Aimco says it has obtained construction financing for a “condominium quality” luxury apartment tower in Edgewater.
Work is already underway, photos taken in August show.
The developer secured $56 million of preferred equity from investment firm Sixth Street, and $172 million of senior construction financing from Apollo.
Apartments in the 38-story waterfront tower will be unusually large, averaging over 2,500 square feet.
Units will have 9 to 10 foot ceilings, oversized private terraces, and top-of-the-line condo quality finishes. Residents will also have access to a “tailored” amenity package.
The ground floor will have 7,000 square feet of retail.
In a statement, Wes Powell, the President and CEO of developer Aimco, called Edgewater “one of Miami’s fastest growing, and most desirable, neighborhoods.”
Marcos Alvarado, head of US Real Estate at Sixth Street added that “Miami continues to benefit from strong macroeconomic tailwinds and ongoing in-migration, positioning it as one of the fastest-growing markets in the U.S.”
The new tower will be a first-of-its-kind rental offering, Alvarado said.
Aimco also redeveloped the 276-unit The Hamilton across the street.
