EDEN Multifamily, Dermot Plan Miami High-Rise

A rendering of the completed building, which will be located in Miami’s Park West neighborhood. Image courtesy of EDEN Multifamily and The Dermot Co.

Miami-based EDEN Multifamily and the Dermot Co. are developing their first residential project together, a 44-story, 430-unit Class A luxury multifamily tower in Miami’s Park West district.

The high-rise, which will offer 8,000 square feet of ground-floor retail space, is designed by prominent local architect Kobi Karp. The partners are still in the process of closing their acquisition of the site at 1018 N Miami Ave., with construction expected to begin in 2024. The project is scheduled for a presentation at the Miami’s Urban Development Review Board on April 19. Greenberg Traurig is representing the joint venture in the land-use process. Jordan Karp brokered the pending acquisition.

The building will feature more than 25,000 square feet of indoor and outdoor amenity space, including a pool, fitness center, health and wellness areas, club rooms and coworking spaces. The site is adjacent to the Miami World Center district, a roughly 24-acre stretch of high-end residential and commercial development. It is also near the Brightline Train Station, which runs from Miami to West Palm Beach, with service to Orlando planned in the near future.

EDEN co-founder Jay Jacobson said, in prepared remarks, that there is intense demand for luxury rentals in Miami’s urban core, as much of the housing market consists of condominiums. Jacobson said the partners plan to set the gold standard for multifamily high-rise quality and design in the downtown Miami area.

Most of New York City-based Dermot’s portfolio is in its home city, with three properties each in North Carolina and Florida. The firm’s Florida properties are Seabourn Cove in Boynton Beach, Cordoba in Doral and Arelia James in Jacksonville.

EDEN’s growth

Last year, EDEN Multifamily entered into a strategic partnership with Sterling Equities, a New York-based real estate and media investment company, to expand its multifamily development and investment platform throughout the Southeast and the United States overall. EDEN Multifamily is developing more than 1,130 units throughout central and southern Florida. The company’s Florida projects include EDEN Crystal Lake, a 288-unit, Class A garden-style property in Port Orange, Fla., and EDEN West, a 212-unit, garden-style community in Tamarac, Fla.

In February 2021, Jacobson and Jay Massirman, along with America’s Capital Partners Principal Sergio Socolsky, launched EDEN Living to develop single-family for-rent home communities. Last month, EDEN Living received $22 million in financing for the development of Eden Village, a 130-unit, single-family-rental community in Wildwood, Fla. Eden Village is part of a venture between EDEN Living and an investment fund managed by Morgan Stanley Real Estate Investing that has several projects underway in Florida, including a 373-unit build-to-rent property in West Melbourne and another community in Jacksonville.