Oak Row Equities to Develop 500-Unit Miami Tower
The company acquired the site for the 45-story building for $38.5 million.
Oak Row Equities has paid $38.5 million for the development site of First & Fifth, a 500-unit, 45-story luxury community in Miami. The company also structured seller financing supported by in-place income.
The previous owner of the 0.8-acre site was The Citadel Arena Corp., according to Yardi Matrix information. Colliers and Pastore & Associates brokered the deal on behalf of the seller.
Partners on the project include architecture firm ODP, which designed the community as an homage to Miami’s turn-of-the-century Venetian architecture. Additionally, the company will preserve the facade of the on-site historic office building dating back to 1925.
The transit-oriented project will rise at 49 NW Fifth St., across from the MiamiCentral Station and close to a host of dining and retail options, as well as the Freedom Tower. Miami International Airport will be within 7 miles.
Colliers Executive Managing Director Mika Mattingly and Senior Associate Cecilia Estevez and Vincent Pastore of Pastore and Associates represented the seller in the transaction.
The purchase comes a few months after the company broke ground on 2600 Biscayne Blvd., a mixed-use project also in Miami. The developer secured $181 million in construction financing for the development that will feature 399 luxury units and 201,000 square feet of office space.
More communities to come online in metro Miami
Miami had 153 multifamily projects under construction as of June, totaling about 43,550 units, Yardi Matrix data shows. Additionally, there were almost 940 prospective projects or in different planning stages across the metro.
At the end of May, a joint venture between Fuse Group and Boca Paila obtained $84.4 million in financing for the development of The Arcadian, a 478-unit project in Fort Lauderdale, Fla. The two eight-story buildings will come online in 2026.
In February, a joint venture of L&L Holding Co. and Oak Row Equities topped out the Residences at The Wynwood Plaza, a 509-unit luxury multifamily property in Miami. Scheduled for completion in 2025, the project is part of a 1 million-square-foot mixed-use development.
