Miami Mixed-Use Receives $134M for Final Phase
It’s one of the city’s biggest transit-oriented developments.
Link at Douglas, one of Miami’s largest transit-oriented developments, has received $134 million in construction financing for Crescendo, its final residential tower. 13th Floor Investments and Barings secured the financing from Santander Bank in partnership with TD Bank and First Horizon Bank.
Crescendo is the fourth and final residential component within the larger 7-acre master-planned project. Once completed, the 37-story tower will add 392 units to the development. Construction is already underway at the project, which is expected to be delivered in 2029. Shared amenities at the tower will include a media room, a fitness center, a pool, a clubhouse and a children’s playroom, according to Yardi Matrix.
The larger development broke ground in 2019 with partner Adler Group. 13th Floor had previously built other residential towers at the site including Core, a 22-story, 312-unit tower and Cascade, a 37-story, 421-unit building in 2023, both of which were part of the project’s first phase. Both towers are fully leased. The third tower, Cadence, is currently under construction and set to be completed in 2028.
READ ALSO: Supertall Towers Redraw Miami’s Skyline. Here’s How.
In total, the transit-oriented community will include more than 1,500 units, in addition to retail space. According to Yardi Matrix, 12.5 percent of Crescendo’s units will be affordable. The property is also subject to a 90-year unsubordinated net ground lease held by Miami-Dade County.
As part of the project, the development team invested $17 million to improve public transit infrastructure, which included renovating the Metrorail station and building a public plaza that connects to The Underline linear park.
The tower is taking shape at 3070 SW 37th Ave., next to the Douglas Road Metrorail Station. Nearby are Shops at Merrick Park and Trader Joe’s. Miami International Airport is approximately 6 miles away.
13th Floor expands Florida pipeline
Since 2008, 13th Floor Investments has delivered more than 4,700 multifamily units in South Florida, and the firm has more than 4,800 in various stages of development. Last month, the company topped out on the second phase of Skye Apartments in Delray Beach, Fla. The project is a joint venture between 13th Floor, Key International, CDS International Holdings and Wexford Capital.
Last June, 13th Floor unveiled plans for Link at Boca, another transit-oriented development adjacent to Boca Raton’s Tri-Rail Station. Earlier this year, Rockpoint joined the venture. The project is currently underway and will include 340 residences and 24,000 square feet of retail space.
13th Floor also plans to develop Link at SoMi, a transit-oriented project adjacent to the South Miami Metrorail Station. Project plans call for two residential towers with 670 units. Link at SoMi was proposed by the company in 2024 and has an estimated cost of $309 million.
