The rules don’t seem to apply to Miami.
Despite economists predicting a global recession, developers are betting big on downtown Miami. Projects under construction and those planned since the start of the year expect to bring a whopping 7,000-plus apartments and condos to the Magic City.
According to an analysis by The Real Deal, 1,358 condos are in the works and 3,793 apartments are planned. More than 2,000 additional units are not yet specified as condos or rentals.
The disclosed land acquisitions in downtown Miami total more than $237 million. This doesn’t include other projects in Brickell, Edgewater and Wynwood.
Here are some of the residential projects planned for downtown Miami:
222 Northeast First Avenue | Namdar
David Schwartz and Martin Nussbaum with rendering of Namdar Towers (Slate Property Group)
Namdar Group scored a $195 million loan last month to buy the development site at 222 Northeast First Avenue and build two apartment towers. The New York-based real estate investment and development firm plans Namdar Towers to include one 41-story tower with 640 units and a 43-story tower with 714 units. Slate Property Group’s affiliate Scale Lending provided the financing.
400 Southeast Second Avenue | Hyatt, Gencom
Hyatt CEO Mark Hoplamazian and Gencom Founder and Principal Karim Alibhai with a rendering of the proposed three-tower development at 400 Southeast Second Avenue (James L. Knight Center) (LinkedIn, Gencom, Arquitectonica)
Chicago-based Hyatt and Miami-based Gencom plan to redevelop the James L. Knight Center, along with the attached Hyatt Regency Miami hotel, into a three-tower project called Miami Riverbridge. Arquitectonica is designing the project. In July, the Miami City Commission approved a voter referendum for November for residents to approve the makeover of the city-owned property.
56 Southwest First Street | Lions Group NYC, Fortis Design + Build
Lions Group’s Albert Shirian, Fortis Design + Build’s Andrew Lenahan and David Polinsky with renderings of the M Tower apartment project (LinkedIn, Fortis Design + Build, Nichols Architects)
Long Island-based Lions Group NYC and Miami-based Fortis Design + Build proposed in June to build a 57-story, 675-unit apartment building at 65 Southwest Second Street.
225 North Miami Avenue | Related Group, ROVR Development and BH Group
From left: Ricardo Vadia, Jon Paul Perez, and Oscar Rodriguez with District 225
Currently under construction, financed by a $76 million loan from Madison Realty Capital, the Related Group, ROVR Development and BH group are building a 37-story condo tower with 343 units. District 225 is already fully presold, with prices ranging from $300,000 to $800,000. Construction will likely finish in 2024.
Northwest Eighth Street between North Miami and Northeast First Avenue | Lalezarian Properties
Rendering of Miami Worldcenter and Kevin Lalezarian
New York-based Lalezarian plans a 53-story tower with 565 condos. The developer scored a $150 million loan from Bank of New York Mellon for the project, dubbed Miami World Tower. Lalezarian, which is led by principal Kevin Lalezarian, paid $43 million for the site in 2019.
118 Flagler Street | Moishe Mana
Moishe Mana with rendering of his downtown Miami redevelopment (Getty, Mana Common)
Mana has spent roughly half a billion dollars assembling land in downtown Miami. He plans to create “Mana Common,” described as a tech hub similar to one in Tel Aviv with residential, office and entertainment uses. His $7.3 million purchase in May is one of many he has made recently. He owns the properties surrounding this site.
1016 Northeast Second Avenue | Naftali Group, Cara Real Estate Management
Miki Naftali with 1016 Northeast Second Avenue (Naftali Group, Google Maps)
Naftali Group and Cara Real Estate plan two residential towers, after paying $40.5 million for the property at 1016 Northeast Second Avenue in March. It is unclear how many units are planned and if they will be condos or apartments.
1025 North Miami Avenue | Property Markets Group and E11even Partners
Rendering of E11even Hotel & Residences with Michael Simkins, Marc Roberts and Ryan Shear (ArX Solutions)
Property Markets Group and E11even Partners plan a two-building project at 1025 North Miami Avenue called E11even Hotel & Residences. In February, Starwood Property Trust provided a $148.5 million construction loan for the two 65-story condo towers.
700 North Miami Avenue | Witkoff and Monroe Capital
Witkoff CEO Steven Witkoff, Monroe Capital CEO Theodore Koenig and 700 North Miami Avenue in Miami (Google Maps, Witkoff, Monroe Capital, Kobi Karp)
In February, Witkoff and Monroe Capital proposed three towers for the 4.7-acre site at 601 North Miami, which they bought last year for $94 million. The proposal calls from nearly 2,200 residential units, 540,000 square feet of office and 2,500 parking spaces. It’s unclear if the units will be apartments or condos. Kobi Karp designed the project.
601 North Miami Avenue | Related Group, Merrimac Ventures
A rendering of The Crosby, Related’s Nick Pérez and Merrimac’s Nitin Motwani
Related and Merrimac plan to build The Crosby, a 33-story, 450-unit condo tower. The building will not have any rental restrictions. and prices will start in the $300,000s. The Crosby is designed by CFE Architects and interior design firm AvroKO.
