Construction will begin by next month on a 450-unit apartment tower at Worldcenter’s Block G.
A second, 413-unit tower is also approved on the former site of Grand Central night club, but won’t begin construction until later (the eastern-most tower is beginning work first).
Late last month, the developers transferred title into two separate entities, Block G Phase 1, LLC and Block G Phase 2, LLC. Records show that Phase 2 owes about $8 million in development costs to the transferring entity.
CIM Group of Los Angeles and Falcone Group are the developers.
Miami Worldcenter to Break Ground on Seventh Street Apartments
Multifamily complex will feature street-level retail along pedestrian-only promenade; meet rising demand for rental living in downtown Miami
MIAMI, FL – May 3, 2016 – Development of 450 multifamily apartment units along northeast 7th Street in downtown Miami is moving forward as part of Miami Worldcenter’s master plan. The apartments, set to rise between northeast 1st Avenue and North Miami Avenue, will address mounting demand for market-rate residential units in Miami’s urban core. The tower, which will be developed by CIM Group in partnership with Falcone Group, marks the latest addition to the $2 billion mixed-use project which will also include retail, hospitality, condominium and commercial uses.
Construction of the 450-unit tower and parking garage will begin by June 2016 and be completed in approximately two years. Plans for an adjacent 413-unit tower have also won approval from the City of Miami, bringing the total number of entitled units on the site to 863 apartments. The multifamily complex will include more than 20,000 square feet of ground-floor space for shops and restaurants, connecting Miami Worldcenter’s newly-announced ‘High Street’ retail promenade and plaza to the east, and All Aboard Florida’s Central Station and MDM Group’s Marriot Marquis hotel and expo center to the west.
The Seventh Street Apartments will meet the growing need among residents desiring to live downtown in close proximity to transportation options and the new amenities that Miami Worldcenter will bring. Demand for rental units in downtown Miami has “never been greater,” according to a February 2016 residential market report by the Miami Downtown Development Authority (DDA). The study concluded that apartment supply in the urban core is at or near 100 percent occupancy, with rental rates increasing an average of 5 percent annually dating back to 2012.
“Miami Worldcenter will offer an array of residential options for all, from luxury condos and apartments, to market-rate units along Seventh Street catering to the growing number of people working in and around downtown,” says Miami Worldcenter Managing Principal Nitin Motwani. “Residents of this complex will value proximity to downtown’s commercial and cultural anchors, walkability in the urban core and access to South Florida’s primary transit systems.”
Miami Worldcenter’s Seventh Street Apartments will be located one block from Miami Central, an intermodal complex now under development that will connect Tri-Rail, Metrorail, Metromover and the Brightline, a new service offering regularly scheduled trips between downtown Miami and Orlando. The property is within walking distance of key employment centers and destinations, including Miami Dade College, Museum Park, the Miami-Dade County Courthouse, the Adrienne Arsht Center, American Airlines Arena and Flagler Street. The Miami Health District, home to the University of Miami’s medical campus and its affiliated hospitals, is a short Metrorail ride away.
Designed by Cohen & Friedman, the complex will feature a full suite of amenities, including a pool deck overlooking downtown, a fitness center, covered garage parking and concierge service.
Apartments within the tower will be modest in size by comparison with other properties in the market, allowing them to be priced for residents seeking a well-located, well-priced, amenity-rich option. Both CIM Group and Falcone Group have extensive experience developing urban projects in markets across the U.S., including California, Chicago, Texas and throughout Florida.