Another 400 Units On The Way: Site Work Begins At Midtown 5

One month after Chicago’s Magellan Development Group closed on the purchase of the Midtown 5 site and obtained construction financing, workers are now on site clearing the land to prepare for the start of construction.

Last month, Magellan paid $14 million to buy the 1.58-acre site after obtaining approval to build a 400-unit project. An $80 million construction loan was arranged by HFF.

In addition to the residential units, the project also includes 22,000 square feet of ground-floor retail space.

Also coming soon to the neighborhood is Hyde Midtown and Walmart. No groundbreaking date has been set for those projects.

Chicago’s Loewenberg Architects designed the project.


Midtown 5 is inspired by the movement of the ocean that frames Miami. The 24-story tower offers the ideal blend of elegance and edge with 400 luxury rental apartments including studios, one, two and three-bedrooms. Offering views of Biscayne Bay, South Beach and Downtown Miami, Midtown Miami 5 captures the energy of this world-class city. The live-work-play community has something for everyone: boutique shopping, a variety of high-end dining and everyday conveniences. Just minutes from the beach, Midtown 5 capitalizes on its location between two art districts: Wynwood and the Design District.

The apartments will feature high-end finishes including: 9ft ceilings, stainless steel appliances, ceramic floors and in-unit washers and dryers. Additional features include a smoke free environment, car charging stations, pet friendly homes, bike storage with washing area and 24 hour door and maintenance service.

Residents will have over 52,000 square feet of indoor and outdoor amenities to enjoy.