The Related Group is set to develop a 343-unit luxury condominium high-rise in Miami. The project also includes ROVR Development and BH Group. New York-based Madison Realty Capital has financed the project with a $76 million construction loan.
The property is being designed by Sieger Suarez Architects and Meshberg Group, the latter being in charge of interior design.
Located at 225 N. Miami Ave., District 225 will be a 37-floor property including 1,722 square feet of retail space along the avenue. The project calls for studio, one- and two-bedroom units between 441 and 874 square feet equipped with smart-home technology. Amenities are slated to include basketball and racquetball courts, a fitness center, a spa center, coworking areas, a rooftop deck, pool deck, indoor and outdoor bar, lounge area and outdoor kitchens.
District 225 will rise in downtown Miami, 1 mile from Brickell, 1.8 miles from Adrienne Arsht Center for the Performing Arts, 4.8 miles from Wynwood Arts District, 6.6 miles from Miami Beach and 6.9 miles from Miami International Airport. The Brickell City Center mall, Brickell Park, as well as several dining and retail spots are located nearby.
Short-term rentals will be available through Related Group’s partnership with Airbnb.
South Florida remains one of the country’s prime condo markets, with development at high levels, fueled by strong in-migration. In another high-profile deal, Newgard Development Group recently secured $170 million for a condo high-rise less than a mile from the District 225 site.