LCOR Plans Luxury Miami Tower

LCOR recently landed funding for 247 North Ave., an all-electric property in New Rochelle, N.Y. Image courtesy of STUDIO V Architecture

Real estate development and investment firm LCOR has submitted plans for a new apartment tower to be built at 1775 Biscayne in the Edgewater enclave of Miami, Fla., to the Miami Urban Development Review Board.

As proposed, the 42-story development will feature 522 studio and one-, two- and three-bedroom apartments and common-area amenities that include a rooftop deck and pool and a 628-space parking garage. The luxury property’s amenity spaces will total 50,000 square feet, while an additional 10,000 square feet at the building will be reserved for retail space.

The building will provide residents with unobstructed views of Biscayne Bay and Downtown Miami and is located one block from Margaret Pace Park along the bay. Public transportation options like the Metromover and Brightline are located nearby.

Ownership interests

ODP Architects has designed the project, while the interiors, including the community’s amenity spaces, lobby and residences, are being designed by KAS. LCOR purchased the property in 2022 with the intention of building the company’s first ground-up Florida development.

Construction on the project is expected to start in the second quarter of 2024. LCOR also retains ownership interests in luxury rental Lincoln Pointe in Aventura and Tortuga Pointe in St. Petersburg. The company focuses on transit-oriented multifamily developments, with an emphasis on large East Coast markets. To date, it has directed its investment management and development strategy to more than 300 large-scale mixed-use projects.

The area in the greater Miami metro remains active. Earlier this month, Pinnacle secured  $48 million for the development of an affordable rental property in the Miami suburb of Hollywood, Fla. LCOR, meanwhile, has recently secured financing for 247 North Ave., an all-electric property it is constructing in New Rochelle, N.Y.