A new EB-5 funded charter school is set to break ground west of Tamiami after its developer received a $20 million loan.
Pinecrest Glades Academy is an upcoming charter school set to be built on the corner of Southwest 8th Street and Southwest 152nd Avenue in unincorporated Miami-Dade County.
Measuring about 70,708 square feet, the public charter school will have a campus sized at just under 9 acres, according to county records. The school’s developer, Tamiami School Property LLC, took out a $20 million loan on the property from GreenAccess, a real estate company that facilitates investments for the EB-5 visa program. School Development HC Finance LLC also awarded the developer a $5.4 million loan.
Green Access regularly funds charter school developments: it dedicates a section of its website to the practice and has been involved in funding 10 South Florida facilities, citing high demand for the schools as a benefit of investing.
Pinecrest Academy will manage the charter school, with education services provided by Academica.
The school is expected to open its middle and high school components this August, with plans to ultimately host grades K-12, according to an Academica spokesperson. Tamiami School Property, the developer, is managed by Rosanne Wright of Miami. County records show the company paid $4.225 million for the land, which is currently undeveloped and covered in trees.
Source: The Real Deal