Eden Breaks Ground on $87M North Miami Beach Property
NOMA North Miami Beach, a 354-unit mixed-use project, will be the first of its kind to rise in the new urban town center on the city’s east side.
NOMA North Miami Beach, a 354-unit mixed-use development from Eden Multifamily, is now under construction. Situated on a 2.58-acre parcel at 2145 NE 164th Street in North Miami Beach, Fla., the $87 million development is a joint venture involving two Florida-headquartered companies: Coconut Grove-based Eden Multifamily and Miami Lakes-based Florida Value Partners.
NOMA North Miami Beach is the first project in the mixed-use development area comprising the new urban town center on the east side of North Miami Beach. The project has secured financing from JPMorgan Chase and preferred equity financing from Related Real Estate Debt Strategies LLC.
Coastal Construction is the general contractor, MSA Architects the architect of record, Bruce Howard Associates the landscape architect and IDDI Design International the interior designer. The development is slated for completion in 2018.
“The site is located in a part of northeast Dade County within the City of North Miami Beach that had not seen any new development in over 40 years,” Eden Multifamily president and CEO Jay Jacobson told MHN. “The city had just finished a major rezoning of their area, and the location became very intriguing to us given the lack of new supply and the overall demand for new residential in the eastern part of the city.
“The site was not broadly marketed. We knew that it had recently been re-zoned and we contacted the owners and made them an offer to purchase.”
NOMA North Miami Beach features a blend of studio, one-, two- and three-bedroom residences, as well as seven adjacent two-and three-bedroom townhomes along the greenway and commercial-retail-work space along NE 164th Street.
Common-area amenities include an inner courtyard pool, community rooms, state-of-the-art fitness center, cybercafe gathering areas, fiber connected Wi-Fi throughout the building and adjoining parking garage. There will also be an adjacent landscaped park along the city of North Miami Beach greenway and Snake Creek Canal.
NOMA North Miami Beach will offer direct access to all significant job hubs in Aventura and Sunny Isles Beach, as well as convenient access to the downtown areas of both Fort Lauderdale and Miami. Residents will also find it easy to access area beaches and popular shopping destinations, among them the nearby neighborhood retail institution Laurenzo’s Italian Market, a local treasure for more than six decades.
“We typically underwrite our projects in this part of the market to a 6.5 to 6.75 percent untrended yield on cost,” Jacobson said. “Construction costs were a concern so we brought the contractor on board during the design process and developed a very efficient plan from the start. All in all, the project is being developed in a very low supply, limited competitive submarket, in an area that has significant demand.”