300 Luxury Apartments Have Been Leased At Midtown 5 In One Year

Demand for apartments has been strong at the recently opened Midtown 5 apartment building in Midtown Miami.

Since opening just over a year ago, the 400 unit building has achieved 75% occupancy, a spokesperson told The Real Deal this week.

Prices have been advertised at around $3 per square foot.

Owner Magellan Development was able to refinance an $80 million construction loan to a longer term $90 million last month.

Additionally, Magellan has started construction on the 447-unit Midtown 6 next door, financed with a $110 million loan.

 

midtown 6 rising between midtown 5 and midtown 8 on feb. 19:

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Anonymous
3 years ago

Good for the developers and the city’s tax base. Still, hopefully all the prospective residents aren’t planning to use their 2.5 cars for everything. We need that tax revenue to good to something worthwhile, like I don’t know, transit?

Anonymous
3 years ago

Unfortunately the growth is much faster than the government can plan for…it’s build build build then plan but at least the revenues will be coming in alongside all the demand so the ball’s in the city’s court for sure and it needs to happen asap.

Anonymous
3 years ago

Midtown 5 comes with one parking space per unit – that’s probably what is hurting their occupancy rate currently given their asking rents and the location. Midtown isn’t Brickell or Downtown when it comes to accessibility to transit options.

Anonymous
3 years ago

Soon te Brighline NE will have a stop in the area, that will facilitate the commuting to downtown and Aventura.

Anonymous
3 years ago

“Soon.”

Anonymous
3 years ago

Traffic is so bad around 36th Street and Biscayne. Hopefully they ride their bike downtown.

A protected bike lane along NE 2nd would be a great idea!

Anonymous
3 years ago

^^^ THIS THIS THIS

Anonymous
3 years ago

I can’t think of a city that needs protected bike lanes more than Miami.

george peretz
3 years ago

Yes instead of that useless second lane for cars that is usually just used for parking anyway. It’s dangerous.

Anonymous
3 years ago

Renters want to get out of Brickell ……. Midtown , Edgewater are good options

Anonymous
3 years ago

Why?

Anonymous
3 years ago

Yes.. a lot of new projects in both those areas.