70 Leases Have Already Been Signed At Midtown Five, Exceeding Developer Expectation

Midtown Five opened on January 1 after receiving a Temporary Certificate of Occupancy, and demand for apartments there is proving to be strong.

There are already 70 signed leases in the 400-unit apartment building, a developer spokesperson told TNM. Those numbers place the building ahead of the developer’s schedule for leasing, and are exceeding the typical pace for a building of this size, they say.

About three dozen tenants are now living in the building, just days after the TCO was issued.

Prices appear to be just above $3 per square foot, according to floorplans advertised on the project website.

The 24-story tower also includes 52,000 square feet of amenity space, along with ground floor retail.

Chicago developer Magellan Development Group is the developer of Midtown 5. The company is now working on plans for two additional towers, Midtown 6 & 7, on adjacent property.

 

(photo: magellan)

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Anonymous

Wish I could have gotten $3/foot for my Midtown unit, but still happy for these developers. This is a dang nice building for a rental.

SakFive

Too expensive for this area. Rather rent at the Monarc (Whole Foods Downtown building) where a 2/2 is about $2.8k/mo. Even tho the building itself has no great design, the amenities and the floor plans are very nice.

Anonymous

But what’s there outside of Whole Foods? Midtown is proving that having a very livable neighborhood commands a premium, even without any transit connectivity.

Danny

At least there is a trolley.

Anonymous

beautiful building, want to go see it.

Anonymous

Story if a fake. I was in a restaurant in the area and looked up at the building. The are lighting up empty apartments. Just put some TVs for a blue hue. I feel bad for them…

i highly doubt anybody signed a lease last month, rents went down and speculation of a market crash has been keeping buyers from purchasing and tenants from signing long term rental agreements. i smell fake PR story. they should adjust the price of those condos by a few thousand dollars less a month 2000-3000 to be exact. that is not Brickell. RX727SFL has spoken.

5300 for a 3/2 i am sorry you can stay at a hotel longterm with all your utilities paid maid service cable and a two bedroom with free breakfast for 3500 they are extended stay hotels. this just sounds like way to much money for way to little floor space and cheap materials and a lease not even a purchase.

bad rental… overpriced…

Josh

Sounds like you are a negative nancy, a bitter betty.

Alex

only drug dealers can pay 5k for an apt in miami

Alex

or idiots, at that price you are trowing money away on a rental BUY A CONDO better yet buy a home 5 blocks down the road in little haiti of 150k (that is 15 months rent for those of you that failed math)

Danny

Confirming that people have moved in.

Anonymous

LeFrak City