By Robert Demeter
Miami–Upscale multifamily development, construction and property management company MORGAN plans to break ground during the second quarter of 2016 on Pearl Midtown 29, a luxury apartment high rise in Miami. MORGAN acquired the 2-acre development site for $19.1 million in 2015.
The 309-unit 20-story tower is a joint venture between MORGAN and investment, risk management and advisory firm Mesirow Financial. The deal was arranged by HFF with construction financing provided by Wells Fargo. Completion of the project is expected during the first half of 2018.
Pearl Midtown 29, located at 180 NE 29th Street at the intersection of NE 29th Street and NE 2nd Avenue occupying most of a city block, is surrounded by Miami’s most dynamic neighborhoods including Midtown, the Design District and the Wynwood Arts District. The property is situated at the entrance to The Shops at Midtown, a 645,000-square-foot retail center as well as in close proximity to major thoroughfares leading to downtown Miami, Brickell and Miami Beach.
“Pearl Midtown 29 will benefit from its front door being located at Midtown’s southern gate on 29th Street, which is a major east-west artery connecting Biscayne Blvd. with Midtown and Wynwood,” said Evan Schlecker, MORGAN regional VP of Development.
The 274,000-square-foot mixed-use development will include over 12,000 square feet of retail space on the ground floor and an adjacent six-level parking garage. The seventh floor amenity deck will include a resort-style swimming pool and spa with private cabanas, an outdoor bar, grilling stations, fire pit, and a fitness center. Luxury units, ranging from studios to one-, two- and three-bedroom apartments, will average 839 square feet.
“Besides affording quick access to the area’s highly desired retail and dining outlets, Midtown 29 will support a walkable, urban lifestyle and feature breathtaking water views of Biscayne Bay from most units and the amenity deck,” added Schlecker.
Since the 1990s, MORGAN has developed nearly 3,500 multifamily units in the Florida market. In addition to starting construction on Pearl Midtown 29, MORGAN plans to open 412-unit Pearl Dadeland in Miami during 2016. To date, MORGAN has sold six Florida properties totaling 2,248 units, with approximately 1,500 units still in its Florida portfolio.
Rendering courtesy of Adler Group.