Apartment Developer Buys Site Where 449-Unit Riverside Tower Was Recently Approved

Downtown Miami’s red-hot apartment market could be getting a few hundred more units.

Apartment developer Adler Group closed on the purchase of the Riverside Tower development site last week. The property is located at 230 Southwest 3rd Street, in front of a city of Miami administrative building.

In 2013, a company managed by Brian Campbell submitted plans for a 34-story residential tower with 449 units on the site. It was designed by Studio X Architects, headed by C. Chloe Keidaish, formerly of Arquitectonica.

Earlier this year, the property was listed for sale with an asking price of $16.5 million.

In May, Campbell signed a deal for utilities for the 449-unit project. Also in May, Adler Group formed Lancelot Miami River, LLC, which closed on the property on July 29 for $14.25 million. Bank of the Ozarks provided $7.8 million in financing.

Adler Group recently completed the 467-unit Shorecrest Club apartment towers at the 79th Street Causeway, in partnership with another developer. Adler is also a partner in the 300-unit Midtown 29 apartment project, which is in the planning stages.