Another New Apartment Community for Miami
- May 30, 2012
Miami—Miami-based Adler Group and Atlanta-based ECI Group have unveiled plans for two new 20-story apartment towers overlooking Biscayne Bay on a 2.84-acre site at 7950 NE Bayshore Court. Groundbreaking is slated for later this year and the development is expected to take 24 months.
It’s an example of developers rushing to meet demand. Apartment properties may be hot nationwide, but few other markets can say they’re hotter than Miami. U.S. apartment vacancy rates are at about 5 percent, but a recent market study by Focus Real Estate Advisors found that overall average vacancy rates in the Miami rental market have declined steadily over the past seven quarters, dropping to 4.7 percent as of end of last year.
Some Miami submarkets are even tighter, with buildings in Downtown Miami reporting vacancy rates as low as 2 percent to 4 percent, for example. Rising demand and limited supply currently in development both market-wide and in Miami’s Upper East Side indicate these trends will continue, according to the report.
The developers of the Adler-ECI property say it will fill a void of available rental product in the mainland Miami communities north of the Downtown/Brickell market and south of the Aventura/Sunny Isles market. The new development will be situated directly across the 79th Street Causeway from Miami Beach and halfway between Downtown Miami and Aventura. The site was the former home of the historic Mike Gordon’s Seafood Restaurant, a Miami dining institution for more than a half-century prior to its closing.
The property is fully entitled for multifamily development within the confines of a Major Use Special Permit. The acquisition of the land was financed by Miami-based Apollo Bank.