Developers PMG and Greybrook Realty Partners are breaking ground today on a 49-story tower at 400 Biscayne, according to the Herald.
The building is expected bring over 1,000 new residents to downtown Miami.
400 Biscayne will include 714 apartment units with a co-living design that includes a rent by the bedroom program. The developer previously said that 400 Biscayne would have over 1,000 beds.
A church and office space are also part of the plans.
The tower itself will top off at 573 feet above ground, putting it among the tallest currently under construction in the city.
One block away, the X Miami tower built by the developers with a similar concept is now nearly 90 percent leased after opening last year.
Also being built at 400 Biscayne will be a 20,000 square foot sales center for The Waldorf Astoria Hotel and Residences Miami. Completion of the sales center is scheduled for the end of 2019.
The Waldorf tower will take at least three and a half years to build, and will become Miami’s tallest tower at 98 stories and 1,049 feet above sea level. It is planned to be built at 300 Biscayne Boulevard.
400 Biscayne and The Waldorf Astoria Hotel and Residences: