Miami’s Urban Development Review Board voted this month to unanimously approve Downtown Miami’s First and Fifth tower.
The location for First & Fifth features a rare perfect transit score of 100. MiamiCentral with Brightline, Metrorail, Tri-Rail, and the Metromover, is directly across the street.
Developer Oak Row Equities said in a statement that transit-oriented developments are critical to the company’s long-term thesis.
The design of the tower by architect ODP is said to pay homage to Miami’s turn-of-the-century Venetian architecture.
The new structure features arches that embrace history and blend with the project’s historical portion, drawing inspiration from the Doge Palace in Venice.
First and Fifth is planned to include 526 luxury multifamily units, along with amenities.
There will also be 6,638 square feet of commercial and 161 parking spaces.
Oak Row is also co-developing Wynwood Plaza, which recently secured Amazon as an office tenant. The company is also in contract to buy a property on Brickell Bay Drive for $520 million, which would be a record price for Miami. Other Oak Row projects include The Oasis, 2600 Biscayne Boulevard, and 2900 Terrace.
(image: Oak Row Equities)