JV Opens Miami Luxury Community
- Apr 03, 2019
A joint venture between 13th Floor Investments and Adler Group, in collaboration with Miami-Dade County Transportation & Public Works, has completed construction on Motion at Dadeland, a luxury community in Miami, next to the Dadeland North Metrorail station. The property is ready to welcome its first residents after receiving a temporary certificate of occupancy, with a ribbon-cutting ceremony to follow on April 11th.
“The Downtown Dadeland submarket has become one of Miami’s most appealing areas for residential living,” said Michael M. Adler, CEO of Adler Group, in prepared remarks.
The project was developed in partnership with Barings, owner on behalf of institutional investors, with Civic Construction as general contractor. TD Bank and Santander Bank provided the construction loan on the project. According to Yardi Matrix data, the $51.3 million loan was originated in 2016.
“Motion at Dadeland is a prime example of executing on our investment strategy – targeting class A development opportunities … in live-work-play locations within strong markets that are expected to outperform,” Mike Zammitti, head of U.S. Real Estate Private Equity at Barings, said in a prepared statement.
A transit-oriented community
Located at 8400 S. Dixie Highway, Motion at Dadeland is right next to the Dadeland North Metrorail Station and the Dadeland Station retail center. The transit-oriented development offers easy access to downtown Miami as well as entertainment destinations such as The Shops at Sunset Place, Coconut Grove, Brickell Financial District and Dadeland Mall.
The 25-story building designed by Corwil Architects features 294 luxury apartments and almost 8,000 square feet of retail space. The Class A community offers a combination of studio, one-, two- and three- bedroom units with floorplans ranging from 429 to 1,434 square feet, per Yardi Matrix data. Amenities include a double height amenity level on the sixth floor, a fitness center, pool deck, poolside cabanas, party lounge, media room and coworking center.
“Getting more people to live and work around transit is the ultimate solution for congestion because it helps grow ridership and creates more livable communities,” said DTPW Director Alice Bravo, in prepared remarks.
Developing communities next to public transit lines has become a nationwide trend. In February, another transit-oriented luxury multifamily property opened in the New York metro area.