's Development Ventures Across South Florida

Alta Developers has been actively expanding its presence in South Florida. In addition to the Princeton project, the company is involved in various developments across the region. Notable projects include a collaboration with the Pérez family's Related Group to develop a 56-story, 319-unit condo tower in Miami's Arts & Entertainment District. Alta also took over the development of the Alana condo in Bay Harbor Islands after the previous developer failed to secure financing. Furthermore, Alta has plans for an 18-story, 96-unit condo building in North Miami.

Increasing Development Interest in South Miami-Dade

The decision to invest in Princeton reflects a growing trend among developers to explore opportunities in South Miami-Dade County. The area offers ample buildable land at comparatively lower costs than the urban core, attracting developers like Alta and others. For instance, MG Developer proposes an 11-story, 258-unit multifamily building in the same vicinity, indicating a surge in development activity in Princeton.